The Company’s total outstanding share capital is 120,108,836 ordinary shares of 1 pence each with one voting right per share (“Ordinary Shares”). The Company does not hold any Ordinary Shares in treasury and therefore the total number of Ordinary Shares with voting rights in the Company is 120,108,836.
Total voting rights
The above figure of 120,108,836 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
The total percentage of shares in public hands is 53.75%, as defined by the Aquis Growth Market Rulebook.
Significant shareholders
As of May 12, 2026, to the best of the Company’s knowledge, the below shareholders are either Directors of the Company or interested in 3 percent or more of the issued share capital of the Company.
| Name | Number of Ordinary Shares | Percentage of Share Capital | Type |
|---|---|---|---|
| Ippolito Ingo Cattaneo * | 19,526,017 | 16.26% | Director |
| John E. Story | 13,831,011 | 11.52% | Private Investor |
| GHC Nominees Limited | 8,539,750 | 7.11% | Custodian |
| Orca Capital GmbH | 6,453,182 | 5.37% | Institution |
| Appian Natural Resources Fund II L.P. | 5,444,962 | 4.53% | Institution |
| Michael Hutchinson * # | 4,472,500 | 3.72% | Director |
| Richard Heywood * | 2,726,431 | 2.27% | Director |
* Director of the Company
# These include shares held by Elmlea Properties Limited (“Elmlea“), a PCA where Mr Hutchinson has an advisory involvement. Mr Hutchinson is not a Director of Elmlea and does not hold any executive or managerial role within Elmlea.
2022 Share Options
Upon the Company’s admission to the Main Market of the London Stock Exchange on April 7, 2022, certain Directors were granted Share Options at an exercise price of £0.04 per Ordinary Share. These options vested on 14 November 2022 when the Company’s share price exceeded £0.08 per Ordinary Share and remain exercisable until 7 April 2027.
| Name | Number of Share Options | Exercise Price | Expiry Date |
|---|---|---|---|
| Ippolito Ingo Cattaneo | 6,560,750 | £0.04 | 7 April 2027 |
| Michael Hutchinson | 2,811,750 | £0.04 | 7 April 2027 |
| 2022 Grant Total | 9,372,500 |
2026 Share Options
In June 2026, additional Share Options over 14,650,000 Ordinary Shares were granted to Directors. These options have an exercise price of £0.10 per Ordinary Share, a term of five years from the date of grant and vest only if the closing mid-market price of the Company’s Ordinary Shares exceeds £0.16 for a continuous period of 10 trading days.
| Name | Number of Share Options | Exercise Price | Expiry Date |
|---|---|---|---|
| Ippolito Ingo Cattaneo | 11,720,000 | £0.10 | June 2031 |
| Richard Garnett Heywood | 2,930,000 | £0.10 | June 2031 |
| 2026 Grant Total | 14,650,000 |