Earnings release
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com Unit 64, 89 Aberdeen Street, Northbridge WA 6003 Quarterly Report For the period ended 31 December 2025 Highlights: • Hartshead enters into binding Scheme Implementation Deed with ACAM • Hartshead Resources NL has entered into a binding Scheme Implementation Deed with ACAM for the acquisition of 100% of the Company • Shareholders will receive A$0.014 cash per Fully Paid Share, representing a 133% premium to the last closing price of A$0.006 and a 114% premium to the 30-day VWAP , and A$0.0007 cash per Partly Paid Share • The Scheme Consideration implies a fully diluted equity value for Hartshead of approximately A$40 million1 • This all -cash offer provides shareholders with certainty of value and liquidity, avoiding the significant risks and uncertainties associated with the execution of the development of the UK Southern Gas Basin assets, including the related regulatory and funding requirements • The Hartshead Directors unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of shareholders • The Hartshead Directors, who hold voting power of 10.27% in Hartshead in aggregate,2 intend to vote all the Hartshead Shares held or controlled by or on behalf of them in favour of the Scheme, in the absence of a Superior Proposal • Subject to Hartshead shareholders approving the Scheme and the other conditions being satisfied (or, if applicable, waived), Hartshead currently expects that the Scheme will be implemented in the 1st half of calendar year 2026 Hartshead Resources NL ( ASX:HHR) (“Hartshead” , “HHR” or the “ Company”) is pleased to provide an overview of the Company’s quarterly activities for the period (“Reporting Period”). 1 Based on 2,808,682,128 Fully Paid Shares, 5,703,550 Partly Paid Sharesand 15,000,000 options on issue. Under the SID, the 32,500,000 performance rights currently on issue will lapse or otherwise be cancelled for no consideration upon the Scheme becoming legally effective. 2 Based on 2,808,682,128 Fully Paid Shares and 5,703,550 Partly Paid Shares on issue, with each Partly Paid Share granting the holder an entitlement to 1/20th of a vote (which is proportionate to the amount paid up on those Partly Paid Shares). Subject to rounding.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 2 Scheme Implementation Deed with ACAM: On 23 December 2025 Hartshead announced that it had entered a binding Scheme Implementation Deed ("SID") with ACAM GP Limited, as general partner of ACAM LP ("ACAM"), under which it is proposed that ACAM will acquire 100% of the issued share capital of Hartshead by way of a Court-approved scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) ("Scheme"). Under the terms of the Scheme, Hartshead shareholders will receive A$0.014 in cash for each fully paid ordinary share (“Fully Paid Share”) and $0.0007 for each partly paid share (“ Partly Paid Share”) they hold on the Scheme record date (“Scheme Consideration”), valuing the Company’s fully diluted equity at approximately A$40 million.1 The Scheme Consideration represents a premium of 1 33% to Hartshead’s last closing price of A$0.00 6 per Fully Paid Share on ASX as at 22 December 2025 and a 114% premium to the 30 -day volume weighted average price (“VWAP”) of Fully Paid Shares traded on ASX to 22 December 2025 of $0.0065. The Directors of Hartshead unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a Superior Proposal (as defined in the SID) and subject to the Independent Expert concluding that the Scheme is in the best interests of shareholders. Further, the Hartshead Directors, who hold voting power of 10.27% in Hartshead in aggregate,2 intend to vote all the Fully Paid Shares and Partly Paid Shares (together, “ Shares”) held or controlled by or on behalf of them in favour of the Scheme, in the absence of a Superior Proposal. TRANSACTION DETAILS If the Scheme is approved and implemented, each Hartshead shareholder on the register at the Scheme record date will receive a cash payment of A$0.014 for each Fully Paid Share held. A$0.0007 cash will be paid for each Partly Paid Share held on the Scheme record date, being 1/20 th of the consideration payable for each Fully Paid Share, which is proportionate to the amount paid up on those Partly Paid Shares. The Scheme Consideration implies a fully diluted equity value for Hartshead of approximately A$40 million.1 The all-cash offer provides shareholders with certainty of value for their investment in Hartshead and near term liquidity, mitigating the significant risks and uncertainties associated with the execution of the development of the UK Southern Gas Basin assets , including the related regulatory and funding requirements. Full details of the conditions to the Scheme are set out in the SID, a copy of which is attached to this announcement. HARTSHEAD BOARD RATIONALE AND RECOMMENDATION The Board of Directors of Hartshead (" Board") has considered the proposal extensively and has unanimously concluded that the Scheme is in the best interests of Hartshead shareholders.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 3 The Directors recommend that shareholders vote in favour of the Scheme for the following key reasons: • Significant premium: The Scheme Consideration represents a 133% p remium to pre - announcement trading levels of Fully Paid Shares on ASX. • Certainty of value: The 100% cash Scheme Consideration provides certainty of value, removing exposure to the significant development and funding risks and uncertainties inherent in bringing the Phase I development of the P2607 licence to production. • Avoidance of dilution: The Scheme allows shareholders to realise value for their investment in Hartshead at a premium without the risk of potential future equity dilution associated with raising capital for development costs. Hartshead CEO, Mr Chris Lewis, commented “The Scheme delivers certainty for our shareholders at a premium that reflects the quality of our UK Southern Gas Basin assets. While we remain confident in the technical merits of the P2607 project, the timeline and capital required to reach first gas invo lve significant execution and funding risks in the current market. This all cash offer validates the work our team has delivered to date and provides a secure, derisked pathway for investors to realise value for their investment, rather than navigating the uncertainties of future development and potential dilution.” Hartshead Chairman, Mr Bevan Tarratt, commented “The Board has carefully considered ACAM’s proposal and unanimously recommends it as a compelling outcome for Hartshead and its shareholders. This transaction crystallises value for our shareholders at a significant premium, effectively de-risking their investment.” DETAILS OF THE SCHEME IMPLEMENTATION DEED (SID) The SID provides for the implementation of the Scheme , which is subject to several conditions precedent, including but not limited to: • Hartshead Shareholder Approval: Approval by Hartshead shareholders at a Court-convened Scheme Meeting. • Court Approval: Approval by the Supreme Court of Western Australia. • Independent Expert: The Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Hartshead shareholders. • Regulatory Approvals: Receipt of all necessary regulatory consents and approvals, including from ASIC and the North Sea Transition Authority (“NSTA”). • Hartshead Resources Ltd (“HHR UK”): No disposal of Hartshead’s interest in HHR UK, no disposal of HHR UK’s interest in Production Licence No. P2607 and certain other conditions relating to that licence and its ownership.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 4 • Other c ustomary conditions : No restraints, no material adverse change and no prescribed occurrence in respect of Hartshead. The Scheme is not subject to any financing condition. A copy of the SID is attached to this announcement. Exclusivity and break fee The SID contains customary exclusivity provisions including "no shop", "no talk", and "no due diligence" restrictions, as well as notification obligations and matching rights in the event of a competing proposal. A break fee is payable by Hartshead to ACAM in certain circumstances as set out in the SID. INDEPENDENT EXPERT The Board will appoint an Independent Expert to assess whether the Scheme is in the best interests of shareholders. The Independent Expert’s Report, including a valuation of Hartshead, will be included in the Scheme Booklet. INDICATIVE TIMETABLE AND NEXT STEPS Shareholders do not need to take any action at this stage. A Scheme Booklet containing further information relating to the Scheme, the Independent Expert’s Report and the Notice of Meeting, is expected to be sent to shareholders in early 2026 for the Scheme Meeting. Shareholders will have the opportunity to vote on the Scheme at the Scheme Meeting. An indicative timetable for the Scheme is set out below: • First Court Hearing: Late February 2026 • Despatch of Scheme Booklet: Late February 2026 • Scheme Meeting: Late March 2026 • Second Court Hearing: Early April 2026 • Effective Date: Early April 2026 • Record Date: Early April 2026 • Implementation Date: Mid April 2026 Note: These dates are indicative only and subject to change. Blackwall Legal LLP is acting as Hartshead’s legal adviser in connection with the Scheme. ACAM ACAM LP is a natural resource focused limited partnership that is known for its substantial financial expertise and industry connections. The partnership’s collaborative approach and strategic relationships underscore its commitment to supporting the devel opment and expansion of natural resource projects worldwide. ACAM is advised by S&F Investment Advisors Limited, an advisory firm
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 5 specialising in natural resource investments, and Auctus Advisors LLP, a specialist equity capital markets and advisory business with a focus on the energy sector. Gilbert + Tobin is acting as ACAM’s Australian legal adviser and Watson Farley & Williams LLP is acting as ACAM LP’s UK legal adviser in connection with the Scheme. EXTENSION OF P2607 INITIAL TERM During the quarter the Company advised that that the North Sea Transition Authority (NSTA ) had granted a two-year extension to Phase C of UKCS Licence No. P2607. A joint application was submitted to NSTA in September 2025 (refer ASX release 1 September 2025) to allow for the completion of the Phase C Work Programme, which has been impacted by delays in the environmental permitting process within the UK and other supply chain constraints. The NSTA agreed to the joint extension request to allow the completion of the work programme within the constraints of the North Sea supply chain and engagement with the relevant authorities and stakeholders. The Initial Term Phase C of the licence has been extended from the current date by two years to 30 November 2027. The Second term will remain unchanged with the Third term to be reduced by a corresponding amount (24 months). CORPORATE & FINANCIAL ASX Additional Information Pursuant to Listing Rule 5.4.1, Exploration and Evaluation Expenditure during the quarter was A$ 0.26 million post joint venture contributions . Further details of the development activity during the December 2025 Quarter are set out in this report. Pursuant to Listing Rule 5.4.2 there were no substantive oil and gas production activities undertaken during the Quarter. Pursuant to Listing Rule 5.4.5, payments to related parties and their associates during the Quarter, as outlined in Section 6 of the accompanying Appendix 5B to this quarterly report, were A$383,943. These payments are related to salaries, superannuation and directors' fees paid to Directors of the Company and related entities during the December 2025 Quarter.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 6 – ENDS – The Board of Directors of Hartshead Resources NL authorised this quarterly report, and for it to be given as an announcement to the ASX. For more information, visit www.hartsheadresources.com.au CORPORATE DIRECTORY Directors Company Secretary Bevan Tarratt Executive Chairman Matthew Foy Christopher Lewis Executive Director and Chief Executive Officer Nathan Lude Executive Director Registered Office and Principal Place of Business Share Registry 64/89 Aberdeen Street, Northbridge WA 6003 Computershare Telephone: +61 8 9226 2011 Level 17, 221 St Georges Terrace Facsimile: +61 8 9226 2099 Perth, WA 6000 Web: http://www.hartshead-resources.com.au/ Telephone: 1300 850 505 (within Australia) +61 3 9415 4000 (outside Australia) Email: info@hartshead-resources.com London Office Suite 2.06 Bridge House 181 Queen Victoria Street London EC4V 4EG United Kingdom For further information and to stay up to date with Company developments, please follow us on social media: Notes to Editors: Hartshead Resources NL ASX-listed Hartshead Resources NL is focussed on building a financially, technically and environmentally responsible European Energy business. Hartshead’s goal is to secure and invest in projects where resources can be extracted and delivered to meet Europe’s growing energy demand while supporting the transition to a low carbon future.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 7 In progressing this strategy Hartshead is focused on the development of Production Seaward License P2607 (60% owned RockRose Energy/40% Hartshead), comprising of five blocks which contains four existing gas fields in the UK Southern Gas Basin. Hartshead brings together a highly experienced oil and gas team with specialised knowledge covering subsurface, engineering, commercial, QHSE and capital markets with the required skillsets needed to deliver oil and gas upstream projects successfully and safely. UK Southern North Sea Production Seaward License P2607 – Reserves, Contingent and Prospective Resources Please refer to the qualified person’s statement relating to the reporting of reserves on Hartshead Resources Southern North Sea License P2607 in Hartshead’s ASX announcements dated 23 June 2022. The volumetric estimates used to derive the estimates below have been made by combining probabilistically derived estimates of initial in place gas volumes with assumptions regarding the gas recovery factors from analogous fields, such as the Clipper South and Babbage gas fields located in the UK Southern Gas Basin. Please refer to the qualified person’s statement relating to the reporting of contingent and prospective resources on Hartshead Resources Southern North Sea License P2607 , in Hartshead’s ASX announcements dated 6 April 2022 and 8 March 2022. Please refer to the qualified person’s statement relating to the reporting of contingent and prospective resources on Hartshead Resources Southern North Sea License s P2669, P2670, P2676, P2678, P2679 and P2682, in Hartshead’s ASX announcements dated 9 & 17 September 2024. The Company is not aware of any new information or data that materially affects the information about the contingent resource or prospective resource estimates included in this announcement and all the material assumptions and technical parameters underpinning those estimates in this announcement continue to apply and have not materially changed. GROSS RESERVES3 P2607 49/17b Anning 1P 2P 3P Sales Gas (Bcf) 73 145.0 245 Condensate (MMbbl) 0.081 0.192 0.375 49/17b Somerville Sales Gas (Bcf) 107.0 156.5 213 Condensate (MMbbl) 0.119 0.208 0.325 Total (MMboe) 31.2 52.4 79.7 3 Reserves estimates are from ERC Equipoise Limited, Independent Competent Persons Report (CPR) entitled “Hartshead Resources NL Somerville and Anning Competent Persons Report” dated June 2022. See Qualified Persons Statement for reserves reporting notes.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 8 GROSS CONTINGENT RESOURCES4 (BCF) 1C 2C 3C GCoS P2607 49/6c, 49/11c Lovelace 14 39 70 100% 48/15c Hodgkin 35 100 387 100% 44/19b Katy Field 28 67 120 100% P2669 Cameron 8 19 43 100% 44/19-3 9 40 75 100% P2670 44/22 Boulton-H Field 15 41 76 100% 44/23b Winchelsea North Field 17 60 129 100% 44/27 Garnet Field 7 20 56 100% P2676 48/10 Annabel East Field 32 91 204 100% P2678 48/14d Ensign Field 68 124 205 100% 48/15b P2679 48/18c Bedevere North Field 68.1 96.3 130.4 100% Bedevere Central Field 47.2 67.8 94 100% Bedevere South Field 39.1 56.3 78.5 100% Anglia Paris 12.5 24.2 43.3 100% Anglia North 10.2 19.1 32.6 100% P2682 113/27c Castletown Field 72 156 330 100% GROSS PROSPECTIVE RESOURCES (BCF)2 1U 2U 3U GCoS P2607 49/17b Garrod 16 52 125 50% 49/17b Ayrton 25 74 146 41% 49/17b McLaren 18 27 39 54% 49/17b Stephenson 36 47 60 43% 49/17b Widdowson East 6 29 79 32% 49/17b Widdowson Central 11 21 40 50% 49/17b Lonsdale 5 16 31 50% 4 Hartshead and Partners management estimates
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 9 49/17b Anderson 5 12 29 45% 49/12d Wenlock Prospect 1 4 19 55 36% 49/12d Wenlock Prospect 2 1 5 19 36% 49/11c Wenlock Prospect 3 1 5 17 36% 49/11c FFs Prospect 1 3 11 26 41% 49/11c FFs Prospect 2 8 19 37 35% 49/11c FFs Prospect 3 4 9 17 34% P2669 44/19b Emerald 17.4 23.2 34.8 0.32 Silmanite West 6.96 11.6 23.2 0.56 P2670 44/23b Winchelsea West 23.2 81.2 191.4 0.24 44/27 Schooner C 69.6 92.8 104.4 0.50 Wheatsheaf 174 220.4 272.6 0.10 P2676 48/10 Ulnaby 53 89 149 0.35 Ulnaby South 17 33 63 0.35 P2679 48/18c Anglia Far North 11 28.5 68.1 0.40 P2682 113/27c Doyle 62 171 354 0.45 Peel 68 230 440 0.36 Prospective resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and relate to undiscovered accumulations. These prospective resources estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Equity Positions LICENSE HARTSHEAD EQUITY P2607 40% P2669 50% P2670 50% P2676 100% P2678 100%
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 10 P2679 80% P2682 50% Forward Looking Statements This document has been prepared by Hartshead Resources NL (HHR). This document contains certain statements which may constitute "forward -looking statements". It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve and resource estimates, loss of market, industry c ompetition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates. HHR’s operations and activities are subject to regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements. Although HHR believes that the expectations raised in this document are reasonable there can be no certainty that the events or operations described in this document will occur in the timeframe or order presented or at all. No representation or warranty, expressed or implied, is made by HHR or any other person that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of HHR, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this document and excludes all liability whatsoever (including in negligence) for any loss or damage which may be su ffered by any person as a consequence of any information in this document or any error or omission there from. Neither HHR nor any other person accepts any responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person nor any obligation to furnish the person with any further information. Qualified Person’s Statement The Reserves estimated in this announcement have been made by Dr Adam Law, Director, ERC Equipoise (ERCE), a post -graduate in Geology, a Fellow of the Geological Society and a member of the Society of Petroleum Evaluation Engineers. Dr Adam Law is qualified in accordance with ASX listing rule 5.41 and has consented to the use of Reserves estimates, and to the form and context in which these statements appear. ERC Equipoise Ltd. (ERCE) is a leading, employee owned, global energy consultancy headquartered in London with offices in Singapore, Kuala Lumpur and Perth. It’s fully integrated team of Geoscientists, Engineers and Economists are specialists in Competent Persons reporting, reserves and resources auditing, technical services, commercial analysis and Expert advisory services. ERCE supports companies in traditional energy sectors as well as providing energy transition and sustainability services.
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HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com 333C Charles Street, North Perth WA 6006 ASX:HHR | hartshead-resources.com.au 1 Quarterly Report For the period ended 31 March 2024 Highlights: • Operational Update: o P2607 Joint Venture (JV) continues to work on the development of the Anning & Somerville Gas Fields assuming various possible fiscal scenarios o 2024 JV budget remains in place • Hartshead remains in a strong and resilient position with its project partner, technical team and growth potential: o P2607 remains a high value gas development project o Hartshead maintains a strong balance sheet position for a junior company with over $22 million in cash1 o Strong farm-in partner with Rockrose Energy, a highly motivated and engaged joint venture partner which have confirmed commitment to moving the project forward o Strong gas market in the UK and Europe with long term gas demand o Clear development plan to monetise the Phase 1 development project o Strong support from UK oil and gas regulator continuing to work with the Company o Hartshead continues to retain a highly skilled technical team o Strong inherent project value with 300 Bcf of gas reserves for Phase 1 development with up to 800 Bcf of gas for development and delivery to the UK has market. • Hartshead is currently exploring innovative funding arrangements as alternatives to fund critical infrastructure required to produce and transport gas to the UK market: o Potential for a third party to pay for some of the infrastructure, with the investment to generate a return through a tariff paid by Hartshead o Such an arrangement would reduce the upfront Capex and move some of this capital cost into operating costs as a tariff o The approach optimises the way the project cashflows work to unlock greater value for shareholders • Hartshead continues productive discussions with political stakeholders aimed at fostering a conducive regulatory environment for gas development: o Including politicians, unions, supply chain partners and industry trade bodies 1 Current cash balance is net of payables 11 The Reserves estimates presented in this report were originally disclosed to the market in announcement released on 23 June 2022 and are based on, and fairly represents, information and supporting documentation prepared by Dr Adam Law of ERCE. The information in this announcement that relates to Reserves estimates is based on information compiled or reviewed by Mr Christopher Lewis. Mr Lewis has consented to the form and context in which the estimated Reserves and the supporting material are presented. Hartshead has prepared the Contingent Resource and Prospective Resource information in this announcement in accordance with the ASX Listing Rules and the 2018 Petroleum Resources Management System published by the Society of Petroleum Engineers (SPE -PRMS). The Contingent Resource estimates and Prospective Resource estimates presented in this report were originally disclosed to the market in announcement released on 14 December 2020 and updated 8 March 2022 and 6 April 2022. Hartshead confirms that it is not aware of any new information or data that materially affects the information included in the aforesaid market announcements and that all the material assumptions and technical parameters underpinning the estimates in the aforesaid market announcement continue to apply and have not materially changed. The information in this announcement that relates to Contingent Resource info rmation in relation to the Phase II Hodgkin and Lovelace fields and the Prospective Resource information in relation to the Phase II I exploration portfolio is based on information compiled by Mr Christopher Lewis and information complied by technical consultants contracted to Hartshead which has been subsequently reviewed by Mr Christopher Lewis. Mr Lewis has consented to the inclusion of such information in this announcement in the form and context in which it appears and the resources information in this report is based on, and fairly represents, information and supporting documentation reviewed by, or prepared under the supervision of, Mr Christopher Lewis. Mr Lewis is a Director of Hartshead and holds a BSc from the Imperial College, University of London and is a member of The American Association of Petroleum Geologists (AAPG) and the European Association of Geoscientists and Engineers (EAGE). Mr Lewis is qualified in accordance with the requirements in ASX Listing Rule 5.41.
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Rules 5.5 Name of entity HARTSHEAD RESOURCES NL ABN Quarter ended (“current quarter”) 11 150 624 169 31 DECEMBER 2025 Year to date Consolidated statement of cash flows Current quarter (6 months) $A'000 $A'000 1. Cash flows related to operating activities 1.1 Receipts from customers - - 1.2 Payments for (a) exploration & evaluation (if expensed) (68) (123) (b) development - - (c) production - - (d) staff costs (681) (1,080) (e) administration and corporate costs (211) (374) 1.3 Dividends received (see note 3) - - 1.4 Interest received 155 290 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 GST and VAT received - - 1.8 Receipts from JV 955 955 1.9 150 (332) 2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities - - (b) tenements - - (c) property, plant and equipment (4) (20) (d) exploration & evaluation (if capitalised) (259) (259) (e) investments (1,778) (2,774) (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments 133 1,632 (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) 18 39 2.5 Other - - 2.6 (1,889) (1,382) ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Net cash from / (used in) operating activities Net cash from / (used in) investing activities Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Year to date Consolidated statement of cash flows Current quarter (6 months) $A'000 $A'000 3. Cash flows from financing activities 3.1 - - 3.2 - - 3.3 Proceeds from exercise of options - - 3.4 - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 - - 4. 4.1 15,766 15,799 4.2 150 (332) 4.3 (1,889) (1,382) 4.4 - - 4.5 (22) (80) 4.6 Cash and cash equivalents at end of period 14,005 14,005 5. Current quarter $A'000 Previous quarter $A'000 5.1 Bank balances 2,121 2,991 5.2 Call deposits 11,040 12,040 5.3 Bank overdrafts - - 5.4 Other (provide details) - JV Partner contributions held 844 735 5.5 14,005 15,766 6. Payments to related parties of the entity and their associatesCurrent quarter $A'000 6.1 (384) 6.2 - ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Proceeds from issue of convertible debt securities Transaction costs related to loans and borrowings Transaction costs related to issues of equity securities or convertible debt securities Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Net increase / (decrease) in cash and cash equivalents for the period Proceeds from issues of equity securities (excluding convertible debt securities) Cash and cash equivalents at end of quarter (should equal item 4.6 above) Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Aggregate amount of payments to related parties and their associates included in item 2 Aggregate amount of payments to related parties and their associates included in item 1 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments Payments of Directors fees and salaries Net cash from / (used in) financing activities Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 7. Financing facilities available Total facility amount at quarter end Amount drawn at quarter end $A’000 $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 - - 7.6 8. $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) 150 8.2 Payments for exploration & evaluation classified as investing activities) (item 2.1(d)(259) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (108) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 14,005 8.5 Unused finance facilities available at quarter end (Item 7.5) - 8.6 Total available funding (Item 8.4 + Item 8.5) 14,005 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3)(129) 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: Answer: Answer: Answer: ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Estimated cash available for future operating activities 8.8.1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? 8.8.2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report 1 2 This statement gives a true and fair view of the matters disclosed. Date:30 January 2026 Authorised by: the Board (Name of body or officer authorising release – see note 4) Notes 1 2 3 4 5 If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. Compliance statement This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.