Pryme Trading Update

Rotterdam, 27 March 2026

Pryme (the "Company") provides the following update on its operational status
and the strategic direction of the Company. This update reflects a careful
reassessment of the Company's technical, operational, and financial position,
and outlines the Company's decision to prioritise future project development and
strategic partnerships as the most value accretive path forward for
shareholders.

1. Operational update and technical findings

As previously communicated, Pryme halted testing and production following a
renewed loss-of-containment incident at the interface between the reactor body
and discharge valve assembly - similar to failures observed in December 2025 and
February 2026.

A controlled cooldown was followed by a detailed inspection, which confirmed the
leakage pathway and identified the probable root cause: as insulation was
removed in the surrounding area, it became evident that one side of the
discharge valve area had no heating elements. This uneven heating caused uneven
thermal expansion across the connection between the valve assembly and reactor
body, resulting in mechanical stress that likely compromised the integrity of
the connection.

Restoring the reactor to safe and reliable operating condition would require a
full mechanical rebuild-including removal and replacement of insulation,
installation of new heating elements and controls, and potential structural
reinforcement. Given long component lead times, substantial engineering effort,
and the Company's constrained liquidity, Pryme has decided not to perform those
repairs.

2. Broader technical and operational challenges

Over the past two years, Pryme has made meaningful progress in product quality,
yield, and overall process understanding. However, despite these achievements,
Pryme One has not reached the stability or uptime required for near-term
technological maturity. Several structural issues remain:

Reactor vulnerabilities 
The reactor continues to be the central bottleneck to stable operation.
Persistent problems include recurring stuffing box sealing failures accounting
for approximately 20% of downtime