We've signed a Heads of Terms with SCHAKAU Managementberatung GmbH, a European advisory firm with two decades of experience in engineering and automotive materials, to build a strategic partnership around two of our platforms. Certain provisions of the agreement are legally binding.

The first pillar targets ultra-luxury automotive. Through SCHAKAU's network, we're aiming to get our Lab-Grown Leather, including the T-Rex Leather concept, into bespoke interior trim and accents with leading European manufacturers. The second pillar applies our tissue-scaffolding technology to robotics, supplying bio-engineered human skin equivalents as biological surface layers for humanoid and industrial machines.

Commercially, SCHAKAU earns a share of revenue on programmes it originates, running in full for three years after first commercial production and halving for a further three years before ending. Any equity or options SCHAKAU receives are entirely performance-contingent, and capital it introduces attracts a success fee scaling down from 5% to 2% as amounts raised increase. Importantly, we retain 100% ownership of all our patents, scaffolds and manufacturing know-how. SCHAKAU's exclusivity applies only to opportunities it introduces, with protections for our existing relationships and a mechanism for us to reclaim exclusivity after 180 days of inactivity on a given target.

The near-term targets are a binding MOU for Lab-Grown Leather between September and December 2026, and a binding MOU with a Tier-1 robotics partner between September 2026 and January 2027. Both are milestones we're working towards, not guaranteed outcomes.

If you have questions about this announcement, we'd encourage you to share them through our investor website.