Reference is made to the Company’s announcements dated 11 May 2022, 7 June 2022, 25 July 2022, 24 August 2023, and 15 August 2024, regarding the approval granted by the Sustainable Energy Development Authority Malaysia ("SEDA") to the Company's wholly-owned subsidiary, BTM Land Sdn Bhd ("BTML"), for the development and operation of a renewable energy power plant with a capacity of 7MW per hour for electricity supply to Tenaga Nasional Berhad.

The Board of Directors of BTM (“the Board”) wishes to announce that BTML had on 10 July 2025, received a letter dated 7 July 2025 from SEDA confirming its acceptance of BTML’s application to relinquish the Feed-in Approval, bearing Certificate No. A00013992.

This development follows SEDA’s letter dated 20 February 2025, which rejected BTML’s application for an extension of time to meet key project milestones, specifically in relation to the execution of the Financing Agreement and the First Payment to the Engineering, Procurement and Construction Contractor (“EPC Contractor”). Additionally, on 21 February 2025, BTML received a further letter from SEDA indicating its intention to revoke the Feed-in Approval due to non-compliance with the stipulated milestone deadlines.

In light of the above, and after reassessing the project's viability and taking into consideration its current progress, heightened feedstock and construction costs, as well as the challenges in securing financing, BTML submitted an application to relinquish the Feed-in Approval.

The Board is of the view that the relinquishment of the Feed-in Approval will not have any material impact on the Company’s operations, as construction of the plant had not yet commenced.

This announcement is dated 11 July 2025.