Launch of Placing and subscription to Raise c.£1M

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

20 November 2023

URA Holdings plc

("URA" or the "Company")

Launch of Placing and subscription to Raise c.£1 Million via Accelerated Bookbuild

URA announces a placing and subscription to raise £1,000,000 (before expenses) through a placing and subscription (together the "Fundraise"), issuing in aggregate 80,000,000 new ordinary shares in the capital of the Company ("New Ordinary Shares") at an issue price of 1.25p per New Ordinary Share, subject to publication of a prospectus and shareholder approval. The issue price of 1.25p represents a discount of 24% to the mid market closing price of the ordinary shares on the London Stock Exchange plc at 4pm on 20 November 2023.

A prospectus relating to the Fundraise has been lodged with the FCA and is expected to be published shortly. The Company also expects to post a circular to shareholders in the coming days to seek authority to, inter alia, allot new ordinary shares in connection with the Fundraise.

The proceeds of the Fundraise will be used to restart the Gravellotte Emerald Mine and includes the purchase and installation of the remaining capital items, primarily relating to the commissioning of the processing plant as well as general working capital. The restart of mining and processing operations and first emerald production is expected to occur in Q1 2024.

The placing shares are being offered by way of an accelerated bookbuild process (the "Bookbuild") which will be launched immediately following the release of this announcement. Capital Plus and Peterhouse Capital are acting as bookrunners in connection with the placing.

A further announcement will be issued with the results of the Bookbuild. A circular convening a General Meeting for the purposes of, inter alia, approving the allotment of shares in connection with the Fundraise will be published in due course. The admission to trading of the shares in connection with the Fundraise will also be conditional upon the publication of a secondary prospectus by the Company.

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