Statement re Share Consolidation

Not for release or distribution, directly or indirectly, within, into or in the United States or to or for the account or benefit of persons in the United States, Australia, Canada, Japan or any other jurisdiction where such offer or sale would violate the relevant securities laws of such jurisdiction.

For Immediate Release

25 July 2023

Adalan Ventures Plc

("Adalan" or the "Company")

Update on timing of Share Consolidation

Adalan Ventures plc (the 'Company' or 'Adalan') announces an update on the timing of the share consolidation approved at the General Meeting held on 24th July 2023.

The Company expects that the current ISIN in relation to the Existing Ordinary Shares will be disabled and marked for expiry in CREST after market close on 27th July 2023. A new ISIN (GB00BMXTZ463) in relation to the New Ordinary Shares is expected to come into effect at 8:00 a.m. BST on 28th July 2023.

All Existing Ordinary Shares standing to the credit of CREST accounts are expected to be consolidated into New Ordinary Shares by 12:00 (noon) BST on 28th July 2023

Further information can be found at the corporate website:  https://adalanventures.com/

Enquiries:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").