Ref: 10356.115634

August 17, 2026

Mr. Stefano Marani

Chief Executive Officer

Renergen Limited

25 Minerva Ave

Glenadrienne

Sandton, 2196

Republic of South Africa

Dear Mr. Marani:

At the request of Renergen Limited (hereinafter referred to as “Renergen” or “Company”), Sproule Incorporated (“Sproule”), 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”) 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 29, 2024. Renergen owns 94.5% of the equity interests of Tetra4.

Reserve Estimates

The information presented in this Report regarding the Company’s proved reserves as of the last calendar day of February 2024, and 2023 is derived from evaluations conducted by the Company's engineers and audited by Sproule, Inc. (Sproule). Reserve estimation procedures are meticulously established, adhering to internal controls to ensure accurate and timely reserve estimates in line with SEC requirements. Oversight by Tetra4 ("Corporate Reserves") and annual external audits by Sproule ensure compliance in the estimation process. Tetra4 collaborates closely with technical and production teams, incorporating all pertinent engineering and geological data before establishing or revising estimates. Direct oversight by the Director of Corporate Reserves, under the Company's Executive Committee, further reinforces adherence to SEC rules and U.S. GAAP. An annual review of reserve estimates by the Executive Committee, in conjunction with Sproule’s audits, ensures alignment and appropriateness of estimates. Reserve engineers participate in periodic training sessions, fostering ongoing professional development and adherence to written policies and guidelines established by Corporate Reserves.

Sproule’s audits, covering at least 90% of the Company's reserves, validate the accuracy and compliance of the Company's estimates with SEC regulations and industry standards. Sproule’s unqualified audit opinion underscores the reasonableness and conformity of the Company's proved reserves, bolstered by adherence to standards set forth by the Society of Petroleum Engineers. The proved reserves audited by Sproule, in aggregate, represented the following: As of the last calendar day of February 2024, and 2023 Proved, Possible and Probable reserves audited by Sproule and Pre-tax present value of proved reserves discounted at 10 percent audited by Sproule are, at a minimum 90% of the Company’s reserves. In connection with the annual reserves audit, Sproule prepared its own estimates of the Company's proved reserves and compared its estimates to those prepared by the Company. Sproule’s estimates of reserves are prepared in accordance with the definitions and regulations of the SEC, including the criteria of "reasonable certainty," as it pertains to expectations about the recoverability of reserves in future years, under existing economic and operating conditions, consistent with the definition in Rule 4-10(a)(24) of Regulation S-X. Sproule has issued a statement on the Company's proved, probable and possible reserves as of the last calendar day of February, 2024, and 2023, respectively, based upon its evaluation.

The qualifications of Sproule's staff, including the Manager of Reservoir Engineering, meet industry standards, ensuring competence and expertise in reserves estimation and auditing. The technologies employed in proved reserves estimation encompass various traditional and technical methods, including performance-based, volumetric-based, and seismic interpretation, enhancing the certainty and reliability of the Company's estimates.

In summary, Sproule adheres to rigorous standards in order to ensure accuracy, reliability, and compliance with regulatory requirements. The use of existing Proved Developed Producing locations and the constant review against previous geologic models in important in the understanding of the Proved undeveloped reserves. The undrilled regions earn designation as having undeveloped proved reserves only upon firm commitment and capability to commence drilling within a defined timeframe, typically within five years, barring exceptional circumstances. In the context of reserves estimations, "reasonable certainty" signifies a robust level of confidence in recoverable quantities, while "reliable technology" denotes a suite of rigorously field-tested methodologies, including computational models, known for consistent and replicable outcomes.

The Company's approach to estimating proved reserves adopts a comprehensive strategy, blending traditional methods such as performance-based and volumetric-based analyses with analogous comparisons of similar properties. Bolstering these methodologies, the Company integrates additional technical analyses like seismic interpretation, wireline formation tests, geophysical logs, and core data to fortify the reliability of estimates, particularly for intricate reservoirs.

Table 1: Methane Reserves Summary

Note: Some columns may not add due to rounding.

Table 2: Helium Reserves Summary

Note: Some columns may not add due to rounding.

Table 3: Methane Net Present Value Summary

Note: Some columns may not add due to rounding.

Note: Assumed that PUD reserves contain all Facility OPEX/CAPEX for all proved reserve categories.

Table 4: Helium Net Present Value Summary

Note: Some columns may not add due to rounding.

Note: Assumed that PUD reserves contain all Facility OPEX/CAPEX for all proved reserve categories.

Selected Oil and Gas Information Production, Price and Cost Data.

The price that the Company receives for the methane gas and helium it produces is largely a function of market supply and demand. Demand has historically been affected by global economic conditions, including the ongoing recession concerns, the Russia/Ukraine conflict, the COVID-19 pandemic, and weather and regional economic impacts within the South African economy. The company’s methane prices are largely tied to the South African LNG transport prices with some additional sales going to the local power market. Helium sales are based on global supply and demand. A decline in gas prices or poor drilling results could have a material adverse effect on the Company's financial position, results of operations, cash flows, quantities of oil and gas reserves that may be economically produced and the Company's ability to access the capital markets. The Company’s acreage position lies entirely within the Karoo Basin of South Africa however, it is technically more correct to state that both the majority of the methane and helium resources lie within the Precambrian Ventersdorp and Witwaterstrand Supergroups. The Tetra4 Production Right is currently the only existing onshore production right in the Republic of South Africa and has an operational LNG and helium liquification facility as part of the field operation. The Company produces gas with approximately 90 to 93 percent methane and 1 to 6 percent helium from its development wells. The gas is collected and purified to LNG and pure helium for sales.

Table 5: Prices Used in Reserve Calculations

Note: $/mmbtu * .9811 BTU factor for 2024 and 2023. 1.016 BTU factor for 2022.

Table 6: Costs Incurred as of Year Ended February 29, 2024

Table 7: Development and Exploratory/Extension Drilling Activity as of Year Ended February 29, 2024

Table 8: Average Daily Production

Table 9: SEC Tables for Methane

Table 10: SEC Tables for Helium

Table 11: Productive Gas Wells Attributable to the Company's Properties

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.

Senior Geoscientist

/s/ Mark Stouffer

Mark Stouffer, P.E.

Senior Engineer

Certification

Report Preparation

The report entitled “2024 Update on the Estimation of Natural Gas Reserves, Including Helium, and Associated Economics of the Tetra4 Virginia Gas Field in the Free State of the Republic of South Africa

As of February 29, 2024” was prepared by the following Sproule personnel:

Responsible Member Validation

The following Responsible Member of Sproule Incorporated certify that our internal quality control process has been followed in accordance with our Professional Practice Management Plan.

Certificate of Qualifications

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

I, Jeffrey B. Aldrich, Senior Geoscientist of Sproule, 1000, 1700 Broadway Street, Denver, Colorado, USA, declare the following:

Certificate of Qualification

Mark Stouffer, P.E.

I, Mark Stouffer, Senior Petroleum Engineer of Sproule, 1000, 1700 Broadway Street, Denver, Colorado, declare the following:

Certificate of Qualification

Meghan M. Klein, P.Eng.

I, Meghan M. Klein, Senior Manager, Engineering of Sproule, 900, 140 Fourth Avenue SW, Calgary, Alberta, declare the following:

Report Revisions