30 September 2025

Tower Resources plc

("Tower" or the "Company")

Interim Results to 30 June 2025

Tower Resources plc (AIM: TRP), the Africa-focused energy company, announces its Interim Results for the six months ended 30 June 2025.

Key Highlights

10 January 2025: Transformational Farm-out Agreements for Cameroon and Namibia Licenses

§ Execution of two farm-out agreements with Prime Global Energies Limited ("Prime") for minority, non-operated interests in its Thali license, offshore Cameroon, and PEL96 offshore Namibia.

§ Prime will acquire a 42.5% non-operated interest in the Thali license in exchange for a US$15,000,000 cash contribution towards the Thali work programme, including drilling of the NJOM-3 well, plus additional payments.

§ Prime will also acquire a 25% non-operated interest in PEL96, offshore Namibia, for approximately US$2,500,000.

7 March 2025: Namibia and Cameroon Update

§ Tower Resources (Namibia) Limited agreed to purchase an additional 5% interest in the PEL96 license, offshore Namibia, from its local partner, ZM Fourteen Investment (Pty) Ltd.

§ Tower Resources Cameroon SA had previously submitted farm-out agreement documentation and the request for a year's further extension of the First Exploration Period of the Thali license for approval from the Cameroon Minister of Mines, Industry and Technological Development ("MINMIDT").

26 March 2025: Bridge Loan

§ Agreement for an unsecured fixed-price convertible bridge loan of £500,000 with Prime Resources Limited with a term of up to 12 months and convertible into ordinary shares at a fixed conversion price of 0.05588 pence per share.

9 April 2025: Grant of Restricted Shares under Long Term Incentive Plan ("LTIP")

§ The award of 1,540,000,000 Restricted Shares to directors, employees and consultants vesting at the end of three years under the annual LTIP scheme.

10 June 2025: Letter of Award for Rig Contract in Cameroon

§ Tower Resources Cameroon SA issued a Letter of Award to Advanced Energy Systems S.A.E ("ADES") for the provision of a jack-up rig to drill the NJOM-3 well on Tower's Thali license in Cameroon.

30 June 2025: Key financial metrics

§ Cash and cash equivalents on hand of $394,025 (2024: $337,489).

§ Operating loss of $1,177,149 (2024: $447,757) reflecting increased staffing in preparation for drilling in Cameroon, and increase in UK pound/US dollar exchange rate.

Other Highlights and Post-Reporting Period Events

§ 22 January 2025 - Exercise of 271,018,518 Broker Warrants at an exercise price of 0.027p per share with an exercise cost of £73,175.00.

§ 1 July 2025 - An extension of the Bridge Loan with Prime Resources Limited by £250,000 to £750,000 under the original loan terms was agreed.

§ 1 September 2025 - A further extension of the Bridge Loan with Prime Resources Limited by £250,000 to £1,000,000 under the original terms was agreed.

A copy of the Company's interim results will be made available shortly on the Company's website at https://www.towerresources.co.uk

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Contacts

CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2025

Dear Shareholder,

I'm pleased to share our interim results for 2025, marking a positive period for the Company during which we've progressed a number of important workstreams and advanced our preparation efforts for the potentially transformational months ahead.

During the first half of 2025 we announced the execution of farm-out agreements in respect of both our Cameroon and Namibian licenses, and since that announcement we have been ramping up staff and contractors and negotiating contracts in anticipation of drilling in Cameroon and further seismic data acquisition in Namibia. The process of getting government approvals has taken longer than we would have hoped, and this has somewhat delayed our operational plans. However, the approval time frames so far are not unusual and we believe these processes are still on track in both cases.

Cameroon

We have received a copy of the Prime Minister's instruction to the Minister of Mines, Industry and Technological Development ("MINMIDT") to approve both a one-year extension to the initial exploration period of our Thali license and also the farm-out of a 42.5% interest in the license to Prime Global Energies Limited ("Prime") as we announced in January. Our understanding is that the President has also approved this and the instruction is now being relayed back to MINMIDT, but since we are not a party to the internal processes of government we can say no more than this. Shareholders should understand that the Cameroon government has quite formal approval processes, and as with many governments the elapsed time for them can be lengthy even when the process is positive.

In order to minimise the time between approval and drilling, we have already commenced well planning and contract negotiations for both rig and services, which culminated in an award to ADES for the provision of a rig, originally intended to be the Admarine 510, for mobilisation in October 2025. We now expect to use a different ADES rig, and ADES has a number of alternatives available, having recently completed the take-over of Shelf Drilling's West African fleet. Therefore we do not expect the approval timing to create a problem with the availability of a rig, but obviously the timing and choice of the rig will reflect both the approval timing and also the call-off times for services under the various service contracts. The major service contracts are now almost entirely agreed, and we will announce when each is signed, but obligations under those contracts only begin when we call for the services, with lead times of up to three months for most of those services, so this will also reflect the minimum time between approvals and being able to commence drilling operations.

For this reason, we now expect drilling to commence in the first quarter of 2026 rather than the last quarter of 2025. While we will let shareholders know when the major service contracts are finalised, we do not intend to keep updating our timing estimates as this will depend on the timing of approvals and also the optimal rig availability. As soon as we have finalised the rig timing we will make a further announcement. We remain completely confident about drilling the NJOM-3 well, and we are fully committed to doing so as soon as possible.

As previously explained, we also have two parallel sets of bank discussions underway with multiple banks, one for longer term development financing of the next three wells we have planned for the Njonji structure; and one for shorter term development, if this should prove economic.

Namibia

In Namibia, we received the confirmation from the Ministry of Industry, Mines and Energy ("MIME") of our entry into the first renewal period of the PEL96 license. Getting the consent of our partners to our farm-out to Prime, and also the acquisition of an extra 5% interest from our local partner, has taken a bit of time due to the changes of management at the national oil company NAMCOR, but this process is now almost complete. We understand that a draft deed of assignment covering both transactions is now ready for NAMCOR's new top management and, once approved, this will be passed on to MIME. We are liaising regularly with both NAMCOR and MIME, and note that other farm-outs have taken a similar length of time to get completed, even before the recent changes at both MIME and NAMCOR.

In the meantime, we are continuing our work identifying additional data that we can use to narrow down further the area within the license where we would like to acquire new 3D seismic data. Whilst realistically we don't envision it being possible to acquire this new 3D seismic data before the winter of 2026/2027, we are pleased to see that some of our neighbours are also interested in new data acquisition in the area, which should reduce costs for all.

South Africa

In South Africa, the operator of our Algoa-Gamtoos joint venture license, New Age Energy Algoa (Pty) Ltd ("NewAge"), is still in discussions with a potential partner but these discussions do not presently seem to be very productive, despite draft documents having been prepared. This has been part of a larger farm-out process, which has been underway for some time, seeking financing at least for the current phase of 3D seismic data acquisition over our 1.4 billion barrel deep-water slope and floor fan leads, and some repayment of back costs. We are now seeing new interest from other parties, which is very much influenced by the gradual resolution of legal issues in South Africa regarding the implementation of the new petroleum law and in particular the environmental regulations. Nevertheless, we expect this to continue to be a slow process until the legal issues have been fully resolved.

Corporate

Given our expectation that both of the farm-out transactions will be completed reasonably quickly, which as previously disclosed will generate significant funds for the company and especially for the NJOM-3 work programme, we have wished to avoid raising additional equity funds despite the obvious need to maintain and increase expenditure in order to be ready for drilling as soon as government approvals are obtained. Our solution has been a convertible loan facility, which may be converted to equity at a premium or simply repaid in future. In general, we continue to seek to raise financing at the asset level where possible, as we did with the Prime transactions, and to minimise equity dilution at the corporate level.

We are very excited about the months ahead and the opportunities that 2026 will bring.

Jeremy Asher                                                                                   

Chairman and Chief Executive Officer

30 September 2025