• Reinstated to ASX quotation and completed $5.8M capital raise
• Drilled and completed Wombat-5 well, intersecting high-quality gas reservoirs
• Commenced partnership to advance Nangwarry CO2 Project in South Australia

Lakes Blue Energy has reported on a highly successful quarter ended 30 September 2025. Key highlights include the company's reinstatement to ASX quotation on 4 July 2025 following the completion of compliance milestones and governance initiatives. The company also successfully completed a $5.8 million capital raising from institutional and strategic investors, including participation from an entity associated with a non-executive director. This has strengthened Lakes' balance sheet to support upcoming activities. A significant operational milestone was the drilling, completion, and securing of the Wombat-5 conventional, appraisal well in the Gippsland Basin. The well intersected continuous gas shows across three major sandstone intervals, confirming a laterally extensive gas-charged reservoir system. Peak gas readings of up to 67.5% were recorded, demonstrating excellent reservoir continuity. The company is now preparing for the Wombat-5 production testing program, scheduled to commence in November 2025, which will validate flow potential and support the transition from contingent resource to reserve classification. Lakes also executed an agreement with Maison Group to advance the Nangwarry CO2 Project in the Otway Basin of South Australia. Maison will fund and manage technical and market studies to evaluate options for commercial extraction, purification and sale of the high-purity CO2 resource, while Lakes retains 50% ownership. This partnership enables Lakes to progress the Nangwarry opportunity without material capital expenditure, while maintaining exposure to upside from successful commercialisation. The company continues to advance other projects, including the Portland Energy Project in the Otway Basin and the Roma Shelf Project in Queensland's Surat Basin.

Lakes believes that success at Wombat-5 could unlock a long-life supply source of 20 PJ per annum for 20 years, generating income in excess of $200 million per annum, from the Wombat/Trifon 719 BCF Contingent (2C) Resource, positioning the company to play a meaningful role in addressing the forecast east coast gas supply shortfall.

Lakes is now preparing for the Wombat-5 production-testing program, scheduled to commence in November 2025. Successful testing will underpin field development planning, infrastructure design and commercial engagement with prospective gas customers in Victoria's domestic market. The company also continues to advance other projects, including the Portland Energy Project and the Roma Shelf Project, to further diversify its portfolio.