Tanfield Group PLC announced that further to the update on 3 March 2022, in which the Company announced that the first loan note instrument (the "First Loan") of up to £700,000 had subscriptions totaling £625,000, and the second loan note instrument (the "Second Loan") of up to £1 million had subscriptions totaling £950,000, the Board announce that the Company has put in place a third loan note instrument (the "Third Loan") of up to £2 million. The Third Loan will be used for providing ongoing funding for the US and UK Proceedings, as well as general working capital. The Third Loan is unsecured and carries annual interest of 10% which is to accrue and is repayable on the earlier of (i) 28 February 2025 or (ii) receipt of funds relating to either the US or UK Proceedings.

Should repayment take place prior to 28 February 2025, a 20% early redemption premium shall apply.