Mr. Nicholas Morgan reports

METATEK-GROUP LTD. COMPLETES INITIAL PUBLIC OFFERING OF COMMON SHARES FOR TOTAL GROSS PROCEEDS TO METATEK OF C$35.0 MILLION

Metatek-Group Ltd. has closed its initial public offering of common shares at a price of $5 per share. The offering consisted of a treasury offering of seven million common shares, for total gross proceeds to the company of approximately $35.0-million, and a secondary offering of one million common shares at the offering price, for aggregate gross proceeds of approximately $5.0-million.

"This IPO comes at a timely moment, as the growing global focus on energy security, critical minerals and supply chain resilience is driving increased demand for our solutions. With this capital, we are well positioned to accelerate our next phase of growth as we expand our global airborne geoscience capabilities and advance a strong pipeline of developments," said Dr. Mark Davies, chief executive officer of Metatek.

The offering was made through a syndicate of underwriters led by Canaccord Genuity Corp., as sole bookrunner, and including CIBC Capital Markets, Bank of Nova Scotia, ATB Capital Markets, Roth Canada Inc., Beacon Securities Ltd. and Research Capital Corp.

PillarFour Capital Fund II LP, PillarFour Capital Parallel Fund II LP and certain of their limited partners have granted the underwriters an overallotment option, exercisable in whole or in part from time to time for a period of 30 days following the closing of the offering, to purchase up to an additional 1.2 million common shares at the offering price for additional gross proceeds of up to $6.0-million to the overallotment selling shareholders, if the overallotment option is exercised in full. The company will not receive any proceeds if the overallotment option is exercised.

The company expects to use the full amount of the net proceeds received from the treasury offering to repay all amounts outstanding under its credit facility, for near-term milestone payments toward the purchase of two new eFTG systems, toward refurbishment costs of an iFTG system, and for working capital and general corporate purposes.

The common shares began trading on the Toronto Stock Exchange on March 25, 2026, under the symbol MTEK.

The offering was completed pursuant to the company's supplemented PREP prospectus dated March 18, 2026, filed with the securities regulators in each of the provinces of Canada, except Quebec, a copy of which is available under the company's profile on SEDAR+.

Early warning report

Immediately prior to the closing of the offering, PillarFour Capital Fund II and PillarFour Capital Parallel Fund II (collectively, PillarFour) beneficially owned and controlled 8,749,999 common shares (or approximately 28.5 per cent of all outstanding common shares). Following the closing of the offering, PillarFour would own and control approximately 12,888,806 common shares, representing approximately 26.3 per cent of all outstanding common shares and a decrease in PillarFour's interest in the company by 2.2 per cent.

Immediately prior to the closing of the offering, Dr. Davies, through certain of his affiliates, beneficially owned and controlled 8,505,982 common shares (or approximately 27.7 per cent of all outstanding common shares). Following the closing of the offering, Dr. Davies, through certain of his affiliates, would own and control 8,505,982 common shares, representing approximately 17.3 per cent of all outstanding common shares and a decrease in Dr. Davies's interest in the company by 10.4 per cent.

In the future, PillarFour or Dr. Davies may discuss with management and/or the board of directors of the company any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103, The Early Warning System and Related Take-over Bid and Insider Reporting Issues, and either may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the company, in such manner as they deem advisable to benefit from changes in market prices of the company's securities, publicly disclosed changes in the operations of the company, its business strategy or prospects, or from a material transaction of the company.

Early warning reports will be filed by PillarFour and Dr. Davies in accordance with applicable securities laws and will be available on SEDAR+ or may be obtained directly from Caitlin Elwell of PillarFour upon request at celwell@pillarfourcapital.com or from investorrelations@metatek-group.com in respect of Dr. Davies.

PillarFour's head office is located at 1450, 645 7th Ave. SW, Calgary, Alta., Canada, T2P 4G8, and its registered and records office is located at 4600, Eighth Avenue Place East, 525 8th Ave. SW, Calgary, Alta., T2P 1G1.

PillarFour Capital is a private equity fund focused on investments in energy services, products and technologies.

Metatek's head office is located at 35-36 Linford Forum, Rockingham Dr., Linford Wood, Milton Keynes, MK14 6LY, and its registered and records office is located at 4600, Eighth Avenue Place East, 525 8th Ave. SW, Calgary, Alta., T2P 1G1.

About Metatek Group Ltd.

Metatek is a United Kingdom-based geophysical services company providing high-definition mapping of subsurface strategic and critical mineral natural resources, energy (including hydrocarbons), helium, and hydrogen, for exploration and development. Unlike traditional exploration companies that rely solely on invasive or slow-moving technologies such as seismic surveys, Metatek delivers rapid data acquisition, processing and scientific interpretation across air, land and sea environments. Metatek supports national energy security and fast-tracking of the discovery of hydrocarbons, minerals essential for sustainable power, such as lithium, nickel and copper, as well as identifying reservoirs for natural hydrogen and geothermal energy.

We seek Safe Harbor.