3.            Sure Valley Ventures III Limited Partnership ("SVV3")

On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's cornerstone investor who has committed 50% or €15 million to the fund. SVV3 plans to invest in circa 15 high‐ growth Al software companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity across the Republic of Ireland.

During 2024, this fund made its first investments in the following companies:

Post period, SVV3 made its third investment:

4.            Sure Ventures plc ("SV plc")

SV plc (LSE: SURE) is a London‐listed venture capital fund which invests in early‐stage software companies in the rapidly growing technology areas of Augmented Reality, Virtual Reality, Internet of Things and Artificial Intelligence. Mindflair has a 23% shareholding in SV plc whose principal investments are a 25.9% interest in SVV1, and a 5.9% commitment to SVV2. Consequently, as a result of its shareholding in SV plc, Mindflair has an aggregate (direct and indirect) interest in SVV1 of around 19.2%, which comprises its original direct 13% interest in SVV1 and an indirect interest of 6.2%. It also has an aggregate interest of 7.3% in SVV2. This investment is carried at its market value. As at 31 December 2024, the share price was £0.82, compared to SV plc's NAV per share of £1.81 at that date.

In August 2024, Mindflair subscribed £300,000 for 315,790 new shares in SV plc at a price of £0.95 per share in order to increase the Company's exposure to its underlying investment in SVV1.

B.            Direct investments

On 31 March 2024, John May, a non‐executive director, retired from the board after a number of years with the Company in order to devote more time to his other roles.

Financial

For the year under review, the Company reported a profit before taxation of £3.159 million (for the year ended 31 December 2023: loss of £2.67 million). The result for the Company includes unrealised gains/losses in the portfolio of quoted equity investments which are marked to market, plus any return from and adjustment to the carrying value of its unlisted investments. Net asset value as at the end of the year amounted to £10,793,000 (31 December 2023: £5,844,000).

The profit for the year and increase in NAV has been driven by the growth in value of the SVV investments, principally as a result of the increase in the value of the investment in Infinite Reality.

We continue to believe that absolute NAV does not fairly represent the Company's financial potential, given the scope for significant valuation uplift of the companies within the portfolio. This is clearly demonstrated by the gains, both realised and unrealised, that have been achieved to date from the investment portfolio. Furthermore, it is worth reiterating that realisations that are achieved within the SVV portfolio generally result in cash distributions to the Company and are not retained within the fund.

In July 2024, the Company placed 92,500,000 new ordinary shares at a price of £0.01 raising gross proceeds of £925,000.

On 22 December 2022, the Company entered into a series of two‐year unsecured loan notes representing £1.235 million, in aggregate, accruing interest at 7.5% per annum with a bullet repayment of principal and interest at the end of the term. Warrants over 47,839,284 new ordinary shares were also issued to the loan note investors which will vest if the average of the Company's volume weighted average price over five consecutive trading days exceeds 5.163 pence within the three‐year exercise period of the warrants. The warrant exercise price was 4 pence. As part of the reprofiling of the loan notes in December 2024, some of the principal was repaid in cash and shares and the total accrued interest to 30 November 2024 was also paid in shares. The warrants issued were also repriced with the exercise price reduced to 1.6 pence per share and the vesting hurdle was reduced to 2.5 pence. The exercise period of the warrants was extended to 31 December 2026. These were the only unexercised warrants that were in issue as at the end of the period. At the same time, the Company placed 81,666,999 new ordinary shares at a price of £0.006 raising gross proceeds of £490,000 which was received subsequent to the year‐end.

Post year end

When Landvault was sold to Infinite Reality in July 2024, SVV1 received new shares in Infinite Reality. In January 2025, Infinite Reality announced that it had raised US$3 billion in new equity and that the company was valued at US$12 billion. It also announced that it was looking at ways to provide liquidity for its shareholders.

In February 2025, 40,833,333 warrants were issued to the placees involved in the placing in December 2024 - these could not be issued at the time as they required shareholder approval, which was received in February 2025.

In April 2025, one of the Company's investments, Getvisibility, was sold, generating gross proceeds of £2.6 million for the Company's direct holding and its interest held through SVV1. The Company may also receive additional funds in the event that a distribution is made by SV plc. Part of the proceeds from this sale have then been used to pay the balance of the interest and principal outstanding on the loan notes.

Post period end, a number of new investments have been made by the SVV funds. These include:

Outlook

Our investment strategy is focused on AI based next generation technology businesses and we believe that significant progress has been made by the majority of our investments during the period and the outlook for the respective sectors in which they operate remains encouraging. Furthermore, the level of investment activity by SVV2 and SVV3 has increased in order to take advantage of the exciting opportunities that are available in the fast‐moving and developing AI sector.

Post period end, the disposal of one of our investments, Getvisibility not only demonstrates the value that can be generated from our investment portfolio but has also put the Company on a sound financial footing, being debt free with a significant cash balance to deploy.

We expect that in the coming months we will see some additional realisations or liquidity events from the investment portfolio which is expected to generate further cash inflows for the Company.

In summary, we believe that our Company enables public market investors to gain exposure to an excellent portfolio of companies at the forefront of the AI revolution with the potential for significant growth and the ability to deliver real returns for shareholders.

Nicholas Lee

Director

26 June 2025

Statement of Changes in Equity

FOR THE YEAR END 31 DECEMBER 2024

Share Capital - amount subscribed for share capital at the nominal amount

Share Premium - amount subscribed for share capital above the nominal amount

Share Capital to be issued Reserve - amount subscribed, net of fees, for share capital allotted subsequent to respective period ends on 9 January 2024 and 10 January 2025.

Capital Redemption Reserve - own shares purchased by the Company Retained earnings - cumulative gains and losses recognised

The accounting policies and notes are an integral part of these financial statements

These financial statements were approved and authorised for issue by the Board of Directors on 26 June 2025 and were signed on its behalf by:

Nicholas Lee

Director

The accounting policies and notes are an integral part of these financial statements.

Notes to the Financial Statements