20 January 2026

Black Mountain Energy Ltd (the Company; Black Mountain; BME) wishes to provide a Company and Project Valhalla update.

The Environmental Protection Authority (EPA) has issued its assessment report on Black Mountain’s Valhalla Gas Exploration and Appraisal Program in the Canning Basin. The Company’s interpretation of the report:

• The EPA is recommending to the Minister, that with conditions in place, the project is unlikely to have a significant environmental impact and recommends that implementation of the Project be approved.
• The EPA has issued conditions and procedures which the Company regards as reasonable.
• EPA believes that the Project can co-exist with existing land-uses including cultural and heritage values.
• Validates the Company’s submission, views and workflows which have taken place over the last several years.

 

Exploration/Appraisal Phase Project Overview:

• Wells have been previously safely drilled and fracture stimulated within EP371.
• Project is located on an operational pastoral station.
• Targeting gas in the deep Laurel formation (>2000 meters).
• 10 surface locations (200m x 200m each) will accommodate up to 2 Laurel wells per location, a maximum of 20 wells to be horizontally drilled and fracture stimulated.
• The total disturbance footprint will not exceed 112 hectares and up to 100 ML of ground water abstraction will be used per well during operations.
• The full disturbance footprint has been subject to targeted flora, fauna and cultural heritage surveys.
• Project duration is limited to 7 years.

BME’s Executive Chairman Rhett Bennett commented, “I regard the EPA’s assessment report as a material outcome that supports progressing Project Valhalla. This encouraging step forward is a testimony to the company’s resilience, quality of work and commitment to the project. I remain a strong believer in the vast resource development opportunity that exists in our EP371 permit in the Canning Basin. Our focus remains on progressing activity for the benefit of all stakeholders”.

BME’s Website – Get The Facts

Shareholders and stakeholders are encouraged to visit the website for information including a new section on Get The Facts. To stay up to date and help avoid misinformation interested parties may sign up for updates. Go to: www.blackmountainenergy.com

Project Valhalla Vision

Black Mountain has the right experience and competency to progress Project Valhalla which is believed to be a significantly large on-shore unconventional undeveloped gas opportunity. Its strategy is to develop the project with its expertise, creating long-term value for customers and stakeholders. Beneficiaries of this success will include local communities, traditional owners (TO’s) and the Western Australian government through taxes/royalties and material job creation.

The Company benefits from strong and consistent support from both the Yungngora and Warlangurru boards and community. The Noonkanbah Community has been waiting over 10 years for the project to progress. Their advocacy, determination and patience are greatly appreciated.

Project approval delays are currently limiting employment and financial benefits to the local communities.

Dealing with Shares

As the Company is unlisted there is not a ready market available to sell shares. Buyers and sellers will need to find a suitable counter party in order to execute a sale. An off-market transfer form can be found at the Company’s share registry: https://automic.com.au/forms/standard_transfer_form_no_fee.pdf

This announcement has been authorized for release by the Board of Black Mountain Energy Ltd.

 

For more information, please contact:

Michael Laurent
Executive Director and Chief Operating Officer
Black Mountain Energy
[email protected]
+61 8 9200 1685