• SmartKem funded a USD 2.5 million bridge loan to Ferrox Critical Minerals via a Convertible Promissory Note dated June 22, 2026.
• Note carries 5% annual interest, matures Dec. 31, 2026; SmartKem received a USD 200,000 origination fee.
• On default, interest steps up to 15%; Ferrox would owe a USD 4,500 per-day default management fee.
• SmartKem can convert into Ferrox ordinary shares at the lower of appraised fair value or a price based on an USD 80 million fully diluted equity value.
• Deal adds to a prior Ferrox convertible promissory note issued to SmartKem on April 23, 2026; includes ROFR and exclusivity through Dec. 31, 2026.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SmartKem Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-078247), on June 26, 2026, and is solely responsible for the information contained therein.