REG - Satsuma Tech PLC - Monthly Fact Pack

REG - Satsuma Tech PLC - Monthly Fact Pack — July 2026 Update

Monthly Fact Pack - July 2026 Update

Satsuma Technology PLC SATS, the UK Main Market listed Bitcoin treasury company, today continues its series of monthly Fact Packs providing shareholders and the market with a transparent, standardised snapshot of the Company's financial position and Bitcoin treasury.

There were no acquisitions or disposals of Bitcoin during the month; the movement in the Company's net asset value over the period principally reflects movements in the Bitcoin market price, with cash amounts decreasing in-line with the annualised cost base. The principal developments during the period were as follows.

Proposed Return of Capital and Delisting

On 6 May 2026, the Company announced that it had received representations from a group of shareholders, representing in excess of 20% of the Company's issued share capital, requesting that a resolution be put to shareholders to return substantially all of the Company's capital to them in cash. On 24 June 2026, the Company posted a circular to shareholders (the "Circular") setting out the proposed Return of Capital - to be effected through a B Share Scheme - together with notice of a General Meeting and an update on the timing of the Company's audited accounts for the year ended 28 February 2026.

The Circular contains a recommendation from four of the Directors to vote against the resolutions and from two dissenting Directors to vote in favour. As the Board operates by majority decision, the recommendation of the Board is that shareholders vote against the resolutions.

The General Meeting will be held at 2.00 p.m. on 20 July 2026. For the Return of Capital to proceed, both the Return of Capital Resolution and the Delisting Resolution must be passed by 75% majorities; the resolutions are inter-conditional. The proposed return of capital would be effected by selling the Company's Bitcoin and returning the net proceeds to shareholders in cash, and would result in the cancellation of the Company's listing. Further details, including the expected timetable, are set out in the Circular, which is posted to the Company's website www.satsuma.digital

Trading Suspension and Audited Accounts

The Company was required to publish its audited accounts for the year ended 28 February 2026 by 30 June 2026. However, as neither the Directors nor the Company's auditors are able to assess the Company's financial position or prospects without knowing whether the Return of Capital will proceed, the audited accounts have not been published by that date. Accordingly, the Company requested that the Financial Conduct Authority temporarily suspend trading in the Ordinary Shares with effect from 7.30 a.m. on 1 July 2026, until such time as the audited accounts are published and the FCA agrees to lift the suspension.

The Board has continued to implement the cost-reduction measures previously identified and has made progress towards the Company's previously announced targets, as reflected in the movement in cash amounts over the period. The Board has continued to review the ongoing annualised cost base and, as disclosed in the Circular posted on 24 June 2026, has identified a further £1.2 million of annualised operating expenditure which may be implemented.

The Company has launched a live metrics page giving shareholders and the market on-demand access to key treasury and per-share data, updated on an ongoing basis. The page is available at www.satsuma.digital/metrics and complements this monthly Fact Pack as part of the Company's commitment to transparent, standardised reporting.

The following data is presented as at 30 June 2026, being the last business day prior to the temporary suspension of trading in the Ordinary Shares referred to above.

Market Value of Bitcoin Holdings (£)

Market Value of Bitcoin Holdings ($)

Average Acquisition Cost per Bitcoin (£)

Unrealised Gain / (Loss) per Bitcoin (£)

Bitcoin Disposed of During Month

Outstanding Warrants (unexercised)

Unvested share options outstanding: 392,136,507 (not in-the-money and excluded from Fully Diluted Share Count).

NAV per Share (fully diluted) (p)

BTC per 1,000 Shares (fully diluted)

Notes: NAV comprises the market value of the Company's Bitcoin holdings (£29.44m) plus cash and cash equivalents, totalling £33.23m), and is the basis for NAV per share above. The Company has no debt or other material liabilities. mNAV is calculated as the Company's market capitalisation divided by the market value of its Bitcoin holdings. BTC Yield is the percentage change in BTC per share over the relevant period; the Company's Ordinary Shares in issue have been unchanged since December 2025.

The Company's technology operations have historically been conducted on the Bittensor network. As part of the revised Board's operational review, the Company is reorienting its operational activities toward the Bitcoin ecosystem, with an initial focus on the Lightning Network - Bitcoin's principal layer-2 protocol for fast, low-cost payments. The Board believes that aligning operational capability with the Company's core treasury asset creates a more coherent investment proposition and a stronger foundation for generating Bitcoin-denominated revenue. The Company's Lightning Network pilot is now live: its first node has been operational since 11 June 2026, with approximately one Bitcoin committed as channel liquidity on a self-custodial basis via the Amboss Rails platform. In keeping with the pilot's purpose, the Board intends to assess performance over an initial 30 to 60 day period before drawing any conclusions on the potential for Bitcoin-denominated returns, which are not guaranteed. The Company expects to provide a further update in due course.

Satsuma Technology Plc IR@satsuma.digital

About Satsuma Technology PLC (SATS.L)

Satsuma Technology PLC SATS is a UK Main Market listed Bitcoin treasury company. The Company's strategy is the acquisition and long-term holding of Bitcoin as its primary treasury reserve asset, complemented by the development of Bitcoin-aligned operational activities.

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