Ann: Carnarvon Basin Farmout and Geovault CCS Co-operation, page-3

Highlights• Buru Energy Limited (ASX:BRU; Buru Energy) and Energy Resources Limited

(EnRes), a wholly owned subsidiary of Mineral Resources Limited (ASX:MIN), have 16 October 2018

agreed to restructure their interests in L20-1 in the onshore Carnarvon Basin through

a farmout by Buru to EnRes.

• Under the farmout terms, Buru will assign a 25% permit interest and operatorship of

  L20-1 to EnRes such that the permit interests will be Buru 25% and EnRes 75%. The farmout will be effective post the pending grant of the permit and the requisite regulatory approvals of the transaction.

• As consideration, EnRes will carry Buru through the first two exploration wells expected to be drilled in 2023, and other agreed exploration and overhead costs.

• EnRes has also agreed to match the funding contribution under the recently announced Commonwealth Grant offered to Buru for a three year Buru operated CCS feasibility study in the onshore Carnarvon Basin.

• In return for this additional financial carry under the Grant, Buru and EnRes have agreed to enter into a Carbon Capture and Storage (CCS) joint venture. The equity interests in the CCS joint venture will be aligned with the L20-1 joint venture, with Buru 25% and EnRes 75% and operator.