Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset.

Although silver continues to exhibit its hallmark volatility, a silver bull market is well underway.

Experts are optimistic about the future, and as the silver price’s momentum continues in 2026, investors are looking for price forecasts and asking, “What was the highest price for silver?”

The answer reveals how much potential there is for the silver price to rise.

Read on for a look at silver’s historical moves, its new all-time high price and what they could mean for both the price of silver today and the white metal’s price in the future.

Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.

Copper prices continue to make gains, driven by supply and demand fundamentals and further boosted by tariff fears.

The price reached a record high on January 29, and while it has since moderated somewhat, several factors have injected fresh concerns and volatility into the market.

Among them has been a traditional slow period for base metals trading, as Chinese manufacturing and construction take an extended pause for Lunar New Year celebrations, essentially flatlining commodity demand during that period.

As China is the world’s largest consumer of copper, the slowdown in key sectors there has injected significant downward pressure on the price of the red metal over the last few weeks.

However, the end of the holiday has coincided with a decision by the Supreme Court of the United States (SCOTUS) that has struck down global tariffs imposed by President Donald Trump in 2025.

While the decision doesn’t affect the 50 percent tariffs on raw copper entering the United States, it does affect tariffs on other goods originating elsewhere, including China and India, which faced high tariffs.

For China, this means that tariffs are likely to fall from 32 percent to 24 percent, and should increase overall demand from manufacturers. However, uncertainty still looms over global markets.

Following the SCOTUS decision on Friday (February 20) Trump responded by reinstating tariffs of 10 percent using different mechanisms, then on Saturday (February 21), he increased the levies to 15 percent.

The new fees can only be imposed for 150 days before they must be submitted to Congress for extension. Although the Republican-led House of Representatives has strongly backed the president in the past, it may face pushback on extending the unpopular tariffs ahead of the mid-term elections in November.

The decision created greater uncertainty in the copper market, as speculation began that the US could seek to extend copper tariffs, which would accelerate the imposition of levies on refined products.

When tariffs were initially applied to copper in August 2025, the White House said fees wouldn’t be applied to refined products until 2027 and 2028.

The combination of restocking in China, tariff fears and a weakening US dollar caused prices to jump in recent days, climbing 2.8 percent on Tuesday (February 24) to US$13,228 per metric ton on the London Metal Exchange and back over the US$6 per pound mark in the United States during afternoon trading on Wednesday (February 25).

Likewise, the price on the Shanghai Metals Market was up, with SMM 1 copper cathode rising by US$119.77 on Wednesday (February 25) to US$13,104.73 per metric ton.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Churchill Resources Inc. (‘Churchill’ or the ‘Company’) (TSXV:CRI.V) is pleased to report drilling intercepts revealing an extensive, polymetallic vein swarm hosting gold, silver, lead, zinc and molybdenum at Pomley Cove Pond, a gold-silver system that the Company discovered at its Black Raven Project in Central Newfoundland. Drill holes PC25-01 and PC25-02, the initial ‘wildcat’ holes drilled in closing days of Churchill’s 2025 winter exploration program, both intersected portions of the swarm and together at least 20 different veins, within a broader 150m wide zone. Individual intercepts include:

• PC25-01 (vein 3): 2.93 gpt Au Eq* / 1.37m, including 4.77 g/t Au, 118.4 g/t Ag, 4.05% Pb, 9.6% Zn over 0.31m (from 65.74m), and molybdenum values above detection limit of 1000ppm.
• PC25-02 (vein 10): 9.17 gpt Au Eq / 0.20m, with 7.34 g/t Au, 87.2 g/t Ag, 2.35% Pb and 2.14% Zn (from 41.98m).
• PC25-02 (vein 4): 2.34 gpt Au Eq / 0.43m including 2.82 g/t Au and 21.7 g/t Ag over 0.23m (from 92.44m).

*Au Eq values were calculated using long-term metal price forecasts of $3000 opt Au, $45 opt Ag, $4.10/lb Cu, $0.85/lb Pb, $1.30/lb Zn and $20/lb Mo and recovery factors of 95% for all metals as not metallurgical studies have been commissioned as yet on PC Pond material.

Churchill President Paul Sobie stated: ‘Pomley Cove Pond is a significant emerging focus for Churchill at Black Raven, and these results further underpin our interpretation that the Black Raven Property may be a central locus to a large-scale polymetallic system with multiple mineralized fluid pulses. Pomley Cove exhibits strong silicification associated with disseminated and vein mineralization within an area characterized by a historic IP survey chargeability high. This historic chargeability high represents one small portion of a larger 800m x1200m area with multiple similar IP features. Additionally, our soil sampling in 2025 returned strongly anomalous results for gold, silver, molybdenum, and arsenic in the Pomley Cove Pond area, particularly to the north of the pond, where we plan to commence drilling and trenching in late March (Figures 2 and 3). Initially we will lengthen both holes PC25-01 and 02 as they did not completely test their targeted IP chargeability anomalies due to the Christmas temporary halt to operations, then move on to digging trenches and the drilling of other compelling IP/soil targets, upon receiving permit approvals for the applications submitted for that work.

The consistency in grade and polymetallic character of these drill results at Pomley Cove Pond align with previously reported surface trench results (see News Release dated Jan 05, 2026, and Figure 2) and suggests continuity from surface to subsurface, and, most importantly, increasing molybdenum grades with depth within the central part of the peninsula (Veins 3 and 4 plus others). Additionally, the polymetallic signature (Au-Ag-Mo-Pb-Zn-Arsenopyrite) of this veining is typical of orogenic gold systems and intrusion related polymetallic veins in highly prospective geologic terrains like Central Newfoundland.’

Pomley Cove Pond, is one of at least five prospective exploration areas within Churchill’s Black Raven Project (Figure 1), including the historic Frost Cove Antimony Mine, the historic adits of which are located approximately 1km to the southeast. Churchill has systematically advanced Pomley Cove Pond from soil sampling defining a highly anomalous gold area at the pond, including grab samples with peak values of 922ppb Au on the western shore; due diligence sampling that confirmed silver assays reaching 395 g/t alongside significant gold, lead and zinc values; and surface trenching intercepts including (weighted averages): 4.35 g/t gold and 132 g/t silver over 1.59m. Churchill’s exploration efforts made use of a historical (2012) Induced Polarization (IP) survey of the peninsula that identified multiple chargeability features. These features were the targets of the first two drill holes (PC25-01 and PC25-02) drilled beneath the discovery trenches.

Based on the maiden drill success, the Company is executing an immediate winter program consisting of 10 trenches and 15-20 drill holes to test additional IP targets and lengthen the original discovery holes to reach deeper targets, along with further drilling at Frost Cove and possibly Taylor’s Room.

Additional Drilling and Trenching Results Pending

The discoveries reported here are from Churchill’s Fall 2025 exploration program at its Black Raven Project which was designed to evaluate the historic Frost Cove Mine structure for antimony, and explore the potential for broader polymetallic mineralization, including gold, silver, lead, zinc and molybendum through the Property. The program consisted of 50 diamond drillholes, with a cumulative depth of 5,176m, along with extensive channel and soil sampling. This news release provides results for the two Pomley Cove Pond drillholes, with 32 drill holes to be reported, including 12 holes at Taylor’s Room and 14 at Frost Cove. Remaining samples are all at the laboratories and are expected imminently for Frost Cove, then Taylor’s Room, and finally, results from the six holes at the Stewart Mine.

Figure 1 – Black Raven Property Geology and Main Prospects

Figure 2 – Pomley Cove Pond Area Soil and IP Chargeability Results with 2026 Plans

Figure 3 – Pomley Cove Pond Detailed Drillhole Results

Table 1 – Pomley Cove Pond Drill Results to 02-22-26

About the Black Raven Gold-Silver-Antimony Project

The Black Raven Project is a polymetallic exploration asset in Central Newfoundland characterized by high-tenor antimony mineralization and a perceived property-wide gold-silver-antimony system. Churchill’s primary objective is to evaluate the project’s potential as a small-footprint, high-grade underground mine, intending first to gather sufficient data to support the preparation of initial resource estimates and advance towards the formulization of a National Instrument 43-101 compliant maiden resource, thus positioning the property as a potential primary supply source for North American and European markets. Currently, North America lacks sources of high-grade, primary antimony supply, making a potential domestic source at Frost Cove critically important.

The project encompasses the past-producing Frost Cove Antimony Mine and Stewart Gold Mine. While these sites operated intermittently at the turn of the last century, Churchill is the first to apply modern systematic exploration techniques to resource definition for the trend. Black Raven is located approximately 60km northwest of Gander, Newfoundland, and approximately 100km north of the dormant Beaver Brook Antimony Mine. The project benefits from excellent infrastructure, including roads, power, proximity to tidewater and ports, and locally integrated operational and technical teams.

Antimony is recognized as a vital critical mineral, essential for Canada’s national and economic security. It is a key component in military applications, flame retardants, alloy strengthening in batteries, and emerging energy storage technologies. Securing a reliable domestic supply chain for antimony is paramount for critical mineral supply chains, bolstering both economic resilience and strategic independence.

About Churchill Resources

Churchill Resources Inc. is a Canadian exploration company focused on exploration and evaluation of strategic and critical metals in Canada, principally at its prospective Black Raven, Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board, and advisors have decades of combined experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Newfoundland and Labrador projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a ‘qualified person’ as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’). Dr. Wilton is an honorary research professor of Economic Geology at Memorial University in St. John’s and is independent of the Company for the purposes of NI 43-101.

Sampling Program

Samples containing antimony, gold, silver, lead, zinc, copper and molybdenum were collected by Company geologists from drill cores, channel samples, and grab samples. Core samples were halved by saw at the Company’s core facility near Boyd’s Cove. All samples were labelled, securely bound, and delivered to the Eastern Analytical (EA) laboratory in Springdale, NL, for crushing and pulverizing. Splits were analysed by Au 30g fire assay and ICP 34 protocols and by EA’s ore-grade analytical methods when the initial detection limits were exceeded. Qualified Person Dr. Derek Wilton has examined all of the channel sampling sites and all drill holes reported herein.

Further Information

For further information regarding Churchill, please contact:

Churchill Resources Inc.

Conan McIntyre, Chief Executive Officer
Tel. 416.272.4738
Email: cmcintyre@churchillresources.com

Paul Sobie, President
Tel. 416.365.0930 (o) 647.988.0930 (m)
Email: psobie@churchillresources.com

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about Churchill’s objectives, goals and exploration activities proposed to be conducted on its properties; future growth potential of Churchill, including whether any proposed exploration programs at any of its properties will be successful; exploration results; and future exploration plans and costs. Wherever possible, words such as ‘may’, ‘will’, ‘should’, ‘could’, ‘expect’, ‘plan’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘predict’ or ‘potential’ or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. In particular, this release contains forward-looking information relating to, among other things, the Company’s goals and objectives, and future exploration work to be conducted on the Company’s Black Raven Antimony Property. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Such factors, among other things, include: exploration results on the Black Raven Antimony Property; the expected benefits to Churchill relating to the exploration proposed to be conducted on its properties; receipt of all regulatory approvals in connection with the transaction contemplated herein; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Churchill’s properties, if required; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; and title to properties. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Churchill cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Churchill assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Source

News Provided by Canada Newswire via QuoteMedia

News Provided by TMX Newsfile via QuoteMedia

News Provided by TMX Newsfile via QuoteMedia

Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) (‘QIMC’ or the ‘Company’) is pleased to report significant initial results from the first 300 metres of its planned 650-metre diamond drill hole DDH-26-01 at its West Advocate Eatonville Project, Nova Scotia. Drilling remains ongoing.

The Company has intersected a previously unmapped hydrogen-bearing tectonic fault corridor measuring approximately 40 metres in apparent width between 142 metres and 191 metres depth.

These results provide strong subsurface data supporting the presence of a structurally controlled natural hydrogen system and materially confirming QIMC’s structural natural hydrogen model.

What This Means for Investors

QIMC’s results represent direct subsurface indication via drill bit of a pressurized structural conduit consistent with an active natural hydrogen migration system at West Advocate. With four additional drill holes planned and in situ quantitative measurements to follow, the Company has a defined, systematic, data-driven, and well-capitalized pathway for the next phases of its Nova Scotia natural hydrogen program.

John Karagiannidis, President of QIMC, notes:

‘Reporting on the first 300 metres of a planned 650-metre hole, we have intersected a 40-metre-wide hydrogen-bearing fault corridor with readings in the ambient air around the borehole collar approximately 2,000 times atmospheric background levels. These results strongly support our structural hydrogen model and indicate we are operating within an active structurally controlled gas migration system.

The geochemical, geological, and geophysical similarities between the Eatonville Road and Bennett Hill areas suggest a broader structurally controlled hydrogen corridor across the Advocate region. Drilling remains ongoing as we continue evaluating the system at depth.’

TECHNICAL CONTEXT: MEASUREMENT METHODOLOGY

The winter exploration program at West Advocate has two important components.

The first, currently underway, uses conventional diamond drilling to document local geology and validate our exploration model, which was developed to explain the strong hydrogen, radon, and thoron anomalies observed in the soils of the area.

The drilling program is being executed by Maritime Diamond Drilling Ltd., an experienced Nova Scotia drilling contractor. Core logging and geological documentation are being conducted by Tower Resources Inc. of Nova Scotia, providing independent technical support for lithological, structural, and alteration characterization

Four hydrogen detectors were deployed to measure hydrogen concentrations at the edge of the wellhead and inside the drill compartment. These measurements are direct indicators of hydrogen emerging from the drill head, though the concentrations recorded are highly diluted by ambient atmospheric air, meaning the true subsurface concentrations may be significantly higher than what was measured.

The second component includes in situ sampling using pressurized water samplers rated to pressures equivalent to 1,200 metres of burial depth. These data will allow us to quantitatively establish the relationships between hydrogen concentrations and the structural features identified during drilling, providing a much more rigorous and precise characterization of the system.

Major Subsurface Results

Within the first 300 metres of drilling, QIMC encountered:

• A ~40-metre-wide hydrogen-bearing fault corridor
• Elevated hydrogen (H₂) readings in the vicinity of the borehole collar exceeding 1,000 ppm (instrument detection range up to 1,000 ppm; readings reached the upper calibrated measurement range of the monitoring equipment) during intersection of the fault zone
• Very low oxygen (O₂) and no methane (CH₄) detected
• Strong pressurized formation water inflow into the borehole and visible gas bubbling
• Hydrogen detected within the structural interval associated with the fault corridor

For context, normal atmospheric hydrogen concentrations average approximately 0.5 ppm (500 parts per billion). The readings recorded near the borehole collar following pressurized formation water inflow are therefore approximately 2,000 times greater than typical atmospheric background levels. Because these readings were taken in ambient air significantly diluted by the atmosphere, they are considered a conservative indicator of subsurface hydrogen concentrations.

Formation water inflow and gas bubbling subsided only after drilling an additional six metres past 191 metres, indicating intersection of an active, pressurized structural conduit rather than a stagnant or isolated gas pocket.

Drilling also intersected faulted black graphite between 206 metres and 212.3 metres. Graphitic shear zones are commonly associated with deep crustal deformation, which may promote the rise of hydrogen from deep sources.

Geological Significance: Structural Model Validation

Results from DDH-26-01 provide direct subsurface support for QIMC’s natural hydrogen exploration model.

Key observations include:

• Wide tectonic deformation corridors acting as hydrogen migration pathways
• An open and structurally controlled system
• Hydrogen structurally associated with deformation corridors rather than indicative of a conventional hydrocarbon system
• A structural corridor interpreted to extend across the property toward the Bennett Hill target area

The interpreted multi-kilometre structural continuity toward Bennett Hill supports the emergence of a broader district-scale structural hydrogen corridor, though additional drilling will be required to evaluate continuity and scale.

Importantly, this structural corridor was not previously mapped at this level of detail in publicly available geological surveys, highlighting QIMC’s data-driven H₂ exploration model.

Discovery Highlights (First 300m of 650m Hole 1)

• Newly identified ~40 m wide hydrogen-bearing fault zone
• Hydrogen readings exceeding 1,000 ppm near the borehole collar
• Pressurized formation water inflow with visible gas bubbling
• Hydrogen detected in specific structural intervals
• Very low oxygen (O₂) and no methane (CH₄) detected
• Cataclasites and intensely deformed sedimentary rocks observed
• Graphite-rich shear zone (206 m – 212.3 m)
• Structure interpreted as part of a multi-kilometre structural corridor

Prof. Marc Richer-LaFlèche of INRS (Institut national de la recherche scientifique, one of Canada’s leading scientific research universities with internationally recognized expertise in Earth sciences and geochemistry) commented:

‘The DDH-26-01 borehole was primarily designed to document the geology of a sector of the Cobequid Highlands (West Advocate) characterized by strong hydrogen, radon, and thoron anomalies measured in soils. In this area, the underlying basement geology is largely masked by Quaternary till cover, which complicated interpretation of data acquired during the summer and fall 2025 programs.

Prior to drilling, the conceptual model suggested the presence of hypothetical fault structures acting as migration pathways for H₂ toward the subsurface. These structures were interpreted to occur within a transition zone marking the shift from a southern sedimentary domain to older northern basement rocks — a transition also supported by gravity and magnetic data.

Core observations from DDH-26-01 provide direct structural evidence consistent with this model. The drilling identified fault zones and deformation corridors not previously mapped or identified in geological surveys. The discovery of deformation corridors reaching up to approximately 40 metres in apparent thickness indicates that secondary structures associated with the Cobequid Fault Zone are more extensive and structurally complex than previously interpreted.

Based on the integration of geochemical, geophysical, and drilling data, these deformation corridors are interpreted to represent the principal structural controls influencing the elevated hydrogen concentrations measured in soils. These fault zones are associated with cataclasites, intensely deformed sedimentary rocks, and locally developed graphite-rich zones.’

Ongoing Drill Program

• Hole 1 (DDH-26-01): Drilling continues to planned 650m depth; borehole geophysics and multi-parameter logging underway to characterize lithology, structural features, fracture distribution, and hydrogeological conditions.
• Hole 2 (DDH-26-02): Drilled from the same site as Hole 1 with an orientation of N297° and a 55° plunge to the northwest, designed to drill in the direction of identified magnetic and gravity highs.
• Hole 3 (DDH-26-03): Eatonville Road area along the Reid Line, planned to 700m depth.
• Holes 4 (DDH-26-04) & 5 (DDH-26-05): Bennett Hill targets, testing the broader regional structural hydrogen corridor interpreted from geochemical and geophysical similarities with the Eatonville area.

The Natural Hydrogen Opportunity

Natural hydrogen (H₂), sometimes called ‘white hydrogen’ or ‘gold hydrogen,’ is attracting growing attention from governments, energy majors, AI data centers, and investors as a potential source of off-grid, naturally occurring clean hydrogen. Unlike manufactured green or blue hydrogen, natural hydrogen exists in the subsurface and may be extractable at a fraction of the production cost. QIMC is a publicly listed company with an advanced, active, scientifically rigorous drill program specifically targeting structurally hosted natural hydrogen systems in North America.

About Québec Innovative Materials Corp. (QIMC)

Québec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) is a mining exploration and development company dedicated to unlocking the potential of North America’s abundant natural resources. With properties in Ontario, Quebec, Nova Scotia, and Minnesota (USA), QIMC specializes in the exploration of white (natural) hydrogen and high-grade silica assets.

QIMC is committed to sustainable development, environmental stewardship, and innovation, with the objective of supporting clean energy solutions for the AI-driven and carbon-neutral economy.

For More Information, Please Contact:

Regulatory Disclaimer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release and has neither approved nor disapproved its contents. Technical Note: Hydrogen readings reported are based on real-time field measurements from the first 300 metres of Hole 1 using calibrated monitoring equipment at the borehole collar with an upper measurement range of approximately 1,000 ppm. True structural width and regional continuity remain subject to further drilling and structural interpretation. Drilling remains ongoing to the planned 650 metre depth.

Forward-Looking Statements

This press release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements are based on expectations, estimates, and projections as of the date of this press release and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied.

Forward-looking statements are generally identified by words such as ‘expects,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential,’ and similar expressions, or by statements that events or conditions ‘will,’ ‘may,’ ‘could,’ or ‘should’ occur.

Although the Company believes that the forward-looking information contained herein is reasonable as of the date of this press release, such information is subject to change and no assurance can be given that future results will be achieved. The Company undertakes no obligation to update forward-looking statements except as required by applicable law.

Source

European Green Transition plc (AIM: EGT) announces that in line with its strategy set out at IPO, EGT has entered into a share purchase agreement (‘SPA‘) to acquire an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business (the ‘O&M Business‘) in the UK and Ireland (the ‘Acquisition‘). The O&M Business is being acquired from the court-appointed liquidators of Arena Capital Partners (‘ACP‘) (in liquidation) for a consideration of £3.5 million in cash (‘Consideration‘). The Consideration is being satisfied through existing cash resources and short-term bridging facilities. Further information on the Acquisition and bridging facilities is set out in this announcement.

The O&M Business includes a 100% interest in Earthmill Maintenance Ltd (‘Earthmill‘), based in Harrogate with depots in Scotland, Wales, and Cornwall, and an 85% interest in WEP Wind Energy Partnership Ltd (‘WEP‘), based in the Republic of Ireland, and its 100% owned subsidiary Silverford Engineering Ltd, based in Northern Ireland. This provides a broad operational footprint to serve over 900 wind turbines across the UK and Ireland. Each of these businesses have continued to trade profitably despite the challenges faced by the O&M Business’ parent company, ACP. The Acquisition also includes a 52% interest in Anemos Analytics Ltd (‘Anemos‘), which is a complementary condition monitoring software technology based in Scotland.

Key Transaction Highlights

• Acquisition of an established and EBITDA profitable critical infrastructure services platform focused on servicing onshore wind assets in the UK and Ireland
• In 2025 the O&M Business generated approximately £14.7 million revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million)
• Near-term and medium-term revenue visibility to deliver significant growth in 2026 and beyond:
  • Repowering opportunity (replacing and upgrading ageing wind turbines with newer, more powerful and efficient models):
  • UK government policy changes took effect in summer 2025, lifting the onshore wind planning permission ban, creating a significant and immediate growth opportunity for repowering turbines across the UK
  • Heads of terms signed with approximately 50 clients to deliver new repowering projects (average approximately £450k contract value) providing a possible £19 million repowering pipeline visibility
  • The O&M Business’ management have identified approximately 280 additional qualified repowering prospects in the near future
  • Repowering contracts are often followed by multi-year operating, maintenance, repairing, and remote monitoring relationships, further strengthening longer term revenue visibility
  • Core operating, maintenance, repairing, and remote monitoring business delivered £12.8 million revenue in 2025 across the O&M Business’ portfolio of over 900 turbines in the UK and Ireland, with multi-year relationships supporting recurring and repeatable revenue
• The Acquisition will be completed on a cash-free debt-free basis at what the Directors believe to be an attractive equity value of approximately £3.5 million, representing a 2.3x 2024 EBITDA multiple and a 3.9x 2025 adjusted EBITDA multiple
• The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital
• As a result of the Acquisition, EGT is now aiming to achieve a medium-term target of £50 million Group revenue and double-digit EBITDA margins driven primarily through organic growth and strategic bolt-on acquisitions across the critical infrastructure space in the UK, Ireland, and Europe, such as water, energy, roads, and data centres which will be funded from existing cash resources and a debt facility which the Directors expect will not pass more than 2x EBITDA
• From the first full year following completion of the Acquisition, EGT intends to adopt a progressive dividend policy, targeting annual dividend growth of approximately 5%
• To complete the Acquisition in an accelerated timeline, EGT entered short term bridge financing agreements with Raglan Road Capital Limited (‘Raglan Capital‘), Roaring Waters Capital Limited (‘Roaring Waters‘) and other parties for a total of £3.0 million (‘Bridge Facilities‘), further details regarding the Bridge Facilities and associated related party transaction are set out below
• The Company intends to launch a fundraise via a placing in due course to raise approximately £5 million (‘Fundraise‘). As set out below, £1.5 million of the Bridge Facilities will automatically convert into equity at completion of the Fundraise at the placing price to be determined (‘Placing Price‘). The Company has received a further cornerstone offer of up to £1.1 million from an additional investor to participate in the placing at the Placing Price. The Company has therefore received offers in aggregate for up to £2.6 million, representing up to 50% of the approximately £5 million placing in advance of the Fundraise
• Net proceeds from the Fundraise will be used to repay the remaining £1.5 million of the Bridge Facilities and provide additional working capital to support the continued development and growth of the business
• The Board believes this Acquisition represents an attractive opportunity to acquire a platform business unencumbered with debt and with scope for organic growth and margin accretion

Cathal Friel, Co-founder and Executive Chair of European Green Transition plc said: ‘I am delighted with this significant milestone in EGT’s strategy that we set out at IPO targeting the acquisition of high-potential, profitable critical infrastructure services businesses. We have been engaging with the management teams of Earthmill and WEP for the last 18 months and are delighted to have completed the acquisition of these businesses at what we believe to be an attractive valuation. The businesses are trusted partners, delivering high quality services to over 900 wind turbines across the UK and Ireland with recurring revenues and excellent near and long-term visibility to deliver significant revenue growth in 2026 and beyond. Furthermore, this platform allows the Company to continue its growth and expansion into related areas such as water, energy, roads, and data centres.

‘We are acquiring these businesses at an exciting time following the removal of the defacto ban on onshore wind in the UK imposed by the Conservative government. This has created a significant and immediate repowering opportunity which involves replacing and upgrading ageing wind turbines. The business has signed approximately 50 heads of terms providing over £19 million of repowering revenue visibility with approximately 280 additional qualified prospects, which is in addition to its core operating, maintenance, repairing, and remote monitoring relationships.

‘We have a new medium-term target of £50 million revenue and double-digit EBITDA margins, as we focus on free cash flow generation to support further strategic growth and ensuring we can pay a progressive dividend going forward. We believe this transaction positions EGT well to deliver value for shareholders going forward.’

Dave Broadbank, Managing Director of the O&M Business, said: ‘This is an exciting moment for both our business and EGT. We have a strong platform, a loyal client base and a huge opportunity ahead of us. Being part of EGT will enable us to move faster and drive long‑term growth, while staying focused on the quality and reliability our clients expect. Having been with the business for 15 years, I’m incredibly proud of the team and what we’ve built, and I look forward to the next phase where we can unlock further potential across all businesses within the Group.’

Background to the Acquisition and the O&M Business

An established & trusted platform in a growing market

The O&M Business provides annually recurring operations, maintenance, repairing and remote monitoring services to over 900 wind turbines together with repeatable retrofit upgrade programmes across the UK and Ireland. It is a trusted partner to its long-standing clients and has an established operational footprint, headquartered in Harrogate (UK) with regional depots supporting operations in Cornwall, Wales, Scotland, and Northern Ireland.

The business benefits from an experienced team of 78 professionals with deep sector expertise in Supervisory Control and Data Acquisition (SCADA) design, engineering, and asset management. The senior management at the O&M Business will continue in their roles led by Managing Director, Dave Broadbank. The business owns intellectual property for Endurance turbine models and maintains a strategic inventory of OEM (original equipment manufacturer) turbine parts valued at approximately £3.95 million (as at December 2025), ensuring rapid fault resolution and operational continuity. Through Anemos, the majority-owned condition monitoring software technology, clients benefit from predictive maintenance, reduced downtime, and improved energy yields.

Europe is one of the world’s largest wind markets, with about 285 GW of installed capacity expected to approach 450 GW by 2030, driven predominantly by onshore deployment and sustained policy support. As capacity grows and turbine fleets age, the base of assets requiring technical support continues to expand, increasing demand for operations, maintenance, repairing, and repowering services.

Trading history

The O&M Business generated approximately £14.7 million of revenue (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA (2024: approximately £1.5 million) for the financial year ended 31 December 2025 (unaudited) across contracted and recurring operating and maintenance (‘O&M‘), repairing, repowering projects, and condition-monitoring revenues. The Acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital.

Strong visibility to deliver significant revenue growth in 2026 and beyond

A core pillar of the O&M Business’s growth strategy is repowering, which involves replacing and upgrading ageing wind turbines with newer, more powerful and efficient models, increasing energy yield and power output. The UK Government’s strategy to accelerate onshore wind development which took effect in summer 2025 has driven a significant and immediate increase in repowering activity, as turbine owners seek to maximise feed-in-tariff revenues. This represents an attractive driver of both near-term project revenues and longer-term contracted, recurring income.

The O&M Business sales pipeline includes signed heads of terms for approximately 50 new repowering projects with average project values of approximately £450k, giving visibility over a possible £19 million repowering pipeline. By 2035, it is expected that over 50% of UK’s current onshore wind capacity will face decisions around repowering, and management have identified approximately 280 qualified repowering prospects in the near future.

This repowering opportunity is in addition to the core operating, maintenance, repairing, and remote monitoring business which delivered £12.8 million unaudited revenue in 2025 across the portfolio of over 900 turbines in the UK & Ireland. These multi-year relationships support recurring and repeatable revenue. Repowering is also often followed by multi-year O&M relationships, further strengthening longer term revenue visibility.

The O&M Business benefits from a favourable cash receipt model, with an element of upfront deposit fees and further cash received in advance of delivery of key milestones.

Medium-term strategy to achieve £50 million revenue and double-digit EBITDA margin

The Acquisition marks a pivotal milestone in the execution of EGT’s medium-term strategy to build a portfolio of revenue generating and profitable businesses in the critical infrastructure sector across the UK, Ireland, and Europe.

The Acquisition provides a platform to achieve EGT’s new medium-term target of £50 million revenue and double-digit EBITDA margins. The Company’s strategy to achieve this includes:

• Delivery of strong organic growth from the O&M Business by expanding the service offering across new and existing client relationships.
• Focus on targeted operational improvements and efficiencies to drive margin expansion.
• Focus on strong free cash flow generation to fund a progressive dividend policy from the first full year following completion of the Acquisition, targeting annual dividend growth of approximately 5%.
• Pursue a disciplined capital allocation policy for small, strategic bolt-on acquisitions to support expansion of services across the critical infrastructure sector in the UK, Ireland, and Europe, such as water, energy, roads, and data centres funded through operating cash flows supplemented by prudent leverage and deferred consideration of 1-2x EBITDA where appropriate.

Financing structure & proposed fundraise

EGT has entered into a binding SPA to acquire the O&M Businesses from the court-appointed liquidators of ACP. The Directors believe the appointment of liquidators to ACP was driven by holding company capital structure constraints rather than any deterioration in underlying performance of the O&M Business which has continued to trade profitably as ACP entered examinership and subsequently liquidation.

The Acquisition will be completed at an equity valuation of approximately £3.5 million on a cash-free, debt-free basis, representing a 2.3x 2024 EBITDA multiple and a 3.9x 2025 adjusted EBITDA multiple, which the Directors believe reflects an attractive entry valuation.

The Consideration for the Acquisition will be funded from the Company’s existing cash balance (£2.3 million, as at December 2025) and the Bridge Facilities to support the accelerated transaction timeline as part of a competitive liquidation process. Further details regarding the Bridge Facilities are set out below.

The Company intends to raise up to approximately £5 million before expenses through a placing of new ordinary shares in the Company to repay the Bridge Facilities and provide additional working capital to support the continued development and growth of the O&M Business. In addition, the Company intends to use certain funds to pursue selective strategic bolt-on acquisitions to expand the Company’s geographic footprint, broaden its service offering and enhance technical capabilities.

£1.5 million of the Bridge Facilities will automatically convert into equity at completion of the Fundraise at the Placing Price. The Company has received a further cornerstone offer of up to £1.1 million from an additional investor to participate in the placing at the Placing Price. The Company has therefore received s offers in aggregate for up to £2.6 million, representing up to 50% of the approximately £5 million placing in advance of the Fundraise.

Further details regarding the Fundraise will be announced in due course. The Company expects to post a circular and Notice of General Meeting, which will contain further details of the proposed shareholder resolutions in relation to the proposed Fundraise.

Principal terms of the Bridge Facilities

In order to facilitate the Acquisition as part of a competitive process with an accelerated timetable, the Company entered into short-term Bridge Facilities totalling £3.0 million which, alongside the Company’s existing cash resources, will fund the £3.5 million Consideration and provide sufficient working capital for the enlarged group.

The Bridge Facilities comprise three separate short-term Facilities:

Facility 1: £1.5 million provided by Roaring Waters, which carries no interest and will automatically convert into equity at the Placing Price upon completion of the Fundraise. Upon completion of the Fundraise, the Company will issue warrants to subscribe for ordinary shares in the Company to Roaring Waters equal to 35% of the commitment exercisable at the Placing Price for a six-year term. In the event the Fundraise is not completed within three months following the date of the Facility, the number of warrants issued will increase by 1% per month until the earlier of completion of the Fundraise, or the termination of the facility being 12 months from the date of this announcement.

Facility 2: £1.1 million provided by Raglan Capital an entity of which Cathal Friel, Executive Chair, is also a director. This is a 12 month facility, however it is the Company’s intention to repay this short-term loan following completion of the Fundraise in the coming weeks. The facility is a loan bearing interest of 1.75% per month for the first three months, and 2.5% per month for the remaining nine months, and includes an arrangement fee of 2.25% of the total commitment. The minimum return on the facility is 7.5% of the total commitment. No repayment of Facility 2 is permitted until Facility 1 and Facility 3 have each been repaid in full.

The Company will issue warrants to subscribe for ordinary shares in the Company to Raglan Capital equal to 25% of the committed funds, exercisable at the Placing Price for a six-year term (‘Raglan Warrants‘). The Raglan Warrants will only be issued upon completion of the Fundraise.

Raglan Capital, and parties acting in concert with it, are currently interested in approximately 33.5% of the existing voting rights of the Company. Following completion of the Fundraise, and pursuant to Facility 2 detailed above, Raglan Capital will be issued with the Raglan Warrants. Pursuant to the loan agreement between EGT and Raglan Capital, Raglan Capital has agreed not to exercise the Raglan Warrants, if following exercise of the Raglan Warrants, Raglan Capital, and parties acting in concert with it, would hold an interest above 29.9% in the voting rights of the Company or if the exercise of the Raglan Warrants would otherwise trigger, on Raglan Capital, and parties acting in concert with it, an obligation to make a general offer for all of the existing ordinary shares in the Company (not held by them) to be made under Rule 9 of the City Code on Takeovers and Mergers.

Facility 3: £400,000 provided by high net worth investors under separate facility agreements, each with a monthly interest rate of 2.5% and a minimum return of 5% of the total commitments. This is a 12 month facility, however it is the Company’s intention to repay the short-term bridge loans following completion of the Fundraise in the coming weeks. Upon completion of the Fundraise, the Company will issue warrants to subscribe for ordinary shares in the Company equal to 25% of the committed funds, exercisable at the Placing Price for a six-year term.

Each of the Bridging Facilities shall be subject to security granted by the Company with Facility 3 ranking pari passu with Facility 1 and ahead of Raglan Capital in the repayment waterfall.

Facility 1 totalling £1.5 million, will convert into ordinary shares in the Company at the Placing Price upon completion of the Fundraise. It is expected that Facility 2 and Facility 3 above, totalling £1.5 million, will be repaid in full from the net proceeds of the Fundraise upon its anticipated completion in the coming weeks.

Related Party Transaction

Raglan Capital holds an interest in 13.8% of the Company’s ordinary shares and is a Substantial Shareholder in the Company as defined by the AIM Rules for Companies (‘AIM Rules‘). Cathal Friel holds an interest in 5.3% of the Company’s Ordinary Shares and is a director of the Company and Raglan Capital.

Entering into the Bridge Facility agreement (Facility 2) with Raglan Capital constitutes a related party transaction pursuant to AIM Rule 13. The independent directors of the Company, being Daniel Akselson, James Leahy, and Michael Kearney, for the purposes of the Bridge Facility agreement (Facility 2) with Raglan Capital having consulted with the Company’s nominated adviser, Panmure Liberum, consider the terms of the Bridge Facility agreement with Raglan Capital to be fair and reasonable insofar as shareholders of the Company are concerned.

EGT’s Existing Natural Resources Assets

The Company remains focussed on generating value from its existing portfolio of European mining projects and is actively working to monetise these projects through sale or partnership with third parties in order to realise further value for our shareholders. The Olserum Rare Earth Elements (‘REE‘) project is a district scale REE system in Sweden and has been designated as a project of national importance. EGT completed a successful drill programme at the Olserum REE project in 2024, with the project now well placed to potentially contribute significantly to the supply of REEs in Europe, with both the European Union and national governments actively pursuing strategies to develop domestic supply chains of REEs in Europe. Additionally in 2025, EGT entered into an exclusive option agreement with Recovery Metals Cyprus Limited for the potential sale of the Pajala Copper project in Sweden, with discussions ongoing to progress towards the sale of the project.

Appointment of Joint Broker

Oak Securities (a trading name of Merlin Partners LLP) has been appointed as joint broker to the Company.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (‘MAR‘) EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service (‘RIS‘), this inside information is now considered to be in the public domain.

Enquiries

Notes to Editors

European Green Transition plc (AIM: EGT) is a company focused on acquiring, integrating and optimising revenue-generating and profitable services businesses in the critical infrastructure sector across the UK and Ireland.

In 2026, EGT delivered a significant milestone in this strategy by agreeing to acquire an EBITDA profitable operation, maintenance, repairing, and remote monitoring platform business which serves over 900 onshore wind turbines across the UK & Ireland. This platform includes Earthmill, Wind Energy Partnership, Silverford Engineering, and Anemos Analytics.

The Company’s strategy is to deliver sustained organic growth by expanding its service offering, driving operational efficiencies to support margin improvement, and generating strong free cash flow to fund reinvestment and a progressive dividend strategy. EGT is pursuing a disciplined capital allocation policy, including targeting selective bolt-on acquisitions across the critical infrastructure space in the UK, Ireland, and Europe, such as water, energy, roads, and data centres. The Company is also seeking to sell or partner its existing portfolio of non-core mining projects, including the Olserum Rare Earth Element (REE) Project.

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