• $6.5 million capital raise completed in June 2025
• Wombat-5 well drilling on track to commence on 31 July 2025
• Portland Energy Project advancing with plans to commence drilling in Q2 2026
• Nangwarry CO2 project progressing with a bankable feasibility study funded by Beijing Maison Group

During the quarter, Lakes Blue Energy completed a $6.5 million capital raise, with the first tranche of $5.6 million (net of costs) received post-quarter end on 4 July 2025. The remaining balance is due on or around 31 July 2025, subject to shareholder approval. The company's closing cash at bank as of 30 June 2025 was $2.6 million, prior to the receipt of the first tranche of the capital raise. The company is managing a diverse portfolio of active exploration activity, including the Wombat-5 well in the Gippsland Basin, the Portland Energy Project in the Otway Basin, and the Nangwarry CO2 project in South Australia. The Wombat-5 well is on track to commence drilling on 31 July 2025, with all regulatory approvals secured and the drilling services of the Condor Energy Services Rig #1 secured. The Portland Energy Project is in the early planning stages, with the company targeting the commencement of drilling in Q2 2026. The Nangwarry CO2 project has seen the company sign a binding Heads of Agreement with Beijing Maison Group to undertake a bankable feasibility study for the development of a food and beverage-grade CO2 plant at the Nangwarry site.

Lakes Blue Energy is focused on advancing its key projects, including the Wombat-5 well, the Portland Energy Project, and the Nangwarry CO2 project. The company is targeting the commencement of drilling at the Portland Energy Project in Q2 2026, and the completion of the bankable feasibility study for the Nangwarry CO2 project by its joint venture partner, Beijing Maison Group.