Chesswood Group Limited provided a further update on its plan to remedy its previously announced non-compliance with its minimum borrowing base covenants under its U.S.D 300,000,000 syndicated revolving credit facility (the "Credit Facility"). Credit Facility Action Plan: The waiver provided by the lending syndicate under the Credit Facility, which was to expire on July 15, 2024, has been extended to August 2, 2024. The Company continues to engage in co-operative discussions with the lending syndicate.

The Company remains focused on completing the negotiation and settlement of definitive arrangements and documents for its Credit Facility action plan. There can be no assurance that any extensions to the waiver will be obtained or further advances under the Credit Agreement will be made. Further, there can be no assurance as to the timing for completion of any capital raise or sale transaction for the Company or one or more of its business units.  As such, no undue reliance should be placed on any expectations as to the occurrence of any of the foregoing and any impact on the Company or shareholder value arising therefrom.