Extension of Worms Exploration Licence

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14 November 2025

Cindrigo Holdings Limited 

('Cindrigo', the 'Company' or the 'Group') 

Extension of Worms Exploration Licence

Cindrigo Holdings Limited, a sustainable baseload energy developer and producer, is pleased to announce that the Mining Authority (the "Authority") in Mainz, Germany, has formally approved the extension of the exploration licence for the geothermal project area situated in the Upper Rhine valley in Germany known as Worms (the "Worms Licence").

The Worms Licence has been extended for one year until 28 November 2026. As part of the extension, the Group must complete sub-surface studies in compliance with obligations under its exploration plan to reach "Ready to Drill" status. It must also submit a preliminary environmental impact assessment ("UVP-Vorprüfung") to the Mining Authority by that date.

This UVP-Vorprüfung represents an early-stage environmental review that evaluates the potential impact of proposed geothermal exploration and drilling activities. It includes baseline environmental studies, consultation with local stakeholders and authorities, and initial technical assessments of drilling sites and surface facilities.

Completion and approval of the UVP-Vorprüfung is a key prerequisite for advancing to the next stage of permitting, which will include detailed environmental impact analysis and subsequent production licencing.

The Worms License extension enables Cindrigo to press ahead with ongoing preparatory, geological and technical work, and represents another significant step in the Company's German geothermal development programme. The Worms License is one of three geothermal licences in which the Group holds an 85% interest in the Upper Rhine Valley, a well-established geothermal production area in Germany.

The Company's licence extension for the Eich project area, as detailed in the Company's prospectus, has already been approved for a one year extension by the relevant regulator and remains valid until September 2026. The application to extend Cindrigo's third area, the Weinheim licence, is underway and progressing well.

Collectively, the Worms, Eich and Weinheim licences cover approximately 125 km².This combined area forms the core of the Company's current geothermal development strategy in Germany, with a staged plan targeting c. 300 MW of capacity across district heating and electricity generation and lithium extraction where this is supported by reservoir characteristics.

Lars Guldstrand, CEO of Cindrigo Holdings Ltd, commented: "Securing the extension at Worms is another important milestone for us in Germany. The area has strong geological characteristics, sits within a proven geothermal corridor, and benefits from one of the most supportive policy environments in Europe.

"We now have regulatory clarity in respect of two of our three current projects in Germany, and we are progressing well towards renewal of the Weinheim licence. Together, these three licence areas form a meaningful development zone where we can move forward with environmental and permitting work, finalise engineering design, and prepare for the drilling phase of the projects.

"With district heating demand rising and electricity prices supported by long-term tariffs, Worms represents a scalable, long-life clean energy opportunity. The extension enables us to progress the environmental and technical work needed for full permitting and first-phase heat production. Alongside Eich and Weinheim."

Background

The Worms Licence is one of three licences in which the Group has an 85% interest across the Upper Rhine Valley, one of Europe's most geothermally developed and well-documented regions. These licenses have an initial targeted capacity of c. 85 MW and a longer-term development plan of c. 300 MW.

The Upper Rhine Valley is considered one of the strongest proven geothermal zones in Europe, with:

· More than 400 historical oil and gas wells

· Over 20 deep geothermal wells drilled

· Proven geothermal water temperatures above 200°C

· Established local infrastructure for district heating and power distribution

· Favourable lithium rich brines

Recent successes in the Graben-Neudorf geothermal project, just north of the licensed area, continue to demonstrate the zone's potential, including high-temperature reservoirs and lithium-bearing brine. This supports Cindrigo's multi-phase development plan, designed to unlock value in stages:

1. Heat supply for municipal district heating and industrial users

2. Lithium extraction, where commercially viable

3. Electricity generation exported to the grid

4. Additional wells drilled as operating data confirms resource performance

The business model is asset-backed and revenue-generating from the first operational phase, before expanding into power and lithium.

Supportive policy environment and strong economics

The German Government has set a national objective to produce 10 TWh of geothermal energy by 2030, requiring more than 100 new geothermal plants. This makes Germany one of the fastest-developing geothermal markets in Europe, supported by:

· CAPEX subsidies for heat infrastructure of up to 40%

· Insurance to de-risk drilling

· Government-underwritten funding for geothermal projects

· Long-term fixed tariffs, including c. €250/MWh for electricity

· Rising municipal demand for district heating as coal and gas are phased out

These policies materially reduces development risk and strengthen project economics, making geothermal one of the few sources of stable, baseload renewable energy.

**ENDS**

For more information please contact:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as defined in the FCA UK Listing Rules and is authorised and regulated by the FCA. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Notes

Cindrigo is a renewable energy developer and producer that is building a high capacity, clean baseload power generation portfolio across Europe. This includes a 110 MW biomass combined heat and power plant in Finland and three geothermal energy projects in Germany. Alongside this, the Company maintains an active development strategy with several additional renewable energy projects and licenses under evaluation.

Cindrigo has a clear vision to create shareholder value by delivering clean baseload power solutions that address two global priorities: meeting rising energy demand while improving environmental outcomes.