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

• The Department of Climate Change, Energy, the Environmental and Water (DCCEEW) has issued a decision that the proposed action is a controlled action and that the proposed action will be assessed by preliminary documentation.
• The Company has formally responded to the ‘Summary of Submissions’ from the Environmental Protection Authority Services (EPA Services) relating to the public review of the submitted Environmental Review Document (ERD).
• Black Mountain representatives recently attended and promoted Project Valhalla at NAPE (North American Prospect Expo) in Houston.

Project Valhalla – Environmental Approvals – Commonwealth

The Department of Climate Change, Energy, the Environment and Water (DCCEEW) issued a decision on the Company’s submitted referral. DCCEEW has decided under section 75 of the EPBC Act that the proposed action is a controlled action and that under section 87 of the EPBC Act that the proposed action will be assessed by preliminary documentation. DCCEEW will focus the assessment on National Heritage values, listed threatened and migratory species and water resources. The Company is confident that the assessment will demonstrate that with the avoidance and engineering mitigations in place concerns regarding the projects perceived potential impact on MNES (Matters of National Environmental Significance) will be deemed acceptable. The assessment is subject to cost recovery, which DCCEEW has estimated at around $95,000. The first stage of the assessment will provide further clarity around the details that will be examined, the assessment schedule and the overall expected approval costs to the company.

The Company maintains the view that the project does not have the potential to result in a significant impact to Matters of National Environmental Significance and further looks forward to de-risking the project by gaining legal certainty following conclusion of the assessment, which may be before year end 2025.

Project Valhalla – Environmental Approvals – State

Black Mountain’s Environmental Review Document (ERD), submitted to the WA Environmental Protection Authority Services (EPA Services), has been progressing through the prescribed approvals process. The Company has formally responded to the Summary of Submissions recently received from EPA Services. The Company currently estimates that, subject to governmental resourcing constraints, the EPA will complete its assessment report by mid-2025.

Project Valhalla – Promotion

Black Mountain and local representatives promoted Project Valhalla at NAPE (North American Prospect Expo) in Houston recently. NAPE represents a venue to showcase prospects, gain feedback and ultimately attract investment. Similarly, the Company plans to attend SEAPEX’s May 2025 conference (South Asia Petroleum Exploration Society) in Singapore and show case its Canning Basin opportunity.

Project Valhalla – Overview

The Valhalla Project is in the Fitzroy Trough, west of Fitzroy River in WA’s north, about 2,500km from Perth. The permit area covers 3,662km2 in the Canning Basin which is believed to be one of Australia’s last large-scale undeveloped unconventional onshore gas reservoirs.

The project’s location is adjacent to three key natural gas markets – primarily WA domestic supply, but also to customers in eastern Australia and export to Asia. EP 371 has existing wells, and an Independent Technical Expert has estimated the permit has 11.8 trillion cubic feet (TCF) of prospective gas resources and 1.5 TCF of contingent gas resources1. The Company aims to develop these resources to provide a socio-economic uplift to the project area’s Traditional Owners and also to provide WA with a supply of low-cost and reliable natural gas.

Black Mountain remains strongly committed to progressing Project Valhalla in the Canning Basin, which includes securing the necessary approvals as soon as possible, and ultimately executing appraisal drilling activity on its exploration permit.

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
investors@blackmountainenergy.com
+61 8 9200 1685