SmartKem and Ferrox extend convertible promissory note maturities to June 30, 2027

Maturity extension: The March, June, and July Notes are each extended to June 30, 2027 from October 30, 2026, December 31, 2026, and January 31, 2027, respectively.

Principal amounts: Exhibit 10.1 states original principal of $1,500,000 for the March Note, $2,500,000 for the June Note, and $4,900,000 for the July Note; the 8-K body instead states the June Note principal as $2,700,000.

Interest terms: Interest continues to accrue at 5% per annum on outstanding principal and is payable on the extended maturity date; the extension does not itself trigger an increased, compounding, or default interest rate.

No default or fees: The Holder acknowledged that no Event of Default had occurred and was continuing and that no Default Management Fee or other fee, premium, or penalty had accrued or was payable; no consideration is payable for the amendment or extension.

March Note prepayment: Ferrox made a $300,000 partial prepayment of March Note principal following the September 3, 2026 waiver and consent; the filing does not state the resulting outstanding balance.

Payment timing: Unless earlier converted, unpaid principal, accrued unpaid interest, and other amounts are due on the earliest of June 30, 2027, an Event of Default, or, if Definitive Transaction Documents for a Fundamental Transaction are entered into before June 30, 2027, the earlier of consummation or termination of those documents.

Unchanged terms: Except as expressly amended, each Note remains unmodified and in full force and effect, the amendment is not a novation, New York law governs, and each party bears its own expenses and legal fees.