Strategic Investor Share Purchases

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan.  Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

28^th May 2024

UPLAND RESOURCES LIMITED

(“Upland” or the “Company”)

Strategic Investor Share Purchases

Upland Resources Limited (LSE: UPL), is pleased to announce that two of our strategic Malaysian investors have requested to participate in an equity Subscription at 3.3 pence for 16,090,060 new ordinary shares in aggregate.

This follows on from the Company’s announcement on 26 April 2024 of the Placing of new ordinary shares that has raised £3,198,591 million at the same price. This Placing was over-subscribed. With due consideration the Board of the Company has decided to accept the extra Placing requests.

The extra Subscription will add a further £530,972 to the Placing.

The net proceeds of the Subscription will provide the Company with additional working capital to support its immediate business plans in Malaysia.

Strategic Investors

The Company’s focus is now entirely on Sarawak so we are delighted that one of our largest Malaysian shareholders has decided to increase his holding in the Company. We are also pleased to welcome another strategic Malaysian investor.

M N B Zakaria, in aggregate between the Placing and this extra Subscription, has added 60,606,060 ordinary shares to his existing holding of 125,674,475.

K Meranun, a major shareholder and director in Tune Assets Limited one the Company’s largest shareholders, has subscribed to 10,000,000 shares.

M N B Zakaria & M Meranun are both highly regarded in Malaysia and can facilitate significant strategic opportunities for the Company.

Admission

Admission of the new Ordinary Shares to the Official List (standard listing segment) and to trading on the London Stock Exchange’s Main Market is expected to be on or around June 3^rd  2024.

Total Voting Rights

Following the Subscription, the Company’s total number of Ordinary Shares in issue will be 1,324,448,129 This figure may be used by shareholders as the denominator for the calculation to determine if they are required to notify the Company of their interest in, or a change to their interest in, the Company’s securities in accordance with the FCA’s Disclosure and Transparency Rules.

**ENDS**

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