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.