Termination of Joint Venture Agreement between ideaForge Technology Inc.(wholly-owned subsidiary of ideaForge Technology Limited) and First Breach Inc.

www.ideaforgetech.com October 23, 2026 To, To, BSE Limited The National Stock Exchange of India Phiroze Jeejeebhoy Towers, Dalal Street, Limited “Exchange Plaza”, Bandra – Kurla Fort, Mumbai – 400 001. Complex, Bandra (EAST), Mumbai – 400 BSE Scrip Code: 543932 051 NSE SYMBOL: IDEAFORGE Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Termination of Joint Venture Agreement by Wholly-Owned Subsidiary of ideaForge Technology Limited. Dear Sir/Ma’am, This is in furtherance to our earlier intimation dated September 24, 2025, regarding the execution of a joint venture agreement (“JV Agreement”) by ideaForge Technology Inc. (a Texas corporation and wholly-owned subsidiary of ideaForge Technology Limited (“Company”) with First Breach Inc. (a Delaware corporation) for forming a joint venture entity named "First Forge Technology Inc. (“JV”) Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that ideaForge Technology Inc. has entered into a termination agreement on October 23, 2026 with First Breach Inc. (“Termination Agreement”) to terminate the JV Agreement, on account of (i) Closing (as defined in the JV Agreement) not having occurred prior to the expiry of the Long Stop Date (as defined in the JV Agreement); and (ii) based on mutual discussions between the parties to terminate the JV Agreement. In this regard, we are hereby enclosing the necessary details as required under the Listing Regulations, in accordance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 dated January 30, 2026. Please find the details attached as Annexure A and Annexure B. The information is also available on the Company’s website at https://ideaforgetech.com/ Request you to kindly take the above on records. Thanking you, Yours faithfully For ideaForge Technology Limited Nilesh Ranjan Jaywant Company Secretary and Compliance Officer Membership No. A26554 ideaForge Technology Limited. EL-146, T.T.C. Industrial Area, M.I.D.C. Mahape, Navi Mumbai - 400 710. Maharashtra (India). Ph.(O): +91 (22) 6787 1000 (F) +91 (22) 6787 1007 Email: info@ideaforgetech.com CIN No. L31401MH2007PLC167669 www.ideaforgetech.com Annexure – A Disclosure of Information pursuant to Para 5 of Part A of Regulation 30 and Regulation 30 (9) of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 dated January 30, 2026: Sr. Particulars Descriptions 1. Name(s) of parties with whom 1. ideaForge Technology Inc., (“IF”) a wholly owned the agreement is entered. subsidiary of the Company; and 2. First Breach Inc. (“FB”) (collectively referred to as “JV Parties”) 2. Purpose of entering into the To terminate the JV Agreement executed between the JV agreement. Parties, which was executed to jointly undertake the business of licensing, sourcing, designing, engineering, manufacture and distribution of UAVs in the USA. 3. Size of the agreement. NA 4. Shareholding, if any, in the entity IF is a wholly owned subsidiary of the Company. with whom the agreement is executed. 5. Significant terms of the Under the Termination Agreement, both parties have agreement (in brief) special irrevocably released and waived all claims against each rights like right to appoint other, with the non-compete and non-solicit obligations directors, first right to share ceasing to survive post-termination. As closing did not subscription in case of issuance occur, the proposed JV was not implemented and no of shares, right to restrict any shares were issued or capital contribution made under change in capital structure, etc. the JV Agreement. 6. Whether, the said parties are IF is a wholly owned subsidiary of the Company. related to promoter/promoter group/ group companies in any manner. If yes, nature of relationship 7. Whether the transaction would No fall within related party ideaForge Technology Limited. EL-146, T.T.C. Industrial Area, M.I.D.C. Mahape, Navi Mumbai - 400 710. Maharashtra (India). Ph.(O): +91 (22) 6787 1000 (F) +91 (22) 6787 1007 Email: info@ideaforgetech.com CIN No. L31401MH2007PLC167669 www.ideaforgetech.com transactions? If yes, whether the same is done at “arm’s length” 8. In case of issuance of shares to NA the parties, details of issue price, class of shares issued; 9. Any other disclosures related to NA such agreements, viz., details of nominee on the board of directors of the listed entity, potential conflict of interest arising out of such agreements, Details about the termination: 10. Name of parties to the JV Parties agreement; 11. Nature of the agreement; Joint venture termination agreement 12. Date of execution of the October 23, 2026 agreement; 13. Reasons of termination and The JV Agreement has been terminated in accordance impact thereof. with (a) Clause 15.2.1 of the JV Agreement since the closing of the deal contemplated under the JV Agreement did not happen prior to the Long Stop Date (as set out in the JV Agreement), and (b) Clause 15.2.2 of the JV Agreement, based on mutual discussions between the JV Parties. ideaForge Technology Limited. EL-146, T.T.C. Industrial Area, M.I.D.C. Mahape, Navi Mumbai - 400 710. Maharashtra (India). Ph.(O): +91 (22) 6787 1000 (F) +91 (22) 6787 1007 Email: info@ideaforgetech.com CIN No. L31401MH2007PLC167669 www.ideaforgetech.com Annexure B Disclosure of Information pursuant to Para 5(A) of Part A of Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD POD2/I/3762/2026 dated January 30, 2026: Sr. No. Particulars Descriptions 1. 1If listed entity is not a party to the The JV Agreement was entered into by IF, a Texas agreement: corporation and wholly owned subsidiary of the Company (the listed entity), and FB, a Delaware i. name of the party entering into corporation, on September 23, 2025. such an agreement and the relationship with the listed entity; ii. details of the counterparties to the agreement (including name and relationship with the listed entity); iii. date of entering into the agreement. 2. Purpose of entering into the To terminate the JV Agreement executed between agreement. the JV Parties, which was executed to jointly undertake the business of licensing, sourcing, designing, engineering, manufacture and distribution of UAVs in the USA. 3. Shareholding, if any, in the entity IF is a wholly owned subsidiary of the Company. with whom the agreement is executed. 4. Significant terms of the agreement Under the Termination Agreement, both parties (in brief). have irrevocably released and waived all claims against each other, with the non-compete and non-solicit obligations ceasing to survive post- termination. As closing did not occur, the proposed JV was not implemented and no shares were issued or capital contribution made under the JV Agreement. ideaForge Technology Limited. EL-146, T.T.C. Industrial Area, M.I.D.C. Mahape, Navi Mumbai - 400 710. Maharashtra (India). Ph.(O): +91 (22) 6787 1000 (F) +91 (22) 6787 1007 Email: info@ideaforgetech.com CIN No. L31401MH2007PLC167669 www.ideaforgetech.com 5. Extent and the nature of impact on There is no impact on the management or control management or control of the of the Listed entity. Listed entity; 6. Details and quantification of the NA restriction or liability imposed upon the listed Entity 7. Whether, the said parties are IF is a wholly owned subsidiary of the Company. related to promoter/promoter group/ group Companies in any manner. If yes, nature of relationship; 8. Whether the transaction would No fall within related party transactions? If yes, Whether the same is done at “arm’s length” 9. In case of issuance of shares to the NA parties, details of issue price, class of shares issued; 10. Any other disclosures related to NA such agreements, viz., details of nominee on the Board of directors of the listed entity, potential co [Showing first 8,000 characters — download PDF for full document]