Whitebark Energy Capital Raise Update & Clarification of Convertible Note Terms

Whitebark Energy Limited ('Whitebark' or the 'Company') (ASX:WBE) provides the following update regarding the capital raise.

Placement: The Company is pleased to advise it has received proceeds from the Placement as announced on 14 June 2024. As highlighted, the successful capital raising allows Whitebark to accelerate commercialisation of Australian Geothermal assets and Geothermal to Hydrogen Production.

Entitlement Offer

The Company will shortly be lodging a Prospectus to raise A$1M via a pro-rata non-renounceable Entitlement Offer of one (1) fully paid ordinary share (new shares) for every three (3) shares held by eligible shareholders at the record date of 5.00pm (AEST) on 2 July 2024. A prospectus with further details regarding the Entitlement Offer will be provided to shareholders in the coming week.

Convertible Note Clarification

On 23 October 2023, Whitebark announced completion of a capital raise via the issue of convertible notes. The Company's previous announcements relating to the WBEAM convertible notes contemplated that the convertible notes will convert into fully paid ordinary shares at a conversion price of A$0.025 per share at the noteholders' election within 12 months after issue or redeemed for 100% of the face value of the note at the maturity date. Whitebark clarifies that pursuant to the convertible note agreements the conversion price may be adjusted to reflect the commercial terms of any subsequent capital raising or restructure. Where the Company's Placement and subsequent Entitlement Offer contemplates a Share price of $0.012 this has had the effect of lowering the conversion price of the convertible notes to A$0.012. At the lower conversion price, convertible note holders will be entitled to a larger number of shares upon conversion. As such, Shareholder approval will be sought at the Company's next general meeting in relation to the convertible notes held by AE Advisors and Directors.

This announcement is approved for release by the Board of Whitebark Energy Limited. For further information: Mr Mark Lindh Mr Adam Stepanoff Chairman General Manager Ph: [phone] Ph: [phone] [e-mail] [e-mail]

About Whitebark Energy Limited

Whitebark Energy Limited (ASX: WBE) is an Australian energy company focused on developing sustainable and renewable energy projects. With a commitment to innovation and environmental stewardship, Whitebark is advancing the development of geothermal energy and green hydrogen solutions to meet the growing demand for clean energy.

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