Board Change • Apr 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Vicky Boiten-Lee was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
Quadrise plc Announces Board and Committee Changes Quadrise Plc announced that further to the announcement on March 19, 2026, Laurie Mutch has stepped down as a Director of the Company with immediate effect. Laurie has also stepped down as Chairman of the Audit Committee and as a member of the Remuneration and Nomination Committees. His responsibilities on the Audit and Remuneration committees will be assumed by Michael Covington. Laurie has served on the Board for 20 years, providing continuity, deep corporate knowledge and independent oversight through multiple phases of the Company's development. Following his resignation as a Director, he will assist with transition and handover arrangements. Effective date: April 15, 2026. New Risk • Mar 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£3.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£3.8m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (UK£127k revenue, or US$170k). Minor Risk Market cap is less than US$100m (UK£39.1m market cap, or US$52.3m). New Risk • Oct 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Significant insider selling over the past 3 months (UK£75k sold). Announcement • Sep 29
Quadrise Plc, Annual General Meeting, Nov 28, 2025 Quadrise Plc, Annual General Meeting, Nov 28, 2025. Location: eventspace, salisbury house, 114 london wall, ec2m 5qd, london United Kingdom Announcement • Sep 17
Quadrise plc Appoints Peter Borup as Chief Executive Officer Effective 1 October 2025 Quadrise plc announced the appointment of Peter Borup as Chief Executive Officer effective 1 October 2025. Peter is an accomplished international CEO with over 30 years' experience in the shipping industry. He began his career at A.P. Moller-Maersk, rising to Deputy Director level, before moving into senior leadership roles at several major cargo shipping operators. These included serving as Senior Vice President and Managing Director at D/S Norden in Asia, followed by President and CEO positions at Lauritzen Bulkers and NORVIC Shipping International respectively. During his career, Peter has worked in key global shipping hubs (Copenhagen, Seoul, Beijing, Singapore and Dubai) leading strategy, investment and shipping operations. Beyond his leadership roles in shipping, Peter has contributed to maritime technology and innovation, serving on the investment committees of Rainmaking, Motion Ventures and The Shipping Collective as well as serving on the board of AI start-up, Shipster.ai. Peter has degrees from IMD Business School (MBA), Wharton Business School (Advanced Management Program), Copenhagen Business School (Advanced Board Program) and most recently he was a Fulbright Scholar at Georgetown University (Asia Studies). The directorships and partnerships currently held by Peter Borup, aged 57, and over the five years preceding the date of his appointment are as follows: Current directorships - Copenhagen Business School. Previous directorships held in the past five years - The Shipping Collective ApS. New Risk • Jul 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£72.4m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (UK£72.4m market cap, or US$98.5m). Announcement • Jun 10
Quadrise plc Provides an Update Covering Progress on Its Key Projects Quadrise plc provided an update covering progress on its key projects. Marine The expected bilateral agreements between MSC and Cargill, and Cargill and Quadrise, to initiate the commercial-scale marine trials are now in near final form and are expected to be concluded soon. Following signature, the trial equipment will be installed and commissioned at the MAC 2 site in Antwerp, ahead of the commercial-scale marine trials commencing in Third Quarter 2025. Quadrise continues to make strong progress in building strategic partnerships with additional potential customers, aimed at accelerating the commercialisation of bioMSAR™? and MSAR®?. The Company intends to utilise its facilities at MAC 2 to service these opportunities, as well as establishing similar supply points in other major marine bunker hubs. Morocco The planned commercial trial with OCP to establish MSAR®? supply in the Mediterranean continues to progress. Following relocation to an alternative production line and associated kiln by OCP, the Company has deployed all necessary trial equipment to site. To commence the 30-day paid trial, Quadrise is awaiting approval from the original equipment manufacturer of the kiln and burner system ("OEM"), which is expected to be received in Third Quarter 2025, with the trial commencing immediately thereafter. In parallel, Quadrise and the OEM are exploring potential collaboration opportunities with other industrial clients. Americas In Panama, excellent progress continues to be made for trial with Sparkle Power SA. Trial equipment and chemicals have been shipped to site, with the trial now expected to start during Third Quarter 2025. This will be the first test for Quadrise on a MAN 4-stroke diesel engine, expanding application experience with this significant engine manufacturer. A successful trial would be expected by the Company to lead to a Fuel Supply Agreement with a supplier and to facilitate discussions with other regional power producers. US Low Carbon Fuels: Quadrise is now awaiting delivery of a new batch of oil samples from Valkor's Primary Project Site ('PPS') at Asphalt Ridge, Utah, USA as the previous samples tested were deemed unrepresentative of Valkor's expected final oil output. Once testing of these samples has been positively concluded, marketing of MSAR®? and bioMSARTM fuels in the USA can then commence. Quadrise now expects to deliver a smaller 600bpd Multifuel Manufacturing Unit ("MMU") to the PPS in Third Quarter 2025, With the USD 75,000 per quarter technology transfer fee payable by Valkor to Quadrise commencing from the date of delivery. bioMSAR™? and bioMSAR™? Zero development: Quadrise continues to advance several joint development and commercial discussions and testing with potential partners and customers to deliver cleaner fuels at a lower cost than alternatives. Announcement • May 02
Quadrise plc Transitions Jason Miles as Chief Technology Officer Quadrise plc announced a planned reorganisation of its senior leadership team to support the Company as it scales up its commercial and technical activities, reflecting the accelerating momentum at Quadrise. Jason Miles, Chief Executive Officer, will transition into a newly created role of Chief Technology Officer with effect from 1 June 2025. In this capacity, Jason will focus on accelerating the development and deployment of the Company's core technologies, including MSAR®, bioMSAR™ and bioMSAR™ Zero. In particular, he will take full ownership of the ongoing commercial trials and associated technical programmes and partnerships which are of critical importance for the commercial evolution of the Company. Jason will continue to be a director on the board and will report to a new Chief Executive Officer, whom the Company has commenced a process to identify and appoint. To enable Jason Miles to focus on his newly defined role, and to provide continuity and leadership ahead of the appointment of a new Chief Executive, Andy Morrison, Chairman of Quadrise, will take on additional executive duties on an interim basis with effect from 1 June 2025. Andy remains Chair of the board of directors. In expanding the Board with a new CEO as an additional executive director, together with the CTO's enhanced focus on the deployment of the Company's technologies, the Board believes that leadership and execution capacity will be enhanced across the Company's major projects, enabling Quadrise to capture upcoming opportunities. Announcement • Mar 13
Quadrise plc Announces Appointment of Linda Sorensen as Head of Marine Quadrise Plc announced the appointment of Dr. Linda Sorensen as Head of Marine,a newly created role designed to accelerate the expansion of the Company's marine business. Dr. Sorensen is a highly accomplished executive with extensive experience in the oil, gas, maritime, and transport sectors. A strong advocate for decarbonisation and operational safety, she has dedicated her career to strategic relationship-building and delivering practical high-impact solutions that advance the maritime industry. Prior to joining Quadrise, Dr Sorensen held leadership positions at BW Group and Frontline Management, served as a Senior Consultant and Technical Lead at Lloyd's Register, and co-founded a technology firm specialising in behavioural risk management solutions for the maritime sector. Her expertise in consulting, research, and shipping operations makes her a key driver of innovation in sustainable and efficient marine solutions. In her new role, Dr Sorensen will help to lead the Company's marine strategy, leveraging her deep industry knowledge to scale operations and drive sustainable growth. New Risk • Mar 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (UK£75.9m market cap, or US$98.1m). Announcement • Feb 01
Quadrise Plc has completed a Follow-on Equity Offering in the amount of £2 million. Quadrise Plc has completed a Follow-on Equity Offering in the amount of £2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,666,666
Price\Range: £0.03
Transaction Features: Regulation S Announcement • Jan 29
Quadrise Plc Appoints Anthony (Tony) Foster as Non-Executive Director with Effect from February 1, 2025 Quadrise Plc announced the appointment of Anthony (Tony) Foster as Non-Executive Director with effect from 1st February 2025. Tony is a seasoned executive with a lifetime of experience in the shipping industry. Over the course of his career, he has established, managed, and led a range of maritime businesses spanning broking, operations, ship management and shipowning. Tony began his career with the Wallem Group, at that time the world's largest ship management company, where he ultimately headed their Tokyo office. He has also been a partner in several successful ventures including a boutique shipbroker, a technical ship management firm and a ship-owning company in partnership with a leading UK bank. Tony played a pivotal role in the pre-IPO team of Pacific Basin Shipping, now a prominent Hong Kong-listed dry bulk shipping giant. In 2003, Tony founded Marine Capital, where he currently serves as Chief Executive Officer. Under his leadership, the firm has evolved from a proprietary shipowner into a shipping investment manager with a strong focus on decarbonisation. Marine Capital undertakes shipping investments, vessel operations and management across diverse shipping sectors, serving institutional investors. Marine Capital also provides advisory services to major industry players and government entities. Tony holds a BA (Hons) degree in Jurisprudence from Oxford University and is an active participant in industry forums and working groups driving maritime decarbonisation. The directorships and partnerships currently held by Anthony (Tony) Foster, aged 70, and over the five years preceding the date of his appointment are as follows: Current Directorships: Marine Capital Limited, Pontefract Shipping Limited,St. Leger Shipping Limited, Eclipse Shipping Limited, Newmarket Shipping Limited Celebes Wind Limited, Lingfield Shipping Limited, Eclipse II Shipping (UK) Limited,Kempton Shipping Limited, Southwell Shipping Limited, Salisbury Shipping Limited, Wolverhampton Shipping Limited, Leicester Shipping Limited,Doncaster Shipping Limited, Trafalgar Shipping Limited, Fenix Marine Limited. Previous Directorships held in the past five years: Cartmel Shipping Limited. New Risk • Jan 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£72.8m (US$91.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£72.8m market cap, or US$91.0m). Announcement • Dec 05
Quadrise plc Confirms Positive Engine Testing Results for New bioMSAR™ Prototypes Quadrise Plc confirmed positive engine testing results for new bioMSAR™prototypes, including first with 100% biofuel, and to provide an update on related biofuel testing with project partners. The objective of the Company's biofuel development programme is to supply the marine and industrial sectors with sustainable biofuels that are lower in cost, more efficient, safer yet simple to use, and which minimise harmful emissions.Our product development goal is to stay ahead of marine legislation and market requirements with the aim of offeringan entirely fossil-free 'bioMSAR Zero™' fuel at commercial scale by 2030, which will future-proof technology and allow access to new markets. The recent engine tests were carried out on the Company's 40kW 4-Stroke Cummins diesel engine generator installed at Aquafuel Research Limited usingbioMSAR™formulations prepared and lab tested at the Quadrise Research Facility. The results confirmed that the Quadrise emulsion technology platform can be used to produce viable non-fossil and low-fossil fuels which lower emissions, improve engine efficiency and reduce fuel costs. Further testing on biofuel blendstocks and bioMSAR™ prototypes is now planned as Quadrise accelerates progress towards a commercial bioMSAR™ Zero, which aim to provide to clients well in advance of original 2030 target. Announcement • Oct 01
Quadrise Plc, Annual General Meeting, Nov 22, 2024 Quadrise Plc, Annual General Meeting, Nov 22, 2024. Location: the park plaza county hall hotel, 1 addington street, se1 7ry, london United Kingdom Announcement • Aug 01
Quadrise plc Provides Valkor Project Update Quadrise Plc provided an update on its project with Valkor Technologies LLC (Valkor) in Utah, USA, which targets the supply of low sulphur MSAR®? and bioMSAR™? to the marine and power sectors from heavy sweet oil (HSO). The State of Utah's Board of Oil, Gas and Mining met on July 31, 2024 and approved Valkor's plan to commercialise HSO recovered from sands within the designated Asphalt Ridge area. The plan details unit operations for enhanced oil recovery and the establishment of an Enhanced Recovery Unit (the Unit Plan) on behalf of project sponsors Heavy Sweet Oil LLC and AC Oil LLC (the Sponsors). The Unit Plan also allows for reduced spacing between wells, so as to optimise HSO recovery and project profitability. The Sponsors submitted evidence from the drilling of the first two pilot wells for a sizeable and common pooled supply of HSO. Commercialization requires the use of the latest enhanced oil recovery techniques for low-carbon extraction and processing. Production of the HSO by Valkor will commence from the pilot wells using electrical heating initially to maintain oil flow, as the HSO is extremely viscous otherwise at reservoir conditions. After 1-2 years the electrical heating will be replaced with steam and CO2 flooding. This will provide stable long-term production for 20+ years per well. HSO samples have been prepared by Valkor and are being sent to Quadrise for MSAR® and bioMSAR™ formulation and pilot testing in third quarter 2024. Commercial marketing to the marine, utilities and industrial sectors is expected to commence once successful testing is completed by Quadrise. The initial marketing targets will be local power producers and marine vessels bunkering on the US West Coast. Announcement • Jul 10
Quadrise Plc Provides Marine Project Update Quadrise Plc provided an update on its project with MSC Shipmanagement Limited of Cyprus. Quadrise continues to work with MSC and project counterparties to conclude the binding agreement between Quadrise, MSC and Cargill in respect of Company's forthcoming vessel trials on board the MSC Leandra. Upon signing the Project Agreement, Quadrise equipment will be installed and commissioned at the MAC2 facility in Antwerp prior to vessel trials. MAC2 has already received the required operating permits for the installation of Quadrise equipment and has prepared the site ahead of time, therefore the company are ready to move quickly once the Project Agreement is finalised. Announcement • Mar 19
Quadrise Plc has filed a Follow-on Equity Offering in the amount of £1.500974 million. Quadrise Plc has filed a Follow-on Equity Offering in the amount of £1.500974 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 119,000,000
Price\Range: £0.0125
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,077,893
Price\Range: £0.0125
Transaction Features: Regulation S; Subsequent Direct Listing Announcement • Dec 07
Quadrise Plc provides Update on re bioMSAR™ and bioMSAR™ Zero Development Quadrise Plc confirmed the finalisation of results from bioMSAR™ fuel testing completed in November 2023 (the "bioMSAR™ Tests"), further to the Company's announcement of 27 November 2023. The ultimate objective of the Company's bioMSAR™ programme is to supply the marine and industrial fuel sectors with sustainable biofuels that are lower in cost, more efficient, safer yet simple to use, and which generate the fewest harmful emissions. The bioMSAR™ Tests were conducted using the Company's 40kW Cummins diesel engine installed at Aquafuel Research Limited ("Aquafuel"). Quadriseand biorefinery specialists, Vertoro BV ("Vertoro"), have been collaborating to develop a cost-effective supplement or alternative to glycerine in bioMSAR™ fuel under the Joint Development Agreement ("JDA") announced by Quadrise on 21 September 2022. ThebioMSAR™ Testsconcluded in November were completed on blends ofbioMSAR™ containing up to 40% of Vertoro's CSO™ as a replacement for renewable glycerine. When compared with conventional diesel fuel, the CSO™ bioMSAR™demonstrated: Reductions of up to 25% in carbon dioxide ("CO2") emissions before engine efficiency savings are considered. Additional engine efficiency improvements of 6-7% resulting in reduced fuel use, taking total CO2 reductions to over 30%, in line with previous bioMSAR™ testing results. Reductions in NOx of around 30%, comparable with 20-45% seen during previous testing with bioMSAR™ on the same engine. Furthermore, a reduction in CO emissions of over 50% was measured, with negligible visible smoke. Based on these results, testing of the 40% CSO™ bioMSAR™ and 40% glycerine-based bioMSAR™ on a larger medium-speed Wartsila engine at VTT is scheduled in H1 2024. This additional testing will be performed in parallel with testing of CSO™ in bioMSAR™ at levels above 40% at the Quadrise Research Facility ("QRF") and at Aquafuel. In addition to the CSO™ development programme described above, work is progressing under the JDA withBTG Bioliquids BV ("BTL") on pyrolysis sugars derived from biomass, and with other prospective partners who can supply C5/C6 sugars at commercial scale. Large scale adoption is a key customer requirement for marine and industrial applications and the ability to use water-soluble biomass sugars within the Company's unique oil-in-water emulsion fuels opens up access to abundant bio-energy waste resources. Such waste material cannot otherwise be easily diverted into higher-value applications that use oil-based biofuels or oil-based emulsions. bioMSAR™ with methyl esters: For the first time, Quadrise have tested blends of bioMSAR™ incorporating B30, a marine biofuel of 30% methyl esters blended with fuel oil, providing a new potential pathway to bioMSAR™ Zero. B30 methyl esters are currently the most widely available marine biofuels. Engine tests were carried out at Aquafuel to assess engine efficiency and emissions improvements. In this first phase of testing, bioMSAR™ blends were made with up to 70% B30 and up to 40% glycerine respectively. When compared to diesel, these blends demonstrated: Up to 40% well-to-wake CO2 reductions based on the carbon intensity of the components, before accounting for diesel engine efficiency savings. Enhanced diesel engine efficiency of 3-7% with a corresponding reduction in fuel costs, further reducing overall CO2 emissions by up to 45%. Reductions in NOx emissions of 43%-59% andCO savings of 58-76% with negligible visible smoke. The successful results described above provide a pathway to further reduce the fossil fuel content of its emulsion blends using methyl esters. The next phase of testing will incorporate higher concentrations of waste-based methyl esters, and ultimately B100 combined with glycerine or biomass-derived sugars. The plan is to demonstrate a commercial bioMSAR™ Zero product well ahead of the Company's 2030 target. The biofuel samples are being supplied by a major trading company. Announcement • Nov 22
Quadrise Plc Announces Successful Completion of Industrial Demonstration Test Quadrise Plc provided an update on its fuel trial in Morocco following the announcement made by the Company on 31 October 2023. Quadrise announced that the industrial demonstration test of MSAR® and bioMSAR™ fuels at the client's site in Morocco (the "Trial") has been successfully completed in accordance with the performance criteria of the agreement announced by the Company on 13 June 2022. The client's industrial unit was processing product at commercial scale throughout the Trial, with the Company's fuels used to provide the required thermal energy for drying. The objective was to make a direct comparison with normal operations running on heavy fuel oil. The industrial unit in question was successfully operated at varying loads of up to 100%, equivalent to 33MW of energy that is supplied by a single burner. This is similar to the energy consumption of a medium-sized container ship. The final phase of combustion optimisation tests recently completed involved experts from Quadrise and the client fine-tuning combustion at full (100%) load and production rates using Quadrise fuels. Emissions from MSAR® and bioMSAR™ combustion were very low, and well within environmental limits for the site. This was the first demonstration of bioMSAR™ in an industrial application. Quadrise is now preparing a technical report to submit to the client within the next month. The parties will now enter into discussions for long-term commercial supply, in conjunction with reaching agreement for testing at the client's other sites to expand supply opportunities for MSAR® and bioMSAR™ fuels. In parallel, the Company will continue work to ensure the supply of appropriately located and priced residual feedstock. Further announcements will be made, as appropriate, in due course. Announcement • Nov 01
Quadrise plc Provides Morocco Project Update Quadrise Plc provided an update on its fuel trial in Morocco. The industrial demonstration test (the "Trial") at the client site in Morocco is progressing well, with the replacement pump installed, commissioned and performing as designed. With final combustion optimisation tests now jointly planned for MSAR®? and bioMSAR™?, the Company anticipates that the Trial will conclude during November. Quadrise will provide an update with regard to the results of the Trial once completed, and currently anticipates being able to do so prior to the Company's annual general meeting on 27 November 2023. Announcement • Oct 05
Quadrise plc Announces Board Changes Quadrise Plc announced the appointment of Vicky Boiten-Lee (also known as Vicky Su Yin Lee) as Non-Executive Director with immediate effect. Vicky has more than 20 years of international experience in the energy sector with Shell. She spent 10 years working inSouth East Asia and the balance working out of London covering global businesses across Europe, North America, China, and Asia. Between 2015 and 2021, Vicky led Shell's global marketing for automotive lubricants and downstream fuels, including Shell's entry into Electric Vehicle fast-charging. She focuses on delivering value from the transition to net zero and has led organisational transformations accelerating the growth of lower-carbon fuels, developing circular supply chains, and reducing the cost of compliance. Vicky holds a B.Eng degree from Universiti Malaya, an MBA from Strathclyde University, and studied Business and Sustainability Leadership at Cambridge University. In conjunction with the appointment of a new non-executive director, Philip Snaith stepped down as a director of the Company on 30 September 2023 after a nine-year tenure as a non-executive director in order to focus on his other commitments. Quadrise wishes to thank Philip for his contribution to the Company. Announcement • Oct 02
Quadrise Plc, Annual General Meeting, Nov 27, 2023 Quadrise Plc, Annual General Meeting, Nov 27, 2023, at 12:00 Coordinated Universal Time. Location: Park Plaza County Hall Hotel, 1 Addington Street, SE1 7RY London United Kingdom Announcement • Aug 30
Quadrise plc Provides an Update on Project with Valkor Technologies LLC in Utah, USA Further to the announcement on 24 August 2023, Quadrise Plc provided an update on its project with Valkor Technologies LLC in Utah, USA. As announced on 12 June 2023, Quadrise and Valkor signed aSite Licence Agreement, conditional on receipt by Valkor of drilling and underground injection permits for the Primary Project Site from the Utah Board of Oil, Gas and Mining and upon the receipt by Valkor of project financing in an amount of at least USD 15 million. Valkor's pilot development programme was approved by the Board in December 2022 on standard 40 acre spacing, and Valkor has been conducting field surveys and other tasks required for the completion of permit applications. The drilling permit is expected by Valkor to be issued by Utah's Department of Oil, Gas & Mining in early September 2023, with drilling scheduled by Valkor in October 2023. Upon issue of the drilling permit, Valkor can file Underground Injection Control permit applications for the injection of steam to stimulate the drilled wells. DOGM has estimated UIC approvals will take approximately 8 weeks in accordance with the schedule for Valkor's planned October drilling. Under the current Board approvals and following the issue of the drilling permit, Valkor is able to drill up to 12 wells under the pilot development plan. Separately, Valkor is seeking 2.5 acre down-spacing of the wells (compared with the standard of 40 acres) to allow drilling of 111 wells within the same area. Based upon advice received, Valkor sought a hearing for a unitisation plan, treating the pilot area as a single unit with revised spacing as desired by Valkor. At the recent hearing on 23 August 2023, the Board did not grant the Unitisation but instead requested that Valkor drill at least one pilot well and update the plan using the data from that well before seeking approval again. Unitisation by First Quarter 2024 will be targeted, to stay on schedule for the full development plan of 111 wells. Valkor has advised Quadrise that the Board ruling of 23 August 2023does not impact the PPS development planand has confirmed that Valkor'sfinancing is not dependent upon UIC or Unitisation approvals. With the drilling permit condition now in hand,Valkor and Quadrise have agreed under an addendum dated 25 August 2023, that the SLA is now only conditional upon the receipt by Valkor of project financing in an amount of at least USD 15 million. Valkor is continuing to work with Heavy Sweet Oil LLC and AC Oil LLC to secure the required project financing to establish the Asphalt Ridge Enhanced Recovery Unit for the in-situ production of heavy oil, and to licence Quadrise's technology for the agreed sum of USD 1.5 million (comprising USD 1 million upon satisfaction of the financing condition and USD 0.5 million on the date on which a Quadrise MSAR® Manufacturing Unit and associated equipment are delivered to the Primary Production Site). A further update will be provided upon conclusion of Valkor's project financing and subsequent award by Quadrise of the conditional site license to Valkor. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£2.9m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (UK£27k revenue, or US$35k). Minor Risks Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (UK£18.9m market cap, or US$24.4m). Announcement • May 22
Quadrise plc Provides an Update on Its Fuel Trial in Morocco Quadrise Plc provided an update on its fuel trial in Morocco. The industrial demonstration test commenced as planned this week in accordance with the client's production schedule. Quadrise personnel at the client site confirmed the MSAR® and bioMSAR™ fuel quality and fully commissioned the Company's pumping and heating unit ("PHU") at load. Cold start-up of the client's combustion unit was carried out and the initial unit warm-up sequence was tested using MSAR® fuel. Unfortunately, whilst running at 100% a mechanical component in the PHU failed progressively, reducing the available unit load achievable from the Quadrise burner, and were unable to complete the testing during May as originally planned. The parties agreed to pause the trial so that the client could complete their scheduled production run, and the respective Quadrise part could be replaced. The replacement mechanical item concerned has been procured in the UK by Quadrise and will be sent to the client in Morocco as soon as possible. This will enable Quadrise to finalise optimisation of combustion at full load when the trial resumes. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Phil Snaith was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 04
Full year 2022 earnings released: UK£0.002 loss per share (vs UK£0.004 loss in FY 2021) Full year 2022 results: UK£0.002 loss per share (improved from UK£0.004 loss in FY 2021). Net loss: UK£2.60m (loss narrowed 39% from FY 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Phil Snaith was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Phil Snaith was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Nov 30
Executive Chairman Michael Kirk has left the company On the 26th of November, Michael Kirk's tenure as Executive Chairman ended. As of September 2021, Michael still personally held only 858.40k shares (UK£33k worth at the time). Michael is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.25 years. 