The board of directors of Ascent Resources Plc (AIM:AST) announced their intention to bid for the entire issued and to be issued share capital of Amur Minerals Corporation (AIM:AMC) following a period of protracted discussions with the Board of Amur. Ascent's vision is that Ascent and Amur would combine to form a larger, well funded and more liquid, entity combining Amur's cash (post the recently announced asset sale and subsequent dividend) with Ascent's ESG Metals project pipeline in LATAM, which typically have low geological risk and near term and sustainable cashflows, in addition to the significant upside exposure of Ascent's funded EUR 500+ million Energy Charter Treaty damages claim(the "Potential Combination"). Ascent submitted a non-binding indicative proposal to the Board of Amur in November 2022 to acquire 100% of the issued and to be issued share capital of Amur (post payment of its dividend as subsequently announced 24 May 2023) in a share-for-share exchange on a ratio of approximately 1 new Ascent share for every 21 Amur shares in issue (the "Exchange Ratio") (subject to the reservations set out below) (the "Indicative Proposal").

On the assumption that Amur only has assets of $5,000,000 in cash (post payment of dividend) and no further material liabilities, the indicative proposal is equivalent to a gross equity valuation of 6.1 pence per new Ascent share (based on an exchange rate of $1 = £0.8051). Despite multiple conversations with the Board of Amur and multiple follow up correspondence, the Company has as yet been unable to elicit a written response to their offer. The Indicative Proposal also included the intention to combine the skills of both executive teams, as well as other potential changes to the enlarged groups non-executive directors.

It is intended that the enlarged group would have a majority of board directors from Ascent. The Exchange Ratio, based on Ascents volume weighted average share price of 3.6716 pence yesterday, being the last business day immediately prior to the date of this announcement, currently represents a value of approximately 0.175 pence per Amur share. At the current value of approximately 0.175 pence per Amur share implied by the Exchange Ratio, a potential offer, if made, when added to the 1.8 pence dividend to be paid by Amur would represent a premium of approximately: 7.3%.

to the Amur closing price of 1.840 pence per share on 31 May 2023, being the last business day immediately prior to this announcement; 15.3%. to the monthly average volume weighted average price calculations for Amur shares over the three-month period starting on and including 1 March 2023, being 1.713 pence per share; and 47.5%. to the monthly average volume weighted average price for Amur shares over the six-month period starting on and including 1 December 2022, being 1.339 pence per share Under the terms of the Indicative Proposal, it is expected that Amur shareholders would own approximately 28.6%.

of the enlarged group, and Ascent shareholders would own approximately 71.4%. of the enlarged group. Given the Indicative Proposal is currently proposed to be structured as an share-for-share exchange effected by either scheme of arrangement or plan of arrangement, Ascent is currently only minded to proceed with the Indicative Proposal on the pre-condition that a recommendation from the Amur Board is ultimately forthcoming.