Resolute Resources Ltd. — Audit Report / Information 2024

Nov 1, 2024

RESOLUTE RESOURCES LTD. STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION (Form 51-101F1)

Part 1 – Date of Statement

This statement of reserves data and other oil and gas information is dated November 1, 2024

The effective date is June 30, 2024.

The preparation date is November 1, 2024.

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Part 2 – Disclosure of Reserves Data

In accordance with the requirements of NI 51-101, the following Statement of Reserves Data and Other Oil and Gas Information is being submitted, for an effective date of June 30, 2024.

As at the effective date, Resolute Resources Ltd. (the Company) had no oil and gas reserves.

Since there are no reserves there have been no reserves reports or results to include, herein.

Part 3 - Pricing Assumptions

Since there have been no reports prepared for the Company, there is no product price information.

Part 4 – Reconciliation of Changes in Reserves

The Company has had no reserves for the past year, therefore, there is no reconciliation reporting on the changes.

Part 5 – Additional Information Relating to Reserves Data

There is no additional information relating to reserves data for the Company at this time .

Part 6 – Other Oil and Gas Information

6.1 Oil and Gas Properties and Wells

The following table sets forth the number of wells in which the Company held a working interest as at the effective date:

Grimshaw Area Producing Non-producing	Oil Gross(1) Net(2) 0 0 2 2	Conventional Natural Gas	Conventional Natural Gas
	Gross(1) 0 2	Gross(1) 0 0	Net(2)
			0 0

[1] Total number of wells in which the Company has a working interest.

• [2] Total number of wells in which the Company has a working interest multiplied by the Company working interest in each well.

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6.2 Properties with No Attributed Reserves

The Company, then named "Crossover Acquisitions Inc.", completed its initial public offering on October 15, 2021, and, pursuant to a reverse-takeover acquisition on August 23, 2023, acquired certain oil and gas properties. The common shares of the Company are listed on the NEX Board of the TSX Venture Exchange. As of the preparation date, Resolute does not currently have any commercial operations and has no assets other than cash.

As of the effective date, the Company had projects in Northwest Alberta, where it was exploring shallow cretaceous sandstone reservoirs. The Company had accumulated just under 35,000 acres in its GFD light oil project. The Company did not have any work commitments or operations related to these properties as of the effective date and, as such, no material capital expenditures are expected.

6.2.1 Significant Factors or Uncertainties Relevant to Properties With No Attributed Reserves

Subsequent to the effective date, the Company sold its direct wholly-owned subsidiary, Resolute Resources Limited. The Subsidiary encompasses all oil and gas assets previously held by the Company (the "Assets") and includes all issued and outstanding shares of a now former indirect subsidiary of the Company, Resolute Resources Corp. (the "BC Subsidiary"). The sale of the Assets and BC Subsidiary represented a sale of substantially all of the assets of the Company.

6.3 Forward Contracts

Currently, the Company has no forward contracts.

6.5 Tax Horizon

The Company is not expected to become taxable as the Company has no current net income. The tax horizon will depend on future development of the above projects.

6.6 Costs Incurred

The following table summarizes the capital expenditures made by the Company on oil and conventional natural gas properties for the year ended June 30, 2024

Property Acquisition Costs (M$) Proved Properties Unproved Properties 0 0.08	Exploration Costs (M$)	Development Costs (M$)
	4.64	0

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6.7 Exploration and Development Activities

The following table sets forth the number of exploratory and development wells which the Company completed during its financial year ending June 30, 2024:

	Exploratory Wells Gross(1) Net(2) 0 0 0 0 0 0 2 2 2 2	Development Wells	Development Wells
Oil Sells Gas Wells Service Wells Dry Holes Total Completed Wells	Gross(1) 0 0 0 2 2	Gross(1) 0 0 0 0 0	Net(2) 0 0 0 0
			0

[1] Total number of wells in which the Company has a working interest.

[2] Total number of wells in which the Company has a working interest multiplied by the Company working interest in each well.

The Company did not drill or develop any additional reserves in the fiscal year.

6.8 Production Estimates

Since the Company has no oil and gas reserves, there have been no production estimates forecast at the effective date.

6.9 Production History

The Company has no production during this fiscal year.

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