Chairman’s Letter

Dear Fellow Shareholders,

I am pleased to take this opportunity to share with you my views and key priorities for the future of our Company. These priorities remained broadly consistent with the strategic direction and guidance previously communicated to shareholders.

The company is an energy and resources Company focused on natural gas exploration, development and production, which was founded on the premise that unconventional oil and gas reservoirs could be developed safely and commercially in Australia.

Our long-term strategy is to continue to develop the Company’s flagship asset in the Canning Basin, Project Valhalla, which remains potentially one of the Australia’s last large scale onshore unconventional undeveloped gas projects.

During the period, 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.

Relations with the project areas traditional owners continue to remain strong as the Company builds on established relationships. The Noonkanbah Community has been waiting 10 years for the project to progress. Their advocacy, determination and patience are greatly appreciated.

The Company remains focussed on advancing the necessary approval processes to commercialise the project.

On behalf of the board, I thank shareholders for their continued patience and support.

As a fellow shareholder, I continue to be excited by the journey that lays ahead of us.

The Company remains well funded with approximately $2.6m in cash and cash equivalents, including financial assets and we remain focussed on progressing Project Valhalla.

Thank you,

Rhett Bennett
Executive Chairman and Chief Executive Officer

• 11 September 2026