Eich Geothermal Resource Potential Increase by 50%

Cindrigo Holdings Limited

09 June 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

9 June 2026

Cindrigo Holdings Limited

("Cindrigo", the "Company" or the "Group")

Eich Geothermal Resource Potential Increases by 50%

Subsurface analysis supports resource potential for 157.8 MW of geothermal energy and

7,230 tpa lithium carbonate equivalent

Cindrigo Holdings Limited (LSE: CINH) is pleased to announce the completion of the subsurface analysis and reservoir modelling for the Eich Hamm geothermal licence area ("Eich") in Germany completed by GeoDa Consulting d.o.o., assessing the potential for heat and electricity generation and lithium extraction. Eich is the first of three German geothermal licenses that are being developed in the well-established Upper Rhine Valley through the project entity, ZGG GmbH.

Results of initial Monte Carlo simulation indicate an estimated exploitable energy potential of 157.8 megawatts ("MW"), representing a 50% increase on the estimate previously communicated, together with potential production of 7,230 tonnes per annum ("tpa") of lithium carbonate equivalent ("LCE"). Full development of Eich is currently envisaged through three geothermal well doublets. A subsurface analysis study for Eich was conducted by GeoDa Consulting d.o.o.

Highlights

●  Subsurface analysis and reservoir modelling completed on the Eich geothermal licence area by GeoDa Consulting d.o.o.

●    The exploitable energy potential of Eich is now estimated to be 157.8 MW, a 50% increase on the estimate previously communicated in October 2025, with the additional potential to produce 7,230 tpa of LCE.

●   Results support the exploitation of Eich's energy and lithium potential through the development of three geothermal well doublets ("Units").

●  Modelling of EichGT-1, the first production well planned to be developed, estimates potential for 40.3 MWth (thermal heat energy), 5.3 MWe (electricity generation capacity) and 2,400 tpa of LCE.

●    Drilling for the first production well, EichGT-1, is planned for 2027, targeting the Rotliegend formation at depths of approximately 2,500-3,500 metres, a shallower depth than previously anticipated, which may support reduced drilling costs and execution risk.

●   Analysis is expected to support further technical assessment and the publication of a Competent Person's Report ("CPR") later this year.

●    German government funding available to support exploration and development costs; exploration costs on the Eich licence have been approved as eligible for reimbursement under Module 1 of the BAFA BEW scheme.

● Work is progressing to support eligibility for additional Government funding, grants and derisking insurance.

Lars Guldstrand, Chief Executive Officer of Cindrigo, commented: "The subsurface analysis of the Eich area indicates positive results for the potential of the underground heat reservoir, to support commercial heat, electricity and lithium production from three Units. Technical work is being advanced in support of the first production well, EichGT-1, including engineering and feasibility studies in process for later this year, and it is our intention to start drilling in 2027.

"Importantly, Germany provides one of Europe's most supportive funding environments for geothermal development. At Eich, we benefit from BEW support already in place for pre-development activities, and potential additional support through derisking of the drilling stage via MunichRe insurance and drilling financing up to €25 million through the German development bank KfW.

"We are encouraged by these positive subsurface results indicating greater resource potential and reduced drilling depth. Combined with Government support reducing the development risk, and the possibility of further financing and grants to support plant construction, this is an opportune time to be developing our geothermal business."

Increase of 50% in estimated exploitable energy potential to 157.8 MW on Eich licence

Subsurface analysis and reservoir modelling of the Eich licence area were completed by GeoDa Consulting d.o.o. as part of the Eich Hamm Report and indicate an exploitable energy potential of 157.8 MW, which is a 50% greater energy potential estimate than previously communicated by the Company.

Initial Monte Carlo simulation of reservoir potential estimates a mean resource potential across the three planned wells of 137.0 MWth heat, 20.8 MWe electricity and additional potential to produce 7,230 tpa of LCE.

Exploitation plan envisages three production wells on the Eich license area

Results from the subsurface analysis support the exploitation of Eich's energy and lithium potential through the development of three geothermal well doublets targeting the Rotliegend formation. Production will be from the three wells EichGT-1, EichGT-3, and EichGT-5 with reinjection of residual fluids through EichGT-2, EichGT-4, and EichGT-6.

The Rotliegend Formation consists of deep, thick sandstones and volcanic rocks at depths of between 1,000m and 3,000m. It is regarded as a highly promising target for both deep hydrothermal energy extraction and the production of critical minerals like lithium from deep brines.  Fluids extracted from these depths frequently exceed 100C to 150C, making them highly suitable for district heating and power generation.

Note; the figures for LCE, heat and electricity potential set out above are based on a methodology involving a phased approach to evaluating subsurface heat and fluid viability: Geological-Geochemical-Geophysical (3G) studies/analysis, volumetric stored-heat calculations, and numerical reservoir simulation. This transitions from regional surface/subsurface investigations to precise, well-based resource assessments.

Figure 1: Eich Reservoir Exploitation Plan

Germany provides one Europe's most supportive geothermal funding environments

There is significant federal support and funding available for the development of deep geothermal projects for municipal and industrial heat supply in Germany, which Cindrigo intends to utilise where appropriate. 

All three of Cindrigo's licences are approved eligible for BEW Module 1, which provides grants covering up to 50% of eligible pre-development costs prior to first drilling, subject to a maximum of €2 million per licence. BEW Module 1 is administered by the German Federal Office for Economic Affairs and Export Control ("BAFA") under the BEW programme (Bundesförderung für Effiziente Wärmenetze, or Federal Funding for Efficient Heat Networks).

Alongside this, work is underway to apply for the support and future eligibility for each Unit of:

●    Insurance against the risks associated with drilling through MunichRe, one of the world's leading reinsurance companies, and 

●    KfW Geothermal financing up to €25 million Support Loan through the German state development bank KfW, and

●    BAFA BEW Module 2 funding, which may provide grants covering up to 40% of eligible drilling and production costs, up to a maximum of €100 million.

Development of first Unit - Eich GT-1 & Eich GT-2

Initial modelling of EichGT-1 estimates potential for 40.3 MWth heat, 5.3 MWe electricity and 2,400 tpa LCE. The location for the production well at Eich GT-1, and reinjection at Eich GT-2 have been identified, with drilling currently targeted to commence in 2027 subject to financing. The production well is planned to drill to target Rotliegend formation (reservoir) at depths of 2,500-3,500m.

Development strategy

Further exploration and evaluation related to Eich GT-1, which has been identified as the most favourable proposed well location with the highest calculated geological probability of success, are ongoing, including a technical review, which is expected to support the publication of a CPR later this year. Results will be used to develop a detailed drill plan and advance discussions regarding long-term heat off-take contracts. Negotiations and due diligence regarding insurance and funding, with MunichRe, KfW and others, drilling permit applications, and well pad preparations are also to be progressed ahead of the commencement of drilling in 2027.

Cindrigo will sequentially develop further Units on Eich and its other licence areas.  The order and pace of development of the following Units and Cindrigo's other licences remain subject to ongoing technical and commercial evaluation and funding.

ENDS

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For further information, please visit www.cindrigo.com, follow us on social media (LinkedIn and X) or contact:

Cindrigo Holdings Limited Lars Guldstrand, CEO	[e-mail] Tel: [phone]
Beaumont Cornish Limited (Sponsor) Roland Cornish /Asia Szusciak /Andrew Price	Tel: [phone]
Capital Plus Partners Limited (Broker) Jonathan Critchley	Tel: [phone]
St Brides Partners (Financial PR) Paul Dulieu / Charlotte Page	[e-mail]

Technical Standard

The technical information in this announcement has been prepared under the SPE Petroleum Resources Management System - Classification Framework for Geothermal Reserves and Resources by the Society of Petroleum Engineers.

Qualified Person's Statement

Ishtiaq Ahmad the Head of Central Europe of Cindrigo, has reviewed and approved the technical information contained within this announcement, in his capacity as a qualified person. Ishtiaq Ahmad has over 25 years' experience in the field of oil/gas and geothermal industry, prior to which he studied geology and petroleum engineering at the University of Aberdeen, UK.

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Sponsor as defined in the FCA UK Listing Rules and is authorised and regulated by the FCA. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Further Information

Cindrigo is a sustainable energy developer with a portfolio of projects that support Europe's transition to a secure, affordable, and sustainable energy future. This includes an integrated biomass operation in Finland and three geothermal energy licences in Germany.

In Germany, Cindrigo is targeting the development of its current licence portfolio consisting of three geothermal licences in the Upper Rhine Valley (Eich, Worms and Weinheim licences), which cover approximately 125 km². Cindrigo holds an 85% interest alongside Zukunft Geowärme GmbH (ZGG), a German geothermal project developer, which holds the remaining 15%, The Company believes the Eich, Worms and Weinheim licences have the potential to support over 400 MW of district heating and electricity generation, together with lithium extraction potential from the geothermal brine.

In Finland, Cindrigo's biomass operations include planned downstream heat generation via a 110 MW biomass combined heat and power plant and upstream biomass production via the joint development of an integrated sustainable wood pellet business, known as Fuelwood. Fuelwood has the potential to become one of Europe's largest sustainable wood pellet production facilities; the group is targeting an initial production capacity of approximately 80,000 tonnes of wood pellets per annum, with commissioning expected by the end of 2026, and a long-term target of approximately 400,000 tonnes per annum.

Alongside this, Cindrigo maintains an active development strategy with several energy projects and licences under evaluation.

The Company has a clear vision to create shareholder value by delivering secure, sustainable, affordable energy solutions that address three global priorities: meeting rising energy demand while delivering energy security and improving environmental outcomes.

 

END