Core Viewpoint - Conrad Asia Energy and its subsidiary West Natuna Exploration have approved the final investment decision for the Mako Gas Project, marking a significant step towards full development with first gas production expected in Q4 2027 [1][2] Group 1: Project Development - The total estimated capital expenditure to reach first gas is approximately $320 million, with full funding secured for all project costs, including contingencies [2] - The final investment decision is expected to materially de-risk the project, supported by successful appraisal drilling, verified reservoir performance, and a completed gas processing design [2] Group 2: Revenue and Contracts - The project has a binding gas sales agreement that guarantees government-backed revenue through January 2037 for up to 111 billion British thermal units per day, ensuring revenue predictability once production begins [3] - The company has transitioned from a speculative exploration entity to a fully contracted gas development company with a defined capital program and clear production path [4] Group 3: Strategic Importance - The Mako Gas Project is positioned in the West Natuna Basin, a significant hydrocarbon region in Asia, and is located approximately 20 km from existing gas export and oil production infrastructure [5] - The project is seen as a disciplined entry into the rapidly growing energy consumption region of Southeast Asia, with plans to augment it with additional gas accumulations in Aceh [5]

NYSE: TBN, ASX: TBN 1Q FY26 Result Presentation Mr. Dick Stoneburner – Chairman & Interim CEO North America: November 13, 2025 | Australia: November 14, 2025 Disclaimer Forward looking statements may include statements about, among other things: our business strategy and the successful implementation of our business strategy; our future reserves; our financial strategy, liquidity and capital required for our development programs; estimated natural gas prices; our dividend policy; the timing and amount of fu ...

Project Overview - Jaguar Project aims to become the Western World's next major nickel sulphide mine [1] - The project boasts a Tier-1 scale Mineral Resource of 138.2 million tonnes containing 1.2 million tonnes of nickel [4, 9] - It also has a 52 million tonnes Ore Reserve containing 406,100 tonnes of nickel [4, 9] - The project is moving towards a Final Investment Decision (FID) in H1 2026 [7, 61] Financials and Operations - The project anticipates a Life-of-Mine (LOM) Post-Tax operating cash flow of US$2 billion (A$3.12 billion) [10] - It has a Post-Tax Net Present Value (NPV) of US$735 million (A$1.15 million) and a 34% Internal Rate of Return (IRR) [10] - The capital payback period is estimated at 1.8 years [10, 48] - The project targets an average nickel production of 22,600 tonnes per annum (tpa) in the first 7 years [9, 45] - The Life-of-Mine All-In Sustaining Cost (AISC) is projected to be US$4.43/lb Ni (payable basis) [4, 9, 19, 48] Environmental and Approvals - All key environmental approvals have been received, including EIA approval and Preliminary & Installation Licences (LP & LI) [6, 54] - The project has a low carbon footprint, with a forecast of 6.54 tonnes of CO2 per tonne of Nickel [9, 10, 56]