Minoan Group Plc announced that Professor George Mergos, for personal reasons, has resigned as a Director of Minoan and Chairman of Loyalward Limited,the Group's wholly owned subsidiary. Professor Mergos joined the Board in February 2022 and the Board thanks him for his hard work in pushing forward the contract with the Foundation. The Company has appointed anew external Greek advisory team and additional legal support to complete thenegotiations with the Foundation and in preparation for the next stage in the development of the Project.

In the coming weeks the Company expects to make further announcements on board changes, including a new Chairperson of Loyalward, and on other matters, as it moves ahead with the Project as outlined in the Update provided on 5 January.