• Completed acquisition of Serpentine Energy, securing 20,000 acres in Kansas
• Expanded lease holdings to 25,000 acres, targeting prime infill acreage
• Selected first well site in Marshall County, with well design underway

Top End Energy (ASX: TEE) is pleased to present its activities report for the quarter ended 31 March 2025. Key highlights include the completion of the Serpentine Energy acquisition, which secured 20,000 acres across Marshall, Riley and Washington counties in Kansas, USA. The company has since expanded its lease holdings by 25%, targeting prime infill acreage near Koloma's operations, strengthening its early-mover advantage in the competitive natural hydrogen sector. The company has selected its first drilling location in Marshall County, guided by structural features and data from Koloma, and is progressing surface use agreements and well design, targeting a depth of 5,500 feet. An independent prospective resource assessment is also underway, led by Teof Rodrigues & Associates, to guide drilling priorities and support engagement with investors, partners, and customers. In the Northern Territory, the company continued to evaluate, appraise and develop its permits, aligning with increased exploration and appraisal activity in the Beetaloo Sub-basin. During the quarter, the company appointed Luke Velterop as Chief Executive Officer, who brings extensive leadership experience across traditional and emerging energy sectors.

Top End Energy remains focused on rapidly advancing its position in the U.S. natural hydrogen sector, with plans to expand its lease holdings to 30,000 acres in Kansas during Q2 2025. The company is progressing pre-drill initiatives to attract strategic development partners and position for exploration drilling.