REGISTERED NUMBER: 05000780 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

FOR

TECHEMET LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

A S Prentice

M V Ward

B Ward

B J Mills

REGISTERED OFFICE:

1 Vanguard

Ninian Way

Tame Valley Industrial Estate

Tamworth

Staffordshire

B77 5DY

REGISTERED NUMBER:

05000780 (England and Wales)

AUDITORS:

Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

The directors present their strategic report of the company and the group for the year ended 31 January 2026.

The Group's core activity is the recycling of precious and scrap metals, with a particular focus on Platinum Group Metals (PGMs). Operating in a global market that is highly sensitive to economic trends and commodity price fluctuations, our activities align closely with international sustainability initiatives. Our mission is to reduce waste by efficiently recovering and refining valuable metals.

REVIEW OF BUSINESS

The Group demonstrated resilience during a year of continuing market challenges. For the year ended 31 January 2026, performance remained robust despite external pressures. Macroeconomic conditions, including geopolitical uncertainty, elevated inflation and high interest rates, continued to create a challenging environment for the catalyst recycling industry.

Despite these headwinds, the Group maintained a strong operational position, supported by its global presence and industry partnerships. Gross margin decreased to 7.28% (2025: 8.09%).

As a key branch office of one of the world's largest industrial and autocatalyst smelters and refiners, headquartered in the United States, the Group benefits from extensive expertise, advanced technology and a resilient supply chain. PGM prices remained volatile but increased over the year (platinum: 47%; palladium: 25%; rhodium: 45%, year on year). Against this backdrop, the Parent Company increased its market share, with material throughput rising by 4%. This growth reflects operational efficiency, streamlined logistics, enhanced support for strategic suppliers and a continued focus on automation and technology.

Human Capital and Operational Excellence

The Groups greatest asset is its workforce. The knowledge, skills and commitment of employees are essential to its success, particularly in navigating complex market conditions. The Entity therefore continues to invest in training and professional development, with an emphasis on quality control, process innovation and health and safety.

During the year, the Entity maintained its ISO 9001, ISO 14001 and ISO 45001 certifications, together with its Competence Management System (CMS). These arrangements demonstrate its commitment to operational excellence, sustainability and continuous improvement. In October 2025, the Entity achieved pre-consented hazardous waste facility status.

This proactive approach is reinforced by participation in national and international federations, associations and standards bodies. These relationships help the Entity monitor regulatory developments and contribute to the evolution of industry standards.

Community Engagement and Sustainability

The Group remains committed to corporate social responsibility beyond its operational activities. It engages with local communities through sponsorship programmes that promote responsible recycling, environmental sustainability and education.

These local activities are complemented by wider industry initiatives aimed at advancing the circular economy and supporting the long-term sustainability of the precious metals sector.

.

International Operations and Expansion

The Republic of Ireland remains an important international market, served by the Entity's wholly owned subsidiary. The subsidiary strengthens local relationships and supports recycling and refining activities.

The Entity also holds a significant stake in its sister office in Italy, supporting collaboration across European markets. This partnership has contributed to greater efficiency, shared technological developments and joint market expansion initiatives.

Looking ahead, the Entity continues to evaluate growth opportunities in the UK and internationally. These initiatives aim to extend its geographic reach and secure access to key raw material supplies, particularly in regions where PGM recycling is less developed. This strategy supports the Group's medium- to long-term growth through additional revenue opportunities and scalable operations.

PRINCIPAL RISKS AND UNCERTAINTIES

The Entity's principal risks remain volatility in PGM prices and fluctuations in foreign exchange rates. Precious metals markets are influenced by geopolitical developments, changes in economic policy and shifting demand, creating continued uncertainty.

To mitigate these risks, the Entity adopts a conservative and disciplined approach to pricing and inventory management. The directors have implemented a comprehensive hedging strategy to limit exposure to significant price movements. Purchased materials are routinely hedged to provide greater pricing certainty. Currency exposure is managed through short-term forward foreign exchange contracts, reducing the impact of movements in the US dollar, euro and other relevant currencies.

Changes in government policy, environmental regulation and other legal requirements continue to present compliance risks. The Entity places a high priority on meeting its legal obligations, drawing on experienced external consultants and ongoing staff training programmes.

Operational efficiency remains a priority. The directors and management team regularly review overheads and other costs to identify savings without compromising operational quality or safety. This disciplined approach helps the Entity remain competitive and protect margins during periods of market instability.

.

SECTION 172(1) STATEMENT

The directors recognise the importance of maintaining strong relationships with the Group's key stakeholders. In accordance with section 172(1) of the Companies Act 2006, they consider stakeholder interests when making relevant decisions. An Interested Parties Register is maintained and regularly reviewed, supported by formal management-system processes for identifying internal and external stakeholder interests and assessing their potential impact on the delivery of company objectives. Regular shareholder meetings consider the implications of key business decisions for customers, suppliers and employees, helping to inform and shape processes across the Group.

ENERGY AND CARBON REPORT

The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the 2018 Regulations) implement the government's policy on Streamlined Energy and Carbon Reporting (SECR). This section provides Techemet's disclosures of energy and carbon emissions in accordance with these requirements.

Scope

This energy and carbon report applies to the UK operations of Techemet Ltd.

For the purpose of this report, Techemet's material energy consumption and carbon emission sources are as set out below.

1. Natural gas for forklift trucks and domestic/process heating.

2. Electricity to power lighting and machinery.

3. Diesel for freighting in own vehicles.

Consumption & Emissions

Litres

kWh

Tonnes CO2e

Scope 1

Natural Gas

N/A

25,889

5

Scope 1

Vehicle Fuel (Diesel)

48,396

478,458

124

Scope 2

Electricity

N/A

554,755

98

TOTAL =

227

Emissions have been calculated using UK Government GHG Conversion Factors for Company Reporting (Version 1.0 2025)

Diesel

- Litres:kWh (9.8864)

- kWh TCO2e (0.002562)

Natural Gas

- kWh TCO2e (0.000183)

Electricity

- kWh TCO2e (0.000177)

Intensity Ratio

The intensity ration for Techemet's greenhouse gas emissions is calculated by dividing its total scope 1 and 2 greenhouse gas emissions by its turnover:

- Tonnes CO2e / £Million Turnover

- =227 / 108

- = 2.1 Tonnes CO2e per £Million Turnover

RESEARCH AND DEVELOPMENT

The Parent Company aims to make continuous improvement and innovation by developing safer and more

efficient working practices and equipment. Significant investment is made in research across a multitude of

technological, information, machinery other factors within the business. The Company makes use of

the Government approved patent box scheme.

ON BEHALF OF THE BOARD:

B J Mills - Director

28 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2026.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A £1

-

£2165.5941

Ordinary B £1

-

£4287.5341

Ordinary D £1

-

£1232.7583

The total distribution of dividends for the year ended 31 January 2026 will be £ 1,229,176 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2025 to the date of this report.

A S Prentice

M V Ward

B Ward

B J Mills

DISCLOSURE IN THE STRATEGIC REPORT

Items required to be included in the Report of the Directors under Schedule 7 to the Large and Medium-Sized Company and Groups (Accounts & Reports Regulations) 2008 are set out in the strategic report in accordance with S414c (11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B J Mills - Director

28 October 2026

Opinion

We have audited the financial statements of Techemet Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2026 and of the group's 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

reference to past history and experience of the Group,

-

enquiry of management, including obtaining and reviewing supporting documentation concerning

the Groups procedures relating to:

-identifying and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-detection and response to risk of fraud and whether they were aware of any actual or suspected instances of fraud.

-

assessment of the controls and processes that the Group has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:

-

Management override of control; and

-

Revenue recognition - specifically the recognition according to date of shipment, or sale of metals,

as applicable, and manipulation of revenue through management override of journals.

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

-

We critically assessed the appropriateness and tested the application of the revenue and cost

recognition policies.

-

We tested the appropriateness of accounting journals and other adjustments made in the

preparation of the financial statements.

-

We reviewed the Group's accounting policies for non-compliance with relevant standards.

-

We made enquiries of management and reviewed correspondence with the relevant authorities to

identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We undertook detailed discussions with component auditors, focussing on any potential instances of non-compliance with laws and regulations, sharing our knowledge and experience of the company and group with the component auditors. As part of this process the Responsible Individual has determined that the engagement team collectively has the appropriate competence and capabilities to identify and recognise should we have become aware of non-compliance with laws and regulations.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Spafford FCCA FCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

29 October 2026

TURNOVER

Group and share of associates

122,871,592

89,510,294

Less:

Share of associates' turnover

(14,144,333

)

(9,844,891

)

GROUP TURNOVER

108,727,259

79,665,403

Cost of sales

100,816,400

73,218,291

GROSS PROFIT

7,910,859

6,447,112

Administrative expenses

4,722,764

3,953,189

3,188,095

2,493,923

Other operating income

147,331

371,180

GROUP OPERATING PROFIT

4

3,335,426

2,865,103

Share of operating profit in

Associates

487,344

17,135

Interest receivable and similar income

176,342

71,821

176,342

71,821

3,999,112

2,954,059

Interest payable and similar expenses

Group

5

-

(184

)

Associates

(34,542

)

-

PROFIT BEFORE TAXATION

3,964,570

2,953,875

Tax on profit

6

944,828

775,452

PROFIT FOR THE FINANCIAL YEAR

3,019,742

2,178,423

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,019,742

2,178,423

Profit attributable to:

Owners of the parent

3,019,742

2,178,423

Total comprehensive income attributable to:

Owners of the parent

3,019,742

2,178,423

FIXED ASSETS

Intangible assets

9

1,085

1,085

Tangible assets

10

2,117,819

1,763,289

Investments

11

Interest in associate

1,599,221

1,305,549

Other investments

315,969

315,969

Investment property

12

1,160,030

1,160,030

5,194,124

4,545,922

CURRENT ASSETS

Stocks

13

37,665,006

14,596,399

Debtors

14

21,282,726

20,973,782

Cash at bank and in hand

17,397,222

5,072,373

76,344,954

40,642,554

CREDITORS

Amounts falling due within one year

15

59,877,391

25,080,397

NET CURRENT ASSETS

16,467,563

15,562,157

TOTAL ASSETS LESS CURRENT LIABILITIES

21,661,687

20,108,079

PROVISIONS FOR LIABILITIES

17

211,966

138,924

NET ASSETS

21,449,721

19,969,155

CAPITAL AND RESERVES

Called up share capital

18

600

600

Capital redemption reserve

19

440

440

Other reserves

19

(310,000

)

-

Retained earnings

19

21,758,681

19,968,115

SHAREHOLDERS' FUNDS

21,449,721

19,969,155

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

B J Mills - Director

FIXED ASSETS

Intangible assets

9

1,085

1,085

Tangible assets

10

1,917,819

1,563,289

Investments

11

1,734,528

1,734,528

Investment property

12

1,160,030

1,160,030

4,813,462

4,458,932

CURRENT ASSETS

Stocks

13

35,992,075

13,995,403

Debtors

14

22,675,014

21,756,140

Cash at bank and in hand

17,339,406

4,985,430

76,006,495

40,736,973

CREDITORS

Amounts falling due within one year

15

59,822,086

25,045,159

NET CURRENT ASSETS

16,184,409

15,691,814

TOTAL ASSETS LESS CURRENT LIABILITIES

20,997,871

20,150,746

PROVISIONS FOR LIABILITIES

17

211,966

138,924

NET ASSETS

20,785,905

20,011,822

CAPITAL AND RESERVES

Called up share capital

18

600

600

Capital redemption reserve

440

440

Other reserves

(310,000

)

-

Retained earnings

21,094,865

20,010,782

SHAREHOLDERS' FUNDS

20,785,905

20,011,822

Company's profit for the financial year

2,313,259

2,470,311

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

B J Mills - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 February 2024

600

18,954,520

440

-

18,955,560

Changes in equity

Dividends

-

(1,164,828

)

-

-

(1,164,828

)

Total comprehensive income

-

2,178,423

-

-

2,178,423

Balance at 31 January 2025

600

19,968,115

440

-

19,969,155

Changes in equity

Dividends

-

(1,229,176

)

-

-

(1,229,176

)

Total comprehensive income

-

3,019,742

-

-

3,019,742

Treasury shares

-

-

-

(310,000

)

(310,000

)

Balance at 31 January 2026

600

21,758,681

440

(310,000

)

21,449,721

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 February 2024

600

18,705,299

440

-

18,706,339

Changes in equity

Profit for the year

-

2,470,311

-

-

2,470,311

Total comprehensive income

-

2,470,311

-

-

2,470,311

Dividends

-

(1,164,828

)

-

-

(1,164,828

)

Balance at 31 January 2025

600

20,010,782

440

-

20,011,822

Changes in equity

Profit for the year

-

2,313,259

-

-

2,313,259

Total comprehensive income

-

2,313,259

-

-

2,313,259

Dividends

-

(1,229,176

)

-

-

(1,229,176

)

Treasury shares

-

-

-

(310,000

)

(310,000

)

Balance at 31 January 2026

600

21,094,865

440

(310,000

)

20,785,905

Cash flows from operating activities

Cash generated from operations

1

14,797,166

4,004,673

Interest paid

-

(184

)

Tax paid

(702,095

)

1,014

Taxation refund

5,063

-

Net cash from operating activities

14,100,134

4,005,503

Cash flows from investing activities

Purchase of tangible fixed assets

(627,856

)

(528,700

)

Sale of tangible fixed assets

15,890

67,350

Interest received

176,342

71,821

Net cash from investing activities

(435,624

)

(389,529

)

Cash flows from financing activities

Received from associates

187,515

-

Amount introduced by directors

12,000

-

Share buyback

(310,000

)

-

Equity dividends paid

(1,229,176

)

(1,164,828

)

Net cash from financing activities

(1,339,661

)

(1,164,828

)

Increase in cash and cash equivalents

12,324,849

2,451,146

Cash and cash equivalents at beginning of year

2

5,072,373

2,621,227

Cash and cash equivalents at end of year

2

17,397,222

5,072,373