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Table of Contents

Tables

Ref: 10356.117270

August 19, 2026

Renergen Limited

1 Bompas Road

Dunkeld West

Johannesburg, 2196

Republic of South Africa

Attn: Mr. Nick Mitchell, Chief Operating Officer

Re: 2026 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of Tetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa (As of February 28, 2026)

Dear Mr. Mitchell,

At the request of Renergen Limited (hereinafter referred to as “Renergen”) Sproule Incorporated (“Sproule ERCE”), an independent sub-surface consultancy based in Calgary, Canada, has conducted an independent assessment of the unconventional methane and helium reserves of Tetra4 (Pty) Ltd. (hereinafter referred to as “Tetra4” or “Company”) in the Virginia Gas Field, on the production right 24/04/07PR, located in the Free State of the Republic of South Africa as of February 28, 2026. Renergen owns 94.5% of the equity interests of Tetra4. This report is an update of our prior report titled “2025 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics ofTetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa as of February 28, 2025” (the “2025 Report”) and has been prepared for the purpose of Renergen’s use in a filing with the Securities Exchange Commission in the U.S.A. This evaluation is both an engineering and an economic update, based on the analysis methodology described herein using technical and economic data supplied by Tetra4 of Tetra4’s 100% working interest in the South African Production Right 24/04/07PR.

Material changes to this report are reservoir category changes as follows: In the Proved Developed Non-Producing (PDNP) category, 1 well was added. Other material changes are updated CAPEX and OPEX costs, updated currency exchange rates, and updated methane prices. There was no change to the methane and helium plant efficiency factors, field development plan, and execution risk factors assigned to the proved undeveloped wells from the 2025 Report.

This evaluation includes estimates of recoverable methane and helium volumes from Proved Reserves including Proved Developed Producing Wells, Proved Developed Non-Producing Wells and Proved Undeveloped Locations. In addition to the total Proved Reserves, Probable and Possible Reserves are also estimated. These reserves constitute over 80% of the Company’s reserve base. Associated pre-tax net present value of future income for selected discount rates are presented for Reserves volumes. Estimates of Net Present Value (NPV), either discounted or undiscounted, are a calculation of the Reserve value at a given date and are not a representation of the fair market value of a company or corporation owning a working interest in the project. This report is of the Company’s assets using estimation methods and data culminating in an opinion on the reasonableness of reserves volumes and economic values consistent with SEC rules and SPE auditing standards. This report and opinion have been prepared in accordance with generally accepted petroleum engineering and evaluation principles per the SPE Standards (June 2019), and SEC Regulations (Rule 4-10 of Reg S-X and Subpart 1200 of Reg S-K). Definitions of reserves categories and terms conform to the SEC definitions per Rule 4-10 and are appended in Appendix A.

The independent Reserve estimates and associated economics contained in this report are prepared in accordance with the United States Securities Exchange Commission (SEC) guidance and provides a Technical Value, defined as an assessment of a mineral asset’s current net economic benefit at the valuation date under a set of assumptions deemed most appropriate by a practitioner as explained in further detail below. Sproule ERCE’s evaluation is based upon data supplied by Tetra4, supplemented where necessary by Sproule ERCE’s corporate awareness of current South African industry costs and best practices and such assumptions, data, methods and procedures are appropriate for the purpose served by this report.

Reserve Estimates

The Reserve and Resource estimates contained in this report have been prepared with a data cutoff date of February 28, 2026, and are independently generated from the data supplied to Sproule ERCE from Tetra4. Sustained commercial sales of methane gas from pilots and from production wells located on the Tetra4 licenses and periodic measurements of the free flow gas volumes from multiple blowers, some producing for decades, allow estimates of the gas production decline rate and thus ultimate recoverable volumes of gas. The estimates of reserves included in this report represent in excess of 80% of the gas reserves of the Tetra4 production right 24/04/07PR Virginia Gas Field reserves. This opinion covers: proved reserves quantities and volumes; changes in proved reserves during the period; estimates of future net revenue from proved, probable and possible reserves; and the present value (PV-10) of future net revenue discounted as 10% per annum (pre-income tax).

Estimated gross and net methane and helium Reserves are summarized in Table 1 and Table 3. For the purposes of clarification, the use of the abbreviation ‘MM’ equates to millions of the specified unit throughout this text. Sproule ERCE has calculated the economics according to the assumptions detailed

in this report and the net present values are presented in Table 2 and Table 4 as both Undiscounted (NPV=0), and at the specified discount factor.

Table 1: Methane Reserves Gross and Net Volumes

Notes:

1. Gross Methane does not include the Methane plant shrinkage factor of 6%, therefore there is a 6% reduction from Gross to Net volume.

Table 2: NPV from Methane Sales

Table 3: Helium Reserves Gross and Net Volumes

Notes:

1. Gross Helium already includes the Helium plant shrinkage factor of 4.5%, so there is no reduction from Gross to Net volume.

Table 4: NPV from Helium Sales

Statement of Risk

The accuracy of reserves, resources, and economic evaluations is always subject to uncertainty. The magnitude of this uncertainty is generally proportional to the quantity and quality of data available for analysis. As a prospect, project, or well matures and new information becomes available revisions may be required which may either increase or decrease the previous estimates. Sometimes these revisions may result not only in a significant change to the reserves, resources and value assigned to a property, but also may impact the total company reserves, resources and economic status. The independent reserves, resources and economic forecasts contained in this report were based upon a technical analysis of the available data using accepted geoscience and engineering principles. Estimates in this report are, in aggregate, reasonable within established audit tolerance guidelines of 10% in quantities and economic values as outlined in SPE auditing standards and SEC guidance. However, they must be accepted with the understanding that further information and future reservoir performance subsequent to

the date of the estimate may justify their revision. Sproule ERCE has reviewed and accepted the Company’s documentation of its lease position and its ability to permit the field development plan and found that it is reasonable, however any significant delay can impact project economics. It is Sproule ERCE’s opinion that the independent estimated reserves, resources, economics, and other information as specified in this report are reasonable and have been prepared in accordance with SEC rules and guidance as well as generally accepted geoscience and petroleum engineering and evaluation principles. Notwithstanding the aforementioned opinion, Sproule ERCE makes no warranties concerning the data and interpretations of such data. Neither Sproule ERCE, nor any of its employees, have any interest in the subject properties and neither the employment to do this work, nor the compensation, is contingent on Sproule ERCE’s estimates of the resources or economic evaluations for the properties in this report. The data and work papers used in this preparation of this report are available for examination by authorized parties in Sproule ERCE’s offices. Sproule ERCE gives its permission for the release of this report, for public view, by Renergen. Public parties that view the report can do so for informational purposes only.

Thank you for this opportunity to be of service to Renergen. If you have any questions or wish to discuss any aspect of the report further, please feel free to contact either of us.

Sincerely,

Sproule Incorporated

/s/ Jeffrey B. Aldrich

Jeffrey B. Aldrich, L.P.G.

Principal, Geoscientist

Certification

Report Preparation

This report entitled “2026 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of Tetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa as of February 28, 2026” is authenticated by the following Sproule ERCE professionals.

Project Leader

Designated Responsible Member Validation

This report has been reviewed and validated in accordance with the Professional Practice Management Plan of Sproule ERCE by the following Designated Responsible Member of Sproule Incorporated.

Certificate of Qualification

Jeffrey Aldrich, L.P.G., P.Geo.

I, Jeffrey B. Aldrich, Principal, Geoscientist of Sproule Incorporated, 2301 Blake Street, Suite 100, Denver, Colorado, USA, declare the following:

1. I hold the following degree:

a. B.Sc. Geology (1977), Vanderbilt University, Nashville, TN, USA

b. M.Sc. Geology (1983), Texas A&M University, College Station, TX, USA

2. I am a licensed Professional:

a. Licensed Professional Geoscientist (P.G.) Louisiana, USA #394

b. Licensed Professional Geoscientist (P.G.) Texas, USA # 15140

c. Certified Petroleum Geologist (C.P.G) The American Association of Petroleum Geologists #6254

3. I am a member of the following professional organizations:

a. Association of Professional Engineers and Geoscientists of Alberta (APEGA)

b. American Association of Petroleum Geologists (AAPG)

c. Society of Petroleum Engineers (SPE)

4. I am a qualified reserves evaluator and reserves auditor as defined in:

a. the “Canadian Oil and Gas Evaluation Handbook” as promulgated by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and,

b. the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information” as promulgated by the Society of Petroleum Engineers and incorporated into the “Petroleum Resource Management System” (SPE-PRMS).

5. My contribution to the report entitled “2026 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of Tetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa (As of February 28, 2026)” is based on my geoscience knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule ERCE.

6. I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Renergen Limited.

Certificate of Qualification

Mark Stouffer, P.E.

I, Mark Stouffer, Senior Petroleum Engineer of Sproule Incorporated, 2301 Blake Street, Suite 100, Denver, Colorado, declare the following:

1. I hold the following degrees:

a. M.E. in Petroleum Engineering (1988), Texas A&M University, College Station, TX, USA

b. B.S. in Petroleum Engineering (1983), The University of Tulsa, Tulsa, OK, USA

2. I am a registered Professional:

a. Professional Engineer (P.E.), State of Colorado, USA.

3. I am a member of the following professional organizations:

a. Society of Petroleum Engineers (SPE)

4. I am a qualified reserves evaluator and reserves auditor as defined in:

a. the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information” as promulgated by the Society of Petroleum Engineers and incorporated into the “Petroleum Resource Management System” (SPE-PRMS).

5. My contribution to the report entitled “2026 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of Tetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa (As of February 28, 2026)” is based on my engineering knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule ERCE.

6. I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Renergen Limited.

Certificate of Qualification

Meghan M. Klein, P.Eng.

I, Meghan M. Klein, Head of Reservoir Engineering, Americas of Sproule International Limited, 900, 140 Fourth Avenue SW, Calgary, Alberta, declare the following:

1. I hold the following degree:

a. B.A.Sc. Geological Engineering (2005), University of Waterloo, Waterloo, ON, Canada

2. I am a registered Professional:

a. Professional Engineer (P.Eng.), Province of Alberta, Canada

3. I am a member of the following professional organizations:

a. Association of Professional Engineers and Geoscientists of Alberta (APEGA)

b. Society of Petroleum Engineers (SPE)

c. Canadian Institute of Mining, Metallurgy and Petroleum (CIM)

4. I am a qualified reserves evaluator and reserves auditor as defined in:

a. the “Canadian Oil and Gas Evaluation Handbook” as promulgated by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and,

b. the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information” as promulgated by the Society of Petroleum Engineers and incorporated into the “Petroleum Resource Management System” (SPE-PRMS).

5. My contribution to the report entitled “2026 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of Tetra4’s Interest in the Virginia Gas Field in the Free State of the Republic of South Africa (As of February 28, 2026)” is based on my engineering knowledge and the data provided to me by the Company, from public sources, and from the non-confidential files of Sproule ERCE.

6. I have no interest, direct or indirect, nor do I expect to receive any interest, direct or indirect, in the properties described in the above-named report or in the securities of Renergen Limited.

1. Material Changes Since Prior Report

1.1 Field Development and Execution

The Methane LNG and Helium liquefier plant had additional operational difficulties during the reporting period with the helium liquefier being taken offline for limited production during the year. This severely limited the amount of helium that was able to be sold during this reporting period. Methane and helium production had resumed regular production by the end of the reporting period. This has delayed the planned start date of the large-scale drilling campaign.

The Company used the time of the low plant productivity to continue to test new exploration concepts within the license area as well as testing alternative completion methods. Thus, the planned drilling of PUD locations was deliberately delayed as there was not an immediate requirement for additional gas production. The Company chose instead to test new exploration concepts with a limited drilling program. The exploration program delineated a new reservoir, the Permian Karoo Vryheid Sandstone, with a good flow test. As of the effective date of this report, more evaluation is required prior to the addition of reserves in the Vryheid Sandstone. It is anticipated that as the Company connects more wells to the Phase I plant and achieves full capacity the Phase II program will be brought online in a timely manner. Sproule ERCE requested and received documentation of Phase II rig contracts and rig availability. Sproule ERCE has modified the assessment assumptions regarding the timing of bringing the plant to full production, the timing of the Phase II drilling program, and the timing of the Phase II plants. Sproule ERCE has reviewed the commitment of Renergen’s parent company, ASP Isotopes, and the Board of Directors to proceed to the Phase II program, the Company’s planning for both the completion of Phase I, the planned execution of Phase II and determined that they are detailed and still meet the requirements of a 5-year plan.

A summary of well status changes since the 2025 Report is included in Table 5.

Table 5: Drilled Wells

2. Economic Parameters

2.1 Capital Costs

Sproule has reviewed Tetra4’s past expenditures and future budgets. The following summarizes the capital costs provided by Tetra4.

Well drilling and completion CAPEX is budgeted at $360,000 USD per well. Well connection CAPEX is $28,578 per well, making the total well cost $388,578 per well.

The total remaining expenditure for the Phase 1C pipeline gas gathering project is 5.2 million USD, and will be spent in February 2027.

The Phase 2 gas gathering pipeline project will commence construction in February 2027, and will total 229.4 million USD, scheduled as follows: 3.9 million USD in February 2027, 101.8 million USD in February 2028, 116.3 million USD in February 2029, and 7.4 million USD in February 2030.

The number and expenditure dates for the methane and helium liquification plants required for each reserves category are tailored according to the field-wide gas production profile for each reserves category. All methane and helium liquification plants will consist of modular pairs, each with an inlet capacity of 45 MMscfd. If necessary, these plants can operate at a 50% turndown rate, or 22.5 MMscfd.

Capital for a single pair of 45 MMscfd liquifiers is 483.8 million USD and capital for connection to the electrical grid is 10.8 million USD.

Development of the 1P (Proved) Reserves yields a maximum total field rate of 43 MMscfd, requiring a single pair of liquifiers, and capital is scheduled in June 2027.

Development of the 2P (Proved plus Probable) Reserves yields a maximum total field rate of 74 MMscfd, requiring two pairs of liquifiers, and capital is scheduled in June 2027 and August 2028.

Development of the 3P (Proved, Probable plus Possible) Reserves yields a maximum total field rate of 108 MMscfd, requiring three pairs of liquifiers, and capital is scheduled in June 2027, March 2028, and December 2028.

All capital costs were held constant for the life of the project. Due to requirements for separate reporting of Methane and Helium reserves and values, all capital was proportioned at 75% for Methane and 25% for Helium.

2.2 Operating Expenses

The following summarizes the operating expenses provided by Tetra4.

Operating expenses for Phase 1 are 345,925 USD/month, which includes operation of the existing gas gathering system and existing producing wells. Power costs for Phase 1 are an additional 160,282

USD/month. Both costs are the same for the 1P, 2P, and 3P scenarios because Phase 1 consists of only the existing wells, gathering lines, and plant.

Phase 2 costs for generator rental are 4,149,125 USD/month, and is the same for the 1P, 2P, and 3P scenarios.

Phase 2 plant operating expenses are 1,222,222 USD/month for the 1P scenario, 2,194,444 USD/month for the 2P scenario, and 3,027,778 USD/month for the 3P scenario.

Abandonment costs of 24,333 USD per well were included in the evaluation.

All wells were burdened with a royalty paid to Goldfields, in the amount of 0.24 USD/mcf of wellhead gas.

All operating expenses were held constant for the life of the project. Due to requirements for separate reporting of Methane and Helium reserves and values, all operating expenses were proportioned at 75% for Methane and 25% for Helium.

2.3 Prices and Interests

A methane price of 18.08 USD/MMbtu was provided by Tetra4, based on a weighted average sales price from their gas sales contracts, and held constant over the life of the project.

Similarly, a helium price of 450 USD/Mcf was provided by Tetra4 and held constant over the life of the project.

Renergen owns a 94.5% equity interest in Tetra4. This report is generated at the property (license) level where Tetra4 holds 100% of the interest in the Production License. Therefore, this report reflects 100% Working Interest and 100% Net Revenue Interest aside from the 0.24 USD/mcf of wellhead gas royalty paid to Goldfields. There is no royalty burden other than the Goldfields royalty described in the Operating Expenses section.

2.4 Plant Processing and Efficiency Parameters

Based on information received from Tetra4, Sproule used a methane BTU factor of 0.9811 MMbtu/Mcf, which is a weighted average of 70% of the gross heating value of methane and 30% of the net heating value of methane.

Based on information received from Tetra4, gas shrinkage from wellhead through the plant is 4.5% for helium, and 6.0% for methane.

Due to operational issues associated with the helium and methane liquification plants described in the Field Development and Execution section, a plant efficiency factor was utilized in the economic evaluation. This factor accounts for the fact that the plants have not operated at 100% efficiency historically but allows for expected stepwise improvements in efficiency as the project progresses into Phase 2.

Historical LNG and Helium sales data were reviewed for 2024 and 2025, and plant efficiency factors were calculated based on those periods. Based on this historical data and expected improvements in efficiency, the following ramping schedules were used for plant efficiency factors.

For Helium, the plant efficiency factor is 0.8% until Phase 2 begins in April 2027, then increases to 50% until April 2028, then increases to 95% for the remaining life of the project.

For Methane, the plant efficiency factor is 70% until January 2026, then increases to 80% until Phase 2 begins in April 2027, then increases to 85% until April 2028, then increases to 95% for the remaining life of the project. The Methane plant efficiency factor has an additional step prior to the startup of Phase 2 because the historical efficiencies in 2024 were significantly lower than in 2025, while for Helium, 2024 and 2025 historical efficiencies were similar.

3. Uncertainties

Any natural gas field development will have unforeseen challenges during the execution of the field development plan, some in geologic nature, some with the ability to successfully drill and complete the wells, others to build, maintain and run the gas processing plants. Proved undeveloped locations in the reserves report prepared by Sproule ERCE are included in our development plan and are scheduled to be drilled within five years from the year they were initially recorded, consistent with the SEC’s five-year rule requirement. Annually, management creates a capital expenditure plan based on our best available data at the time the plan is developed. The development plan is based upon management’s evaluation of a number of qualitative and quantitative factors including estimated risk-based returns, estimated well density, commodity prices and cost forecasts, recent drilling results and well performance, and anticipated availability of services, equipment, supplies, and personnel. All proved undeveloped planned locations are along known faults with penetrations of blowers and wells with sustained gas flows. These are in-fill locations or step out locations from known penetrations along mapped faults (the productive reservoir). Sproule ERCE has built into the economic assessment an execution success factor to reflect the ability of the Company to drill, complete, and flow PUD locations without having to spend extra planned capital. Sproule ERCE has applied these execution success factors by reducing the gross deliverable gas in each type of curve by an execution success factor profile. Based on historical performance with completing development wells Sproule ERCE has assigned a 70% success factor to the first ten PUD wells, a 75% success factor to the following ten PUD wells and an 80% success factor the next 30 PUD wells. The remaining wells are assigned a success factor of 85%. With time, it may be demonstrated that the Company may have a success rate that will allow us to reduce or remove the execution success factor from the economic analysis.

The Company must maintain its development license with the State and obtain all necessary permits to drill out its development plan and construct the connection lines. This requires maintaining a good working relationship with all stakeholders, and to date the Company has an excellent track record maintaining these critical relationships. Delays in future permits can delay the field development thus negatively impact the production of field gases and lower the NPV.

Future commodity prices are subject to global influences and are beyond the Company’s control.

4. Conclusions

Table 6 and Table 7 show a comparison of Methane and Helium reserve values for the current report (February 28, 2026, effective date) compared to the 2025 Report (February 28, 2025, effective date).

Table 6: Virginia Gas Field – Comparison of Gross and Net Methane Reserves

Table 7: Virginia Gas Field – Comparison of Gross and Net Helium Reserves

Appendix A

Appendix A: SEC Reserves Definition

Effective Date: January 1, 2020

Financial Accounting and Reporting for Oil and Gas Producing Activities Pursuant to the Federal Securities Laws and the Energy Policy and Conservation Act of 1975.

Definitions

The following definitions apply to the terms listed below as they are used in this section:

Instruction 1 to paragraph (a)(16)(i): The oil and gas production function shall be regarded as ending at a "terminal point", which is the outlet valve on the lease or field storage tank. If unusual physical or operational circumstances exist, it may be appropriate to regard the terminal point for the production function as:

Instruction 2 to paragraph (a)(16)(i): For purposes of this paragraph (a)(16), the term saleable hydrocarbons means hydrocarbons that are saleable in the state in which the hydrocarbons are delivered.

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Appendix B

Appendix B: Reserve Cashflow Summaries

Total Proved Helium Cashflows

Total Proved Methane Cashflows

Total Proved Plus Probable Helium Cashflows

Total Proved Plus Probable Methane Cashflows

Total Proved Plus Probable Plus Possible Helium Cashflows

Total Proved Plus Probable Plus Possible Methane Cashflows

Appendix C

Appendix C: Oneline Summaries

Locations

Corporate Headquarters

140 Fourth Avenue SW, Suite 900

Calgary, AB

Canada, T2P 3N3

T +1 403 294 5500