Marechale Capital Plc – Weardale Lithium Receives £700k Grant

10 April 2026

Marechale Capital plc

(«Marechale Capital», «Marechale» or the «Company»)

Weardale Lithium Receives £700k Grant

Marechale Capital plc, an established City of London based corporate finance
house with a long-term track record and a strong reputation for advising and
financing high growth consumer brands, leisure, clean energy, mineral extraction
and technology companies, notes the following announcement made by its investee
company, Weardale Lithium Limited («Weardale»).

Weardale has secured grant funding through the UK Government’s DRIVE35 Scale-Up:
Feasibility Studies competition, supporting the next phase of development at its
geothermal lithium project in County Durham.

The £4 billion DRIVE35 programme, delivered by the Department for Business and
Trade in partnership with the Advanced Propulsion Centre UK (APC) and Innovate
UK, is designed to accelerate investment in zero-emission vehicle technologies
and strengthen the UK’s end-to-end automotive and battery supply chain.

The grant funding provided by UK Government will enable Weardale to undertake a
detailed feasibility study to map its geothermal lithium-bearing brinefield
within the North Pennine Orefield, de-risking future commercial deployment of
Direct Lithium Extraction (DLE) technology and informing long-term wellfield
design and commercial production strategy.

Lithium is a critical mineral for lithium-ion batteries used in zero-emission
electric vehicles and energy storage systems. The UK Government’s 2025 Critical
Minerals Strategy set out a roadmap to establish competitive domestic production
of lithium raw materials.

By advancing subsurface characterisation and technical modelling, the
feasibility study represents an important step towards establishing a domestic
source of battery-grade lithium carbonate, reducing reliance on imported raw
materials and strengthening the resilience of the UK’s EV manufacturing base.

The project is positioned within the North East, a region already home to
significant automotive and battery manufacturing capability, enabling the
development of a locally integrated ‘borehole-to-battery’ supply chain.

The £0.7m feasibility study project will help refine and de-risk the approach
taken for wellfield scale-up to cashflow positive production. Among the
workflows, the project will include exploration to define fracture networks
hosting lithium-bearing brines. The interpretation will be utilised to refine
the existing 3D geological model and optimise wellfield development for future
commercial production.

The Company currently holds founder shares and options over ordinary shares in
Weardale, representing in aggregate approximately 8 per cent. of Weardale’s
share capital.

For further information please contact:

Marechale Capital Tel: +44 (0)20 7628 5582

Mark Warde-Norbury / Patrick Booth-Clibborn
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880

Jo Turner / Sandy Jamieson

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company’s current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as ‘anticipates,’ ‘expects,’
‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates,’ and similar expressions
are intended to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond the Company’s
control, are difficult to predict, and could cause actual results to differ
materially from those expressed or forecasted in the forward-looking statements.

The Company cautions shareholders and prospective shareholder holders not to
place undue reliance on these forward-looking statements, which reflect the view
of the Company only as of the date of this announcement. The forward-looking
statements made in this announcement relate only to events as of the date on
which the statements are made. The Company will not undertake any obligation to
release publicly any revisions or updates to these forward-looking statements to
reflect events, circumstances, or unanticipated events occurring after the date
of this announcement except as required by law or by any appropriate regulatory
authority.

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