Chairman’s Letter

Dear Fellow Shareholders,

I am pleased to take this opportunity to share with you my views and priorities for the future of our Company.

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 world’s last large scale onshore unconventional undeveloped gas projects.

During the period, the Company’s Review Document (ERD) was submitted to the WA Environmental Protection Authority Services (EPA Services) and has been progressing through the prescribed approvals process. The Company has recently received feedback on its Response to Submissions from EPA Services. 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. Further clarity has been received from DCCEEW via a Request for Information (RFI) document. The Company is currently preparing a response.

Relations with traditional owners continues to remain strong as the Company builds on established relationships by increasing knowledge and understanding of the cultural heritage within the region. I would like to recognise the ongoing support of the traditional owners.

Throughout the year, the Company has benefited 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.

We remain focussed on the ERD and federal referral process, but continue to advance technical geoscience workflows at the same time.

These workstreams, which are utilizing advanced geophysical techniques, have the aim to refine the Exploration Permits potential beyond the Laurel formation and help with the design and planning around acquiring new seismic data and ultimately the drilling of wells.

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 $4.8m in cash and cash equivalents, including financial assets and we remain focussed on progressing Project Valhalla. Thank you,

Thank you,

Rhett Bennett
Executive Chairman and Chief Executive Officer

• 8 September 2025