BPH ENERGY LTD — Capital/Financing Update 2024

Feb 21, 2024

==> picture [242 x 93] intentionally omitted <==

22 February 2024

Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

BPH ENERGY LTD - PLACEMENT UPDATE

Further to the Company’s announcement of 9 February 2024 regarding a Placement (“Placement”) to raise $2.25 million, the final number of securities issued under the Placement was as follows:

• 69,183,942 fully paid ordinary shares at an issue price of $0.033 per share; and

• 34,591,979 listed options with an exercise price of $0.03 each and expiry 30 September 2024 (BHPOB).

The Placement raised a total of $2,283,070, of which $72,000 related to the set-off of third-party invoices in relation to marketing and advertising costs, and $2,211,070 was in cash (net fees) proposed to be used as follows:

• $1.71 million – funding for exploration and development of oil and gas investments.

• $0.3 million – for working capital, including the costs of the offer; and

• $0.2 million – funding for Cortical Dynamics.

In addition, a total of 8,250,000 listed options with an exercise price of $0.03 each and expiry 30 September 2024 (BHPOB) were issued to the joint Lead Managers (EverBlu and Sixty-Two Capital) for the Placement.

David Breeze (Director) authorised the release of this announcement to the market.

David Breeze Executive Director

BPH Energy Ltd ACN 095 912 002 PO Box 317, North Perth, Western Australia 6906 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