E&P GLOBAL (01142) Court ruling revokes illegal coal mining license in Russia and will apply to withdraw the appeal

E&P GLOBAL (01142) announced that on April 3, 2026 (Moscow time), the Moscow City Arbitration Court (the Court) issued a judgment in a simplified form regarding the judicial appeal hearing held by the Court on March 31, 2026 (i.e. the appeal application filed by the licensee against the decision to revoke the license). In the simplified judgment, the Court ruled that the revocation decision made by Rosnedra, the Federal Subsoil Resources Management Agency of the Russian Federation (Rosnedra), and the Russian Ministry of Natural Resources (the Ministry) (i.e. the early termination of the mining license of the licensee (the Company's Russian subsidiary LLC "Shakhta Lapichevskaya") under license numbers KEM 01518 TE and KEM 13206 TE) was illegal. The full judgment of the Court is expected to be issued within two weeks, and Rosnedra and the Ministry have the right to appeal the Court's decision to the Ninth Arbitration Court within one month from the date of the full judgment. Following this, the losing party (ies) may file a final appeal to a higher court. Since the Company's announcement on November 18, 2025 (regarding the appeal ruling), the licensee has further appealed the appeal ruling, which will be heard by the Moscow Federal District (Arbitration) Court (the highest appellate court) on April 7, 2026 (Moscow time). As the subject matter of the further appeal only concerns whether the licensee has followed the pre-trial dispute resolution process in the review application and does not affect the substantive reasons for the revocation decision, combined with the simplified judgment, the licensee's Russian lawyers advise that the licensee may be excused from the further appeal hearing scheduled for April 7, 2026 (Moscow time). Therefore, based on the ruling in the simplified judgment that the revocation decision is illegal, the licensee will apply to the Court on April 7, 2026 (Moscow time) to withdraw the further appeal application and cancel the related hearing.