Announcement • Jun 09
Cindrigo Holdings Limited Announces the Completion of the Subsurface Analysis and Reservoir Modelling for the Eich Hamm Geothermal License Area Cindrigo Holdings Limited announced the completion of the subsurface analysis and reservoir modelling for the Eich Hamm geothermal license area in Germany completed by GeoDa Consulting d.o.o., assessing the potential for heat and electricity generation and lithium extraction. Eich is the first of three German geothermal licenses that are being developed in the well-established Upper Rhine Valley through the project entity, ZGG GmbH. Results of initial Monte Carlo simulation indicate an estimated exploitable energy potential of 157.8 megawatts ("MW"), representing a 50% increase on the estimate previously communicated, together with potential production of 7,230 tonnes per annum ("tpa") of lithium carbonate equivalent ("LCE"). Full development of Eich is currently envisaged through three geothermal well doublets. A subsurface analysis study for Eich was conducted by GeoDa Consulting d.o.o. Increase of 50% in estimated exploitable energy potential to 157.8 MW on Eich license. Subsurface analysis and reservoir modelling of the Eich licence area were completed by GeoDa Consulting d.o.o. as part of the Eich Hamm Report and indicate an exploitable energy potential of 157.8 MW, which is a 50% greater energy potential estimate than previously communicated by the Company. Initial Monte Carlo simulation of reservoir potential estimates a mean resource potential across the three planned wells of 137.0 MWth heat, 20.8 MWe electricity and additional potential to produce 7,230 tpa ofLCE. Exploitation plan envisages three production wells on the Eich license area: Results from the subsurface analysis support the exploitation of Eich's energy and lithium potential through the development of three geothermal well doublets targeting the Rotliegend formation. Production will be from the three wells EichGT-1, EichGT-3, and EichGT-5 with reinjection of residual fluids through EichGT-2, EichGT-4, and EichGT-6. The Rotliegend Formation consists of deep, thick sandstones and volcanic rocks at depths of between 1,000m and 3,000m. It is regarded as a highly promising target for both deep hydrothermal energy extraction and the production of critical minerals like lithium from deep brines. Fluids extracted from these depths frequently exceed 100C to 150C, making them highly suitable for district heating and power generation. Germany provides one Europe's most supportive geothermal funding environments. There is significant federal support and funding available for the development of deep geothermal projects for municipal and industrial heat supply in Germany, which Cindrigo intends to utilise where appropriate. All three of Cindrigo's licences are approved eligible for BEW Module 1, which provides grants covering up to 50% of eligible pre-development costs prior to first drilling, subject to a maximum of €2 million per licence. BEW Module 1 is administered by the German Federal Office for Economic Affairs and Export Control ("BAFA") under the BEW programme (Bundesförderung für Effiziente Wärmenetze, or Federal Funding for Efficient Heat Networks). Alongside this, work is underway to apply for the support and future eligibility for each Unit of: Insurance against the risks associated with drilling through MunichRe, one of the world's leading reinsurance companies, and KfW Geothermal financing up to €25 million Support Loan through the German state development bank KfW, and BAFA BEW Module 2 funding, which may provide grants covering up to 40% of eligible drilling and production costs, up to a maximum of €100 million. Development of first Unit - Eich GT-1 & Eich GT-2 Initial modelling of EichGT-1 estimates potential for 40.3 MWth heat, 5.3 MWe electricity and 2,400 tpa LCE. The location for the production well at Eich GT-1, and reinjection at Eich GT-2 have been identified, with drilling currently targeted to commence in 2027 subject to financing. The production well is planned to drill to target Rotliegend formation (reservoir) at depths of 2,500-3,500m. New Risk • Apr 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 53% per year over the past 5 years. Revenue is less than US$1m (UK£85k revenue, or US$113k). Minor Risk Market cap is less than US$100m (UK£18.4m market cap, or US$24.4m). Announcement • Dec 12
Cindrigo Holdings Limited, Annual General Meeting, Dec 29, 2025 Cindrigo Holdings Limited, Annual General Meeting, Dec 29, 2025. Location: the sloane club, 52 lower sloane street, sw1w 8bp, london United Kingdom 