The Group’s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors (loss)/earnings per share as a measure of performance, which the Group defines as (loss)/profit after tax divided by the weighted average number of shares in issue.

The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued:

		Level 1	Level 2	Level 3	Total carrying amount	Fair Value
	Note	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2025
Loans and receivables at amortised cost
Trade receivables	17	9,362	-	-	9,362	9,362
Cash and cash equivalents	18	5,138	-	-	5,138	5,138
		14,500	-	-	14,500	14,500

Liabilities at amortised cost
Senior secured term loan	23	-	(108,015)	-	(108,015)	(108,015)
Convertible note	23	-	(16,330)	-	(16,330)	(16,330)
Exchangeable note	23	-	(210)	-	(210)	(210)
Lease liabilities	24	(13,428)	-	-	(13,428)	(13,428)
Trade and other payables (excluding deferred income)	21	(29,516)	-	-	(29,516)	(29,516)
Provisions	22	(1,126)	-	-	(1,126)	(1,126)

		(44,070)	(124,555)	-	(168,625)	(168,625)

Fair value through profit and loss (FVPL)
Derivative liability - warrants	23	-	(3,320)	-	(3,320)	(3,320)
Derivative asset – prepayment option	23	249	-	-	249	249
Equity investments in Novus	13	-	-	2,773	2,773	2,773

		249	(3,320)	2,773	(298)	(298)

		(29,321)	(127,875)	2,773	(154,423)	(154,423)

For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.

		Level 1	Level 2	Level 3	Total carrying amount	Fair Value
	Note	US$’000	US$’000	US$’000	US$’000	US$’000
December 31, 2024
Loans and receivables at amortised cost
Trade receivables	17	13,416	-	-	13,416	13,416
Cash and cash equivalents	18	5,167	-	-	5,167	5,167
		18,583	-	-	18,583	18,583

Liabilities at amortised cost
Senior secured term loan	23	-	(72,391)	-	(72,391)	(72,391)
Convertible note	23	-	(15,401)	-	(15,401)	(15,401)
Exchangeable note	23	-	(210)	-	(210)	(210)
Lease liabilities	24	(12,762)	-	-	(12,762)	(12,762)
Trade and other payables (excluding deferred income)	21	(26,585)	-	-	(26,585)	(26,585)
Provisions	22	(2,529)	-	-	(2,529)	(2,529)

		(41,876)	(88,002)	-	(129,878)	(129,878)

Fair value through profit and loss (FVPL)
Derivative liability - warrants	23	-	(1,658)	-	(1,658)	(1,658)
Derivative asset – prepayment option	23	-	166	-	166	166
Equity investments in Novus	13	-	-	2,455	2,455	2,455

		-	(1,492)	2,455	963	963

		(23,293)	(89,494)	2,455	(110,332)	(110,332)

The valuation techniques used for instruments categorised as level 2 are described below:

The fair values of the options associated with the exchangeable notes are calculated in consultation with third-party valuation specialists due to the complexity of their nature. There are a number of inputs utilised in the valuation of the options, including share price, historical share price volatility, risk-free rate and the expected borrowing cost spread over the risk-free rate.

The Group uses a range of financial instruments (including cash, finance leases, receivables, payables and derivatives) to fund its operations. These instruments are used to manage the liquidity of the Group. Working capital management is a key additional element in the effective management of overall liquidity. The Group does not trade in financial instruments or derivatives. The main risks arising from the utilization of these financial instruments are interest rate risk, liquidity risk and credit risk.

As of December 31, 2025, all of the Group’s financial instruments referencing interest rates are based on SOFR, a post-reform benchmark rate. The Group no longer has exposure to interest rate benchmarks subject to IBOR reform; therefore, the disclosure requirements related to benchmark interest rate reform are not applicable.

The following tables sets out all interest-earning financial assets and interest-bearing financial liabilities held by the Group at December 31, 2025 and 2024, indicating their effective interest rates and the period in which they re-price:

As at December 31, 2025	Note	Effective interest rate		Total US$’000	6 mths or less US$’000	6 –12 mths US$’000	1-2 years US$’000	2-5 years US$’000	> 5 years US$’000
Cash and cash equivalents	18	0.0	%	5,138	5,138	-	-	-	-
Exchangeable note1	23	4.0	%	(210)	-	-	-	-	(210)
Senior secured term loan2	23	12.8	%	(108,015)	(108,015)	-	-	-	-
Convertible note3	23	1.5	%	(16,330)	-	-	-	(16,330)	-
Lease payable on Right of Use assets	24	5 to 14.8	%	(13,428)	(1,331)	(1,257)	(2,515)	(5,265)	(3,060)

Total				(132,845)	(104,208)	(1,257)	(2,515)	(21,595)	(3,270)

As at December 31, 2024	Note	Effective interest rate		Total US$’000	6 mths or less US$’000	6 –12 mths US$’000	1-2 years US$’000	2-5 years US$’000	> 5 years US$’000
Cash and cash equivalents	18	0.0	%	5,167	5,167	-	-	-	-
Exchangeable note1	23	4.0	%	(210)	-	-	-	-	(210)
Senior secured term loan2	23	16.3	%	(72,391)	-	-	(72,391)	-	-
Convertible note3	23	1.5	%	(15,401)	-	-	-	(15,401)	-
Lease payable on Right of Use assets	24	5.0	%	(12,762)	(1,150)	(1,135)	(1,742)	(4,532)	(4,203)

Total				(95,597)	4,017	(1,135)	(74,133)	(19,933)	(4,413)

1 The maturity of the exchangeable notes is based on the contractual maturity date of April 1, 2045.

2 The senior secured term loan is a variable instrument. In January 2024, the amended term loan agreement reduced the annual rate of interest on the loan by 2.5% to 8.75% plus the greater of (a) Term Secured Overnight Financing Rate or (b) 4.0% per annum, and allows for a further 2.5% reduction in the base rate to 6.25% once the outstanding principal under the term loan falls below US$35 million. On 22 December 2025, the Group entered a further amendment of its senior secured term loan facility with Perceptive. The terms of the amendment were assessed under IFRS 9 and determined to result in a substantial modification of the existing financial liability. The loan has a contractual maturity in January 2027 under the new modified loan terms.

3 The 7-year convertible note was issued in May 2022 and is a fixed rate instrument which bears a fixed rate of interest of 1.5% per annum.

In broad terms, a one-percentage point increase in interest rates would increase interest income by US$Nil (2024: US$Nil) as at December 31, 2025 the Company holds no funds in interest-bearing accounts; while the annual impact on the interest expense would be an increase of US$1,080,000 (2024: US$724,000) on the costs of servicing the senior secured term loan.

The interest rate profile of financial assets/liabilities of the Group was as follows:

	December 31, 2025	December 31, 2024
	US$‘000	US$‘000
Variable rate instruments
Cash at bank and in hand	5,138	5,167
Variable rate financial liabilities (senior secured term loan)	(108,015)	(72,391)

	(102,877)	(67,224)

Fixed rate instruments
Fixed rate financial liabilities (exchangeable note)	(210)	(210)
Fixed rate financial liabilities (convertible note)	(16,330)	(15,401)
Fixed rate financial liabilities (lease payables)	(13,428)	(12,762)

	(29,968)	(28,373)

The Group does not account for any fixed rate financial liabilities at fair value through profit and loss. Therefore, a change in interest rates at December 31, 2025 or December 31, 2024 would not affect profit or loss. There was no significant difference between the fair value and carrying value of the Group’s trade receivables and trade and other payables at December 31, 2025 and December 31, 2024 as all fell due within 6 months.

The following are the contractual maturities of financial liabilities, including estimated interest payments:

As at December 31, 2025	Carrying amount	Contractual cash flows	6 mths or less	6 mths –12 mths	1-2 years	2-5 years	>5 years
US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
Financial liabilities
Trade and other payables (excluding deferred income)	29,516	29,516	29,516	-	-	-	-
Lease payable on Right of Use assets	13,428	15,643	1,661	1,554	3,000	6,110	3,318
Senior secured term loan¹	108,015	117,854	4,725	113,129	-	-	-
Convertible note	16,330	21,025	150	150	300	20,425	-
Exchangeable notes	210	372	4	4	8	24	332

	167,499	184,410	36,056	114,837	3,308	26,559	3,650

¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2025

As at December 31, 2024	Carrying amount	Contractual cash flows	6 mths or less	6 mths –12 mths	1-2 years	2-5 years	>5 years
US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
Financial liabilities
Trade and other payables (excluding deferred income)	26,585	26,585	26,585	-	-	-	-
Lease payable on Right of Use assets	12,762	15,214	1,454	1,408	2,213	5,487	4,652
Senior secured term loan¹	72,391	81,438	1,703	3,319	76,416	-	-
Convertible note	15,401	21,350	150	150	300	900	19,850
Exchangeable notes	210	380	4	4	8	24	340

	127,349	144,967	29,896	4,881	78,937	6,411	24,842

¹ The contractual cash flows of interest on the senior secured term loan is estimated based on the prevailing interest rate at December 31, 2024.

The majority of the Group’s activities are conducted in US Dollars. Foreign exchange risk arises from the fluctuating value of the Group’s Euro denominated expenses as a result of the movement in the exchange rate between the US Dollar and the Euro. There were no forward contracts in place as at December 31, 2025 or December 31, 2024.

Foreign currency financial assets and liabilities which expose the Group to currency risk are disclosed below. The amounts shown are those reported to key management translated into US Dollars at the closing rate:

	EUR	GBP	SEK	CAD	BRL	Other
As at December 31, 2025	US$‘000	US$‘000	US$‘000	US$‘000	US$‘000	US$‘000
Cash	657	27	-	169	253	-
Trade and other receivable	490	17	16	127	901	-
Trade and other payables	(13,669)	(277)	(34)	(40)	(129)	(2)
Lease liabilities	(8,504)	-	-	-	(299)	-

Total exposure	(21,026)	(233)	(18)	256	726	(2)

	EUR	GBP	SEK	CAD	BRL	Other
As at December 31, 2024	US$‘000	US$‘000	US$‘000	US$‘000	US$‘000	US$‘000
Cash	116	50	20	293	373	-
Trade and other receivable	1,009	74	-	294	1,019	-
Trade and other payables	(7,098)	(453)	(12)	(114)	(135)	(1)
Lease liabilities	(6,867)	-	-	-	(171)	-

Total exposure	(12,840)	(329)	8	473	1,086	(1)

The objective of this analysis is to assess the potential impact of reasonably possible changes in exchange rates on the Group’s profit or loss and equity, based on exposures at the reporting date. The analysis reflects only monetary assets and liabilities denominated in foreign currencies and does not include future transactions or embedded derivatives. The analysis has inherent limitations, as it is based on a hypothetical movement in a single variable (foreign exchange rate) and assumes all other variables remain constant. It does not consider the potential interdependence between risk factors (such as changes in interest rates or inflation), nor does it reflect management’s dynamic hedging activities or the potential impact on fair value from market volatility occurring after the reporting date.

The Group has no significant concentrations of credit risk. Exposure to credit risk is monitored on an ongoing basis. For trade receivables, the Group applies the simplified approach to measuring expected credit losses and recognizes a lifetime expected credit loss allowance. A receivable is considered credit-impaired when it is more than 120 days past due or when there is evidence of significant financial difficulty. The Group maintains specific provisions for potential credit losses. To date such losses have been within management’s expectations. Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable.

With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, the Group’s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Group’s management considers that all of the above financial assets that are not impaired or past due for each of the 31 December reporting dates under review are of good credit quality.

The Group maintains cash and cash equivalents with various financial institutions. The Group performs regular and detailed evaluations of these financial institutions to assess their relative credit standing. The carrying amount reported in the balance sheet for cash and cash equivalents approximate their fair value.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk is as follows:

The maximum exposure to credit risk for trade receivables and finance lease income receivable by geographic location is as follows:

The maximum exposure to credit risk for trade receivables and finance lease income receivable by type of customer is as follows:

Due to the large number of customers and the geographical dispersion of these customers, the Group has no significant concentrations of accounts receivable.

	Gross	Impairment	Expected Credit Loss Rate		Gross	Impairment	Expected Credit Loss Rate
	2025	2025	2025		2024	2024	2024
	US$’000	US$’000	%		US$’000	US$’000	%
Not past due	7,718	22	0.3	%	9,363	-	-
Past due 0-30 days	485	16	3.4	%	1,455	-	-
Past due 31-120 days	504	17	3.3	%	1,753	31	1.8	%
Greater than 120 days	1,741	1,030	59.2	%	3,131	2,255	72.0	%

	10,448	1,085	-		15,702	2,286	-

The Group considers that the credit risk of a financial asset may have increased since initial recognition when it is more than 30 days past due, unless there is evidence to the contrary. As at December 31, 2025, all trade receivables past due more than 30 days were assessed for changes in credit risk since initial recognition. Based on this assessment:

 Receivables past due between 31 and 120 days are not automatically considered to have an increased credit risk unless other qualitative indicators are present (e.g., known financial difficulty, adverse changes in circumstances, etc.).

 Receivables past due more than 120 days are generally considered to have a higher credit risk and are assessed for lifetime expected credit losses.

The Group applies a simplified approach in measuring expected credit losses which uses a provision matrix based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

The movement in the allowance for impairment in respect of trade receivables during the year was as follows:

The allowance for impairment in respect of trade receivables is used to record impairment losses unless the Group is satisfied that no recovery of the account owing is possible. At this point the amount is considered irrecoverable and is written off against the financial asset directly.

The Group does not provide financing to customers as a main business activity and therefore is not required to present credit risk exposure disclosures by credit risk grade.