• Established a Sponsored American Depositary Receipt quoted on the OTCQB Venture Market, expanding visibility and access to U.S. investors
• Released a maiden independent prospective hydrogen resource estimate of 304 BCF (mean) for the Serpentine Natural Hydrogen Project in Kansas, USA
• Continued momentum across the Beetaloo Basin in Australia, with neighboring operator Tamboran Resources reaching Final Investment Decision

Top End Energy Limited (ASX: TEE, OTCQB: SERPY, TNDEF) released its quarterly activities report for the period ending 30 September 2025. Key highlights include:Corporate: The company established a Sponsored American Depositary Receipt quoted on the OTCQB Venture Market (SERPY), as well as its ordinary share quotation (TNDEF), expanding its visibility and access across a wide network of U.S. broker dealers, retail and institutional investors. As a U.S. energy project developer, the company is aligned with President Trump's Unleashing American Energy Executive Order and has commenced a review of new American project opportunities.Serpentine Natural Hydrogen Project, Kansas, USA: The company released a maiden independent prospective hydrogen resource estimate of 304 BCF (mean), with low to high estimates ranging from 71 to 629 BCF. The assessment highlights the project's scale and resource density, reinforcing the opportunity for exploration drilling. The company is engaged with multiple counterparties, including prominent U.S. operators, who are reviewing the project's technical data and exploration roadmap.Beetaloo Basin, Northern Territory, Australia: The quarter marked continued progress across the Beetaloo Basin, with regional activity reinforcing its transition toward production. Tamboran Resources reached a Final Investment Decision on its Shenandoah South Pilot Project and completed the acquisition of Falcon Oil & Gas Ltd, consolidating its position and demonstrating growing confidence in the Basin's long-term potential. The company has initiated strategic partner discussions to capitalize on the Basin's growing significance and advance commercial opportunities.

The company is focused on advancing commercial terms to fund the next stage of exploration for the Serpentine Natural Hydrogen Project in the U.S. and leveraging its strategic position in the Beetaloo Basin in Australia to capitalize on the growing momentum in the region.