CAULDRON ENERGY LIMITED — Capital/Financing Update 2025

Oct 30, 2025

Appendix 3B - Proposed issue of securities

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Announcement Summary

Entity name

CAULDRON ENERGY LIMITED

Announcement Type

New announcement

Date of this announcement

31/10/2025

The Proposed issue is:

A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Performance Rights subject to milestones	78,928,669
confirmed

Proposed +issue date 1/12/2025

Refer to next page for full details of the announcement

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Appendix 3B - Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CAULDRON ENERGY LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ABN

Registration Number

22102912783

1.3 ASX issuer code

CXU

1.4 The announcement is

New announcement

1.5 Date of this announcement

31/10/2025

1.6 The Proposed issue is:

A placement or other type of issue

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Appendix 3B - Proposed issue of securities

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes 7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 27/11/2025 Actual No

Comments

Shareholders will be asked to consider and approve resolutions pertaining to an increase in the number of securities that can be issue under the Company's Employee Securities Incentive Plan and the issue of performance rights to specified directors of the Company. No performance rights will be issued without shareholder approval

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

Have you received confirmation fromASX that the terms of the proposed+securities are appropriate andequitable under listing rule 6.1?Will the entity be seeking quotationof the 'new' class of +securities onASX?ASX +security codeNew class-code to be confirmed+Security descriptionPerformance Rights subject to milestonesNoNo	Have you received confirmation fromASX that the terms of the proposed+securities are appropriate andequitable under listing rule 6.1?Will the entity be seeking quotationof the 'new' class of +securities onASX?ASX +security codeNew class-code to be confirmed+Security descriptionPerformance Rights subject to milestonesNoNo
New class-code to be confirmed	Performance Rights subject to milestones

+Security type

Performance options/rights

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Appendix 3B - Proposed issue of securities

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Number of +securities proposed to be issued

78,928,669

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Rights are proposed to be issued to specified directors and senior executives directors as part of their ongoing remuneration arrangements; such rights are to be subject to defined milestones as set out in the Notice of Annual General Meeting dated 28 October 2025

Meeting dated 28 October 2025
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
0.00000001
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Performance options/rights details
+Security currencyExercise price	Expiry date
AUD - Australian DollarAUD 0.0000	31/12/2029
Details of the type of +security that will be issued if the option is exercised
CXU : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
78,928,669 fully paid ordinary shares
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03014787-6A1293464&v=undefined

Part 7C - Timetable

7C.1 Proposed +issue date 1/12/2025

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15%

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Appendix 3B - Proposed issue of securities

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placement capacity under listing rule 7.1? No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

as part of remuneration arrangements for specified directors and senior executives

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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