AXP Energy Limited

• Successful completion of 14-day gas-to-power trial at Pathfinder production hub delivers ~1.5 MW/hour of electricity to power two bitcoin mining containers;

• The 14-day trial delivered ~85% system uptime and, since the end of the trial, the system has achieved greater than 90% uptime;

• AXP has secured the support of NASDAQ-listed Bitcoin miner BitFuFu, Inc. (NASDAQ: FUFU, FUFU.WS) for the next phase of expansion at Pathfinder;

• BitFuFu will supply additional ASIC Miners and other equipment to support the next phase of expansion, with AXP focused on delivering gas-to-power and site services;

• All parties are now committed to establishing power generation output of 25MW/hour by the end of CY2025 for a significant scale up of bitcoin mining operations, powered by Pathfinder's ~750 Bcf of contingent gas resources;

• The parties are now assessing further expansion opportunities.

• Gas to power operations enable increased oil production at Pathfinder #2 well:

  • 20 BOPD and 280 mcf/day of gas over first 7 days

  • Takes total field production to ~50 BOPD with further upside anticipated

• Amerigo Vespucci well flowing gas to generators, enabling reservoir equalisation:

  • First ever oil production expected this week when well goes on pump

• Pathfinder #1 well to be completed for oil and gas production in coming weeks:

  • Greenhorn formation fracked and tested previously which flowed 75 barrels of oil and no water during 4-day flowback testing

  • Additional gas from Pathfinder #1 to be tied in for additional gas to power generation

  • Well to be fitted with production string and pump jack in coming weeks

• The Pathfinder Field delivers multiple stacked producible pay zones:

  • Pathfinder #1 intersects the Pierre, Niobrara the Greenhorn reservoirs (see Image 2 below)

  • Increased Proven Developed Producing and Probable Reserves expected

• Bitcoin mining operations powered by AXP's gas-to-power infrastructure under the Joint Development Agreement (‘JDA') with US-based Blackhart Technologies Limited (‘Blackhart') are meeting expectations with pleasing uptime and reliability achieved in the first full week of operations. These are critical benchmarks for planned scale-up.

HIGHLIGHTS

HIGHLIGHTS

• First two modular data centres (MDCs) operated under the Joint Development Agreement (JDA) with Blackhart Technologies are now being populated with first 589 Bitmain S19J Pro (104T) Antminers used for Bitcoin mining (see images overleaf);

• The first two MDCs are expected to be fully populated with miners over the weekend and connected to Gentech gas fired generators;

• AXP's focus is to deliver performance reliability from gas-to-power generation to ensure uptime of Bitcoin mining operations. Demonstrating this performance reliability provides the catalyst for commencement of similar operations at two more sites and further expansion thereafter;

• The Company will keep shareholders updated on operations under the JDA as well as other ongoing field development activities.