Provides $4.5M convertible bridge loan to Ferrox

SmartKem extended a $4.5M convertible promissory note to Ferrox with 5% interest, a $400k origination fee, conversion rights into Ferrox shares, and harsher default terms (15% interest plus daily default fee). This is a material financing exposure for SmartKem and signals use of cash for strategic/mining-related financing rather than core operations, which could affect liquidity and risk profile for investors.