QFI.L Regulatory News (QFI)

26 October 2020

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

COMPLETION OF MOROCCAN PILOT PLANT TRIAL

AND

NEW INDUSTRIAL SCALE TRIAL AT ANOTHER OF THE CLIENT'S SITES IN MOROCCO

Quadrise is pleased to provide an update on the Material Transfer & Cooperation Agreement (the "Agreement") with an international chemicals and mining group headquartered in Morocco (the "Client") announced on 29 November 2019.

Following the relaxation of Covid-19 restrictions, Quadrise was able to gain access to the Client's facility in October 2020 and is pleased to confirm that the pilot plant trial has now been completed by the combined Quadrise and Client project team.

Quadrise and the Client are now working jointly on detailed plans for a larger, industrial-scale MSAR® trial at another Client site, which is planned for early Q1 2021, ahead of the commercial scale phase 2 trials.

This new industrial-scale MSAR® trial is intended to further demonstrate the wider potential of MSAR® at another site ahead of the commercial scale trials already being planned under phase 2 of the Agreement. The study work for the Phase 2 trials was brought forward earlier this year and is now well advanced; and, together, with the new industrial scale trial further minimises the risk of delay to the overall programme.

Further updates will be provided, as appropriate, in due course.

Mike Kirk, Chairman of QFI, said:

"The major industrial group in Morocco we are working with is a world leader in the sectors in which it operates and is a material consumer of fuel oil. As such, we are delighted to have been able to successfully deliver the MSAR® pilot plant trial under very challenging circumstances which is a testament to the strong rapport and relationships we have built with the Client.

"Feasibility studies are simultaneously being completed under phase 2 as previously reported, that together with the planned industrial scale trials announced today, will demonstrate the wider potential for MSAR® use at the client's sites and more widely in the industrial sector.

"We are therefore confident that during 2021 we will successfully validate the economic and environmental benefits of MSAR® at an industrial scale, complete the commercial scale trials on the Client's units and initiate commercial supply of MSAR® after concluding commercial supply agreements."

For further information, please contact:

The information communicated within this announcement was deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 prior to the release of this announcement. Upon the publication of this announcement, this inside information is now considered to be in the public domain.