Serval Resources Plc · LSE:SRVL
Serval Resources — Investor Presentation (October 2026)
34 slides from Serval Resources's investor presentation, October 2026
Slide 1: The future runs on copper
The future runs on copper Unlocking the potential value in Africa’s under - explored copper belts Cu mineralisation hosted in quartz veins in Namibia AIM: SRVL October 2026 servalresources.com
Slide 2: Disclaimer
Disclaimer • THIS PRESENTATION AND ITS CONTENTS ARE STRICTLY CONFIDENTIAL AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY O R INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH P
Slide 3: Disclaimer, cont.
Disclaimer, cont. • No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this presentation or its contents is accepted, and no representation, warranty or undertaking, express or implied, is or will be made or given by or on behalf of the Compan
Slide 4: Investment Highlights
Investment Highlights Ambition to create a pre - eminent copper vehicle for the London market Major Copper Opportunity • Copper is critical to modern and future society - third most - used metal • Major deficit forecast by 2040 without investment in new supply 1 Côte d’Ivoire Highly Experienced Team
Slide 5: Our Portfolio
Our Portfolio Major land positions in emerging copperbelts Namibia – 4 Exclusive Prospecting Licences¹ (EPLs) in the Kaoko Basin (788.77 km²) Location of Serval Licences • ca. 150 km of potential strike length • Multiple high - grade copper - silver (Cu - Ag) mineralisation targets with 13 defined p
Slide 6: Successful Raise of £7.0m / US$9.2m
Successful Raise of £ 7.0 m / US$9.2m Endorsement of high - quality Namibian assets via drilling for equity agreement with major shareholder Capital Drilling £ million US$ million Proceeds (cash) 3.2 4.2 Proceeds (Capital Drilling Limited & Associates) 3.8 5.0 Total proceeds 7.0 9.2 Existing funds 1
Slide 7: Deal Structure
Deal Structure Deal Timetable Raise of £ 7 million via issue of 28 ,178,612 shares in two tranches at 25 p • 15 Oct: Financing (incl. retail offer) closes • Deal cornerstoned by Capital Drilling and Associates contributing £ 3.8 million (US $5 million) • 16 Oct: Trading resumes on AIM • Serval to us
Slide 8: Namibia Kaoko Basin
Namibia Kaoko Basin servalresources.com
Slide 9: Kaoko Basin – Namibia
Kaoko Basin – Namibia Potential to be a major new copper district An emerging copper region of significance • Interpreted as an extension of the prolific Central African Copperbelt (CACB) • The CACB is the world’s largest province containing stratiform sediment - hosted copper mineralisation 3 • Hom
Slide 10: Serval's Kaoko Basin Portfolio
Serval’s Kaoko Basin Portfolio Multiple Cu - Ag mineralisation discoveries from surface 13 prospects on four EPLs to date • Historic work has identified Cu - Ag mineralisation within stratabound horizons • ca . 150 km of potential strike length along the prospective Nosib / Otavi contact • +9,000 me
Slide 11: Geological Mapping and Sampling on EPL 7081
Geological Mapping and Sampling on EPL 7081 Successfully found and mapped known and new high - grade Cu - Ag occurrences • Mapping of six prospects on EPL 7081 and new Cu mineralisation prospect now delineated ( Okamborombonga ) • Mineralisation in outcrop confirmed to stretch over a strike length o
Slide 12: Work Confirms Scale of Prospectivity of the Region
Work Confirms Scale of Prospectivity of the Region Mapping – Key Findings • Identification of hypogene and supergene mineralisation • Multiple types of Cu mineralisation identified at surface: Chalcocite sample bornite, chalcocite, chalcopyrite, malachite, azurite, dioptase, V isible supergene miner
Slide 13: Kaoko Basin Next Steps
Kaoko Basin Next Steps Systematic work aiming to design and execute major drilling campaign to establish MRE Activity Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 • High - resolution ground magnetic and orientation Induced Polarisation (IP) surveys • Definition of first drill targets • IP survey step out
Slide 14: Botswana Kalahari Copper Belt (KCB)
Botswana Kalahari Copper Belt (KCB) servalresources.com 14
Slide 15: KCB – Botswana
KCB – Botswana One of the most prospective regions for new sedimentary Cu discoveries An important source of new Cu supply Recently became home to two major operations • 2008: no resources in the KCB; now ca. 15 Mt contained Cu and growing • MMG bought Khoemacau for US$1.9 billion in 2024 • Sandfire
Slide 16: KCB Highest Priority Prospects
KCB Highest Priority Prospects Focus on the Sweet Thorn Pan and Somelo Prospects on strike to Khoemacau Contiguous to Khoemacau deposits • A long - life (+20 years) copper - silver mine • Total resource of 450 Mt at 1.4% Cu and 17.5 g/t Ag • MMG currently spending US $900 million to expand productio
Slide 17: KCB 2026 Geophysics Work Programme
KCB 2026 Geophysics Work Programme Geological background using low - resolution regional data: Sweet Thorn Pan and Somelo Sweet Thorn Pan (PL 235 Complex) geophysical survey traverse lines with regional Somelo (PL 232 Complex) geophysical survey traverse lines with regional geology geology backgroun
Slide 18: KCB 2026/2027 Work Programme
KCB 2026/2027 Work Programme Completed programmes • Sweet Thorn Pan (PL 235 - Complex): High - resolution drone magnetic survey completed Extensive visible mineralisation A sample of chalcocite… • Aim to achieve higher resolution imagery to establish more Land access permission on EPL 7081engagement
Slide 19: KCB Next Steps
KCB Next Steps Systematic work aiming to design and execute drilling campaign to confirm mineralised contact Activity Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 • Interpretation of geophysical results data for Sweet Thorn Pan and Somelo prospects • Soil sampling focused on areas where geophysics have i
Slide 20: Côte d'Ivoire Duékoué
Côte d’Ivoire Duékoué servalresources.com
Slide 21: Duékoué – Côte d'Ivoire
Duékoué – Côte d’Ivoire Potential Cu - Mo- Au project: joint venture with La Miniere de L’ Elephant SARL ( Laminele ) • An emerging copper belt proximate to the Archean / Proterozoic boundary with the potential to host Iron Oxide Copper Gold (IOCG) style province or porphyry deposit • Fieldwork in 2
Slide 22: Our Approach
Fundraising event for Hungua Combined School in Kunene Region, Namibia in August 2026 Our Approach servalresources.com
Slide 23: The Right Team
The Right Team Extensive experience developing high growth mining companies in Africa Robin Birchall Richard James Chief Executive Officer Chief Financial Officer Mr. Birchall has +25 years’ experience in the financing, Mr. James is a chartered accountant and has held CFO and management and developm
Slide 24: Milestones
Milestones Funded work programmes across all three projects to Q4 2027 Activity Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Namibia – Kaoko Basin High - resolution ground magnetic and IP surveys Trenching and sampling to support geophysics Serval maiden drilling campaign of ca. 20,000 metres Maiden mine
Slide 25: Investment Summary
Investment Summary The right commodity • Copper is critical to modern and future society and demand is growing fast At the right time • Copper had a breakout year in 2025 and market deficit expected in 2026 • S&P see potential 10 Mt deficit by 2040 without investment in new supply¹ In the right plac
Slide 26: Appendices
Appendices servalresources.com 26
Slide 27: Board of Directors
Board of Directors Diverse mix of relevant skills and experience John Treacy Robin Birchall Non - Executive Chairman Chief Executive Officer Mr. Treacy is a qualified solicitor and experienced London Mr. Birchall has +25 years’ experience in the financing, financier who specialises in working with g
Slide 28: Responsible Operations
Responsible Operations Health and Safety – taking care of our people • Apply the Company’s health, safety, environment and community (HSEC) management system to all activities • Aim to maintain a zero - harm safety culture across all activities Environmental Stewardship – minimising our impacts • Al
Slide 29: The Future runs on Copper
The Future runs on Copper S&P forecast potential 10 Mt shortfall by 2040 • Copper demand expected to grow by ca. 50% from 28 Mtpa to 42 Mtpa by 2040 ¹ 2025 to 2026 have seen breakouts in copper and silver pricing • Supply side heavily reliant on a handful of ageing mines with declining grades • Supp
Slide 30: Acquisition of Kalahari Copper Limited (KCL)
Acquisition of Kalahari Copper Limited (KCL) The acquisition of KCL, including the licences held by its subsidiaries in Namibia and Botswana, completed on 27 April 2026 Key Deal Terms : • Issued shares that constitute <30 % of the Company’s issued share capital on admission to trading on AIM • £ 2 m
Slide 31: Summary of Licences
Summary of Licences Summary of the Botswana Licences Summary of the Namibia Licences Licence Interest Licence Licence Area Asset Holder¹ Interest (%) Status Licence Area (km 2 ) Comments Asset Holder Status Comments Expiry (%) Expiry (km 2) Renewal PL061_2021 SRB 100 Exploration 30 - Sep - 28 99.12
Slide 32: Kaoko Basin Drilling Highlights
Kaoko Basin Drilling Highlights +9,000 metre drilling completed by Kalahari Copper Limited 1 Total Mineralised Prospect Hole ID From (m) To (m) Interval (m) Cu (%) Ag (ppm) Avg Cu - Eq (%) Max Cu - Eq (%) Length (m) Omatapati OPR002 46 47 1 0.56 36 1.05 1.05 OPR002 80 89 9 1.70 126 3.43 12.65 OPR002
Slide 33: Namibia Sample Results from ALS Laboratories
Namibia Sample Results from ALS Laboratories Confirmation of high - grade Cu - Ag mineralisation across multiple prospects The table below presents the average grades of the samples submitted on a per prospect basis, as well as the three highest gr ade samples (in Cu - Eq %) for each of the prospect
Slide 34: Thank you
Thank you Contact: Investor Relations Cathy Malins Tel: +44 7876 796 629 Email: cathy.malins@servalresources.com Website: www.servalresources.com servalresources.com 34
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