Macallum New Energy is a 100% owner of two exploration permits — EP 494 and EP 511 — located in the onshore Northern Perth Basin in Western Australia. The Company holds a portfolio of conventional natural gas prospects and leads spanning the highly prospective Permian and Jurassic plays, and has completed a significant seismic acquisition program in 2026 to advance these targets toward drilling.

MNE's flagship asset EP 494 is a large permit of 2,577 km² spanning the eastern margin of the North Perth Basin sitting directly over the Darling Fault. It is located in the underexplored southern part of the prolific North Perth Basin, where multiple discoveries and corresponding corporate activity has occured in the north.

EP 494 is host to a portfolio of opportunities with a Mean Prospective Resource of more than 2,500 PJ gas and 92 MMbl oil.

The latest updates to the resource base result from the interpretation of the Barberton 3D survey acquired by MNE in early 2026 and advanced reprocessing using the latest seismic data processing technology of the Mogumber North 2D seismic survey acquired by the Company in 2022. The combination of new 3D data and improved 2D data has dramatically improved the quality of prospects within MNE's portfolio, and will form the basis of a drilling campaign schedule for Q4 CY 2027.