The notes on pages 4 to 21 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The notes on pages 4 to 21 form part of these financial statements.

Bridgeporth Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Mercer & Hole LLP, The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1BP. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company meets the definition of a qualifying entity under FRS 101 Reduced Disclosure Framework. These financial statements for the year ended 31 December 2025 are the first financial statements of Bridgeporth Limited prepared in accordance with FRS 101. The company transitioned from FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" to FRS 101 for all periods presented and the date of transition to FRS 101 was 1 January 2024.

An explanation of how transition to FRS 101 has affected the reported financial position and financial performance is given in note 23.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• inclusion of an explicit and unreserved statement of compliance with IFRS;

• presentation of a statement of cash flows and related notes;

• disclosure of the objectives, policies and processes for managing capital;

• disclosure of key management personnel compensation;

• disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

• the effect of financial instruments on the statement of comprehensive income;

• comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment;

• disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

• a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

• comparative narrative information;

• for financial instruments measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and

• related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of Metatek-Group Ltd. The group accounts of Metatek-Group Ltd are available to the public and can be obtained as set out in note 22.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Bridgeporth Limited is a wholly owned subsidiary of Metatek-Group Ltd and the results of Bridgeporth Limited are included in the consolidated financial statements of Metatek-Group Ltd which are available to the public and can be obtained as set out in note 22.

The directors have prepared cash flow forecasts and business plans covering the period through to December 2027. These forecasts are based on secured contracts, contracts currently under negotiation and management's assessment of future business opportunities. The forecasts demonstrate that the Company is expected to generate positive operating cash flows and continue to meet its obligations as they fall due.true

The directors recognise that the timing of revenue generation and cash receipts is dependent upon the scheduling and successful execution of projects. Delays to, or cancellation of, existing projects could adversely affect the timing of cash flows. However, the Company maintains a substantial pipeline of contracted and prospective work which provides flexibility to mitigate the impact of any such delays.

The Company is also funded in part through loan facilities provided by its parent undertaking, Metatek-Group Ltd. The directors have considered the financial resources available to the wider group and have received confirmation that the parent undertaking will continue to provide financial support to the Company for a period of at least twelve months from the date of approval of these financial statements, should such support be required. The directors have no reason to believe that this support will not continue.

Having considered the forecasts, available funding arrangements, the support available from the parent undertaking and the Company's pipeline of future work, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Revenue is recognised from contracts with customers when and as performance obligations are satisfied through the transfer of services to the customer, over time. Judgement is required in assessing progress toward satisfaction of performance obligations, including consideration of project milestones, flight activity, and processing progression.

The company earns revenue from:

(i) airborne data acquisition services; and

(ii) processing and interpretation of geophysical data.

Revenue is recognised over time against kilometres of data acquired and processed and the estimated number of days required to interpret the data. During the term of a contract, the timing of invoicing may differ from revenue recognised, resulting in contract assets or contract liabilities at each reporting date.

The company pays sales commission to its employees and certain contractors for contracts that are ultimately secured. The company applies the optional practical expedient to immediately expense costs to obtain a contract if the amortisation period of the asset that would have been recognised is one year or less. As such, sales commissions are immediately recognised as an expense in the period they become payable and are included as part of employee remuneration for employees and within direct costs for contractors.

Contract assets arise when the company recognises revenue for services transferred to customers before the company has an unconditional right to consideration. Contract assets are measured at the amount of consideration the company expects to be entitled into under the contract. Contract assets are reclassified to trade receivables when the company's right to consideration becomes unconditional.

Contract liabilities represent consideration received from customer in advance of the company satisfying the related performance obligations.

They primarily arise due to timing differences between billing milestones and the satisfaction of performance obligations on customer service contracts that straddle financial reporting periods.

Property, plant and equipment are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognised initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognised or its fair value substantially decreased. Dividends are recognised as finance income in profit or loss.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company participates in a share-based payment arrangement granted to its employees by its parent company. The cost of these equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a graded vesting basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity as a capital contribution from the company's parent company.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Transactions in currencies other than US dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Revenue recognition under IFRS 15 involves significant judgement. The Company applies IFRS 15, which outlines a five-step model for revenue recognition, requiring careful assessment of the contract terms, performance obligations, and transaction price. Key areas of judgement include the identification of distinct performance obligations within contracts, the estimation of variable consideration (such as discounts, rebates, or performance bonuses), and the allocation of the transaction price to these obligations. Additionally, the timing of revenue recognition, whether at a point in time or over time, depends on the transfer of control, which may be influenced by factors such as the nature of the product or service, customer acceptance, and contract terms. Given the complexity and variability in these factors, the Company exercises significant judgement to ensure that revenue is recognised in a manner that reflects the economic substance of the transactions.

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, remaining life of the asset and projected disposal values.

The Company recognises deferred tax assets and liabilities in-line with the relevant accounting standards and as per conventional calculation methodology. Key judgements in relation to deferred tax asset recognition may include the applicability of relevant tax legislation, and significant estimation uncertainty is often involved in forecasting future taxable profits.

Share-based payments involve the recognition of an expense based on the fair value of equity instruments granted, determined using the Black-Scholes valuation model. The key assumptions underlying this model include the expected volatility, share price, expected life of the options, risk-free interest rates, and the estimated forfeiture rates. The estimation uncertainty associated with these assumptions may result in differences between the amounts recognised in the financial statements and the actual amounts incurred in the future, depending on factors such as market conditions and employee behaviour.

The average monthly number of persons (including directors) employed by the company during the year was:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The number of directors who are entitled to receive shares under long term incentive schemes during the year was 3 (2024 - 3).

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

Property, plant and equipment includes right-of-use assets, as follows:

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

The company applies the IFRS 9 simplified approach to measure expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The expected loss rates are based on the company's historical credit losses experienced over the two year period prior to the period end.

Allowance for estimated credit losses included in net trade receivables was US$nil as at 31 December 2025 (US$nil as at 31 December 2024).

A long-term loan of $12.2m was provided by Metatek-Group Ltd, the company's parent company, and is secured by fixed and floating charges over the company's assets. Financing fees totalling $1,477k were allocated to the loan. The loan is due for repayment via instalments with the different tranches having variable terms for repayment ranging from May 2027 to August 2029. Interest is charged at between 12 and 15% per annum.

In 2023 the Company received a loan of $3,500,000 for the purchase of a Twin Otter aircraft. The loan accrues interest of 10% per annum. As at December 31, 2025, the outstanding balance of this loan, included in other loans, is $nil (2024: $1,500k). This loan relates to the purchase of a Twin Otter aircraft and accrued interest at 10% per annum. This was settled in June 2025.

The Company has loans of $508k with shareholders of the Company which were due for repayment by 30 June 2023 and accrue interest at 2% per annum compounded monthly and are due on demand.

The company leases various property, plant and equipment. The average effective borrowing rate for the period was 11.3% for properties and 8.2% for plant and equipment. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The leases are due to expire between 6 months and 5 years.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

In preparing these financial statements, the company has applied the exemptions permitted by FRS 101 from the disclosure requirements of IFRS 2, including detailed information on the number, weighted average exercise price, and remaining contractual life of share-based payment awards. Equivalent disclosures are included in the consolidated financial statements of the parent undertaking.

The related credit for the expense has been recognised in equity as a capital contribution.

Share options in the company's parent company's share capital, awarded to employees, are accounted for as a capital contribution.

This relates to foreign exchange differences arising as a result of a change of functional currency from GBP to USD in 2023.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Subsequent to the reporting date, the Company’s parent company, Metatek-Group Ltd, was listed on the Toronto Stock Exchange in Canada following an initial public offering on 25 March 2026. This is a non‑adjusting event.

The Company is a wholly owned subsidiary of Metatek-Group Ltd, a company incorporated in Alberta, Canada and which is the parent of both the smallest and largest group to include the Company in its consolidated financial statements. These can be obtained from the Company's registered office as disclosed in note 1 or can be obtained from: https://investor.metatek-group.com/wp-content/uploads/2026/04/Metatek-Group-Financial-Statements-2025-1.pdf

On adoption of IFRS, contracts with customers were re-assessed in line with the requirements of IFRS 15 and the 5-step model. Adjustments to revenue, contract assets and liabilities were identified.

On adoption of IFRS, deferred taxation was recalculated in line with the requirements of IAS 12 and adjustments were identified as a result of the re-basement.

As required under IFRS 16, all assets previously accounted for as operating leases have been capitalised as Right of Use assets within non-current assets with a corresponding lease liability. Rent previously recognised under FRS 102 on the operating leases have been reversed including an accrual for a rent-free period and instead depreciation and interest on the leases have been recognised in the Income Statement.

An additional share-based payment charge has been recognised on transition to IFRS in respect of employee share options granted to company employees by its parent company, Metatek-Group Ltd. As the awards are settled in the parent company's equity instruments, the corresponding credit has been recognised as a capital contribution within equity.

Borrowing costs previously classified within trade and other receivables have been reclassified and offset against the carrying value of the related borrowings on transition to IFRS, to reflect the effective interest rate method required under IFRS 9. This adjustment affects presentation only and has no impact on equity.