BPH ENERGY LTD — Capital/Financing Update 2022

May 11, 2022

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12 May 2022

ASX Limited 10[th] Floor, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

MTPCONNECT ANNOUNCES $137,000 IN FUNDING FOR INVESTEE CORTICAL DYNAMICS LIMITED

Investee Cortical Dynamics Limited has been awarded $137,000 in funding to further develop the ‘Brain Anaesthesia Response Monitor’ (BARM™) to optimise patient experience under anaesthesia and to implement brain data monitoring and feedback.

The funding comes from the fourth round of the BioMedTech Horizons (BMTH) program, an initiative of the Medical Research Future Fund (MRFF) delivered by MTPConnect.

Cortical was one of three companies selected for funding. MTPConnect CEO Stuart Dignam said the BMTH program is all about supporting the development of the Australian medical device sector. “Targeted funding provided through our BMTH program addresses gaps in early biomedical and medical technology product development and this round focused on the further development of pre-commercial prototypes entering human clinical trials,” Mr Dignam said.

“From the three selected projects, patients in the future are set to benefit from improved outcomes when they are anaesthetised; better diagnosis, treatment and management of functional gastrointestinal disorders; and better predictive tests, diagnosis and treatment for diabetic kidney disease. The power of BMTH is that within a year these teams will take critical steps to further develop their medical technologies towards achieving commercialisation, including manufacture of devices for trial purposes and targeting regulatory approvals. The funding we’ve allocated to these projects has leveraged an additional $1.04 million in contributions from industry which means a total of $1.94 million is flowing into our healthtech sector,” Mr Dignam said.

Across four funding rounds, the BMTH program has now funded 49 projects. Investments from the program are focused on supporting biomedical and medical technologies to develop from a proof-ofconcept to a validated pre-commercial product that is attractive for private capital investment and commercialisation

About Cortical

Cortical Dynamics Limited (Cortical) is an Australian medical device technology company that has developed a next generation Brain Function Monitor with is now TGA, CE and Korean MFDS approved.

The core‐product the Brain Anaesthesia Response Monitor (BARM™) has been developed with the objective of better detecting the effect of anaesthetic agents on brain activity, aiding anaesthetists in keeping patients optimally anaesthetised and pain free under general anaesthetic.

BPH Energy Ltd ACN 095 912 002

Unit 12, Level 1, 114 Cedric Street, Stirling, Western Australia 6021 admin@bphenergy.com.au www.bphenergy.com.au

T: +61 8 9328 8366 F: +61 8 9328 8733

BARM™ improves on currently used electroencephalogram technologies used in the Operating Room by incorporating the latest advances of how the brain’s rhythmic electrical activity, the electroencephalogram (EEG), is produced. The approach used is fundamentally different from all other devices currently available in the market in that its underlying algorithm produces an EEG index which is directly related to the physiological state of the patient’s brain.

Cortical's technology has a versatility that goes beyond depth of anaesthesia and may be applied to other EEG based markets.

During every use of Cortical’s solution, a highly valuable data set is generated which can be a great source to better understand the patterns & generate insights of brain activity under anaesthetic treatments. However, this data is currently not captured in any system to store, compute and further analyse for enhanced decisions.

Cortical will partner with Lorgan, an Australian based award winning Advanced Analytics, Artificial Intelligence / Machine Learning & IoT organisation to implement a rich brain monitoring data lake using their Enigma platform with below key objectives:

• a. Brain Anaesthesia Response Behavioural Data Lake

• b. Exploratory analytics for relevant health care professions to better understand and learn using the insights generated from the past treatments

About MTPConnect

MTPConnect is a not-for-profit organisation aiming to accelerate the rate of growth of the medical technology, biotechnology and pharmaceutical (MTP) sector in Australia.

Formed in December 2015 as part of the Federal Government’s Industry Growth Centres Initiative, MTPConnect is an independent, not-for-profit organisation. MTPConnect is forging stronger connections between research and industry to help maximise opportunities for Australians to not only make scientific and technological breakthroughs, but to see them developed through the proof-of-concept stage and successfully translated and commercialised. In this way, MTPConnect is building a more resilient and competitive medical products manufacturing sector.

MTPConnect raises awareness, fosters collaboration and competition, aggregates existing knowledge and shares it with the broader MTP sector. It also jointly funds projects that address the Sector Growth Priorities and the constraints and gaps identified in the sector.

MTPConnect's mandate as an Industry Growth Centre is focused on four key areas:

• Increasing collaboration and commercialisation across the sector

• Improving management and workforce skills

• Improving access to global supply chains and international markets

• • Optimising the regulatory environment

New Publication

BARM™ has featured in a new academic publication " P erformance of the Bispectral index and electroencephalograph derived parameters of anaesthetic depth during emergence from xenon and sevoflurane anaesthesia ” published in the Journal of Clinical Monitoring and Computing on 30 March 2022. (https ://link.springer.com/article/10.1007/s10877-022-00860-y).

Testing Xenon and Sevofurane (inhalation anaesthesia) 2 brain monitors were used simultaneously; BIS and BARM™ to assess the depth of anaesthesia and emergence using these 2 agents.

Authorised for release by

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David Breeze Executive Director