[IMG]Thank you for your questions, please see our responses...

Thank you for your questions, please see our responses below:


Q1) Can you please clarify: following the SDA with CEFA, are they already, (or about to be) actively engaged in joint activities such as "Gas and condensate pricing framework and Joint LNG and condensate marketing“ as mentioned in the recent presentation? Or does this mean following execution of a binding agreement?

The Strategic Development Agreement with Clean Energy Fuels Australia (CEFA) as executed between the parties outlines the activities to be conducted over the coming months by Buru and CEFA. Some of these activities will be conducted jointly and some will be conducted separately as outlined on Slide 8 of our announcement dated 9 April 2025. These activities are designed to further derisk the Rafael Gas Project and inform Final Investment Decision (FID)  planned for late 2025.



Q2) The presentation timeline states, in this order:

2025:
Recompletion and testing of Rafael 1
Reserves Certification
Binding tolling / customary agreements
Final Investment Decision

Am I correct in understanding that this FID relates to Phase 1 and is not dependent on drilling the Appraisal Well Rafael-B scheduled for 2026? What is the rationale for delaying the Appraisal Well rather than immediately following this year’s Re-Testing? If a funding partner was secured that allowed both retesting and appraisal this season, would that be desirable or are there other technical reasons? Thankyou

The FID relates to the foundation Rafael Gas Project and is not dependent on the drilling of the Rafael B well in 2026.  It is expected that Buru will have additional options to fund this second well following the re-testing and recompletion of the Rafael 1 well in 2025, which will support bankable independent reserves certification for Rafael.  The drilling of Rafael B is not a pre-FID condition.



Q3) I appreciate the recent efforts to enhance communication with shareholders through the Investor Hub and the ramp-up of publicity alongside the refreshed website design. These initiatives are commendable and reflect a commitment to transparency.  Forgive the cynic in me, but could you please advise whether this implies an increased likelihood of a capital raising in the near future? (Realizing you cannot state whether there will or will not be one.) If so, could you provide insights into the rationale behind such a potential move, particularly in light of potential shareholder dilution?
I am concerned that the maximum amount that could be raised at these all time low share price levels could not possibly justify the dilution impact on existing shareholders. Could you elaborate on how the company intends to balance the need for such funding with the preservation of shareholder value?  Would you agree a Capital Raising at these levels should only be an option of last resort in the event all other funding options, such as securing a Rafael farm-in partner or 2H divestment/monetisation, fail?

The Buru Board and Management continue to assess various funding options available to the Company to support the delivery of its strategy, and to ensure decisions taken are in the best interest of all shareholders.



Q4) Would the company consider the merits of a reverse stock split eg 1:10 ? The advantages would include prevention of the SP manipulation that has become prevalent and the stock may be more attractive to larger investment entities.

Thank you for the suggestion. The Buru Board and Management is focused on ensuring that the Company’s assets are appropriately valued by the market. These include, but are not limited to transparent financial reporting; proactive and effective communication with investors and analysts on company assets and strategy to deliver value;  thorough market analysis to understand industry trends, investor sentiment; mitigating operational, financial and market risks; our refreshed investor relations program; and an assessment of the value of Buru’s physical and intangible assets through internal and independent appraisal