• H&S Group exercises Tranche 2 of Performance Options
• Nuchev to issue 8,749,000 new shares to H&S Investments
• Nuchev receives $1.9 million from option exercise

Nuchev Limited (Nuchev or the Company) announced that H&S Group has exercised Tranche 2 of their Performance Options. The exercise price for the Options is $0.30 and will result in Nuchev issuing 8,749,000 Fully Paid Ordinary Shares to H&S Investments, increasing their shareholding from 45.56% to 48.62%. Nuchev has received $1.9 million as a result of H&S exercising their Options, providing Nuchev with further financial flexibility to execute on its medium-term strategies. The Company previously obtained Shareholder approval under item 7 of section 611 of the Corporations Act to issue Shares in the capital of the Company following vesting and exercise of Tranches 1, 2 and 3 of H&S Group's Performance Options at the Extraordinary General Meeting held on 19 June 2023. CEO, Nathan Cheong, commented that Nuchev is delighted with H&S Group's decision to exercise their Performance Options, and that the capital will help support the company's strategic growth objectives.