Whitebark Energy Operational Update - June 2024

Whitebark Energy Limited (ASX: $WBE) has recently completed a Share Placement, raising $500,000 from sophisticated and institutional investors. The company is also preparing for an Entitlement Offer of up to $1M for eligible shareholders. The funds will be directed towards accelerating the development of geothermal energy projects and engaging grant application experts to secure Government funding for renewable energy initiatives.

Executive Commentary on Geothermal Energy and Government Grants

Whitebark Energy is pleased to announce the successful completion of the Share Placement and the upcoming Entitlement Offer. The raised capital will be instrumental in advancing our geothermal energy projects, particularly the Geothermal to Hydrogen Project and the Geothermal Energy Project in Queensland, as well as supporting the transition of the Warro Asset in Western Australia. We have also engaged the services of Avant Group to manage our Government Grant applications, aiming to secure additional funding for our renewable energy endeavors. We believe that geothermal energy, as a reliable and dispatchable source of renewable baseload power, deserves greater recognition and support in Australia's energy transition.

Summary of Whitebark Energy's Operational Update

Whitebark Energy (ASX: $WBE) has successfully completed a Share Placement, raising $500,000, and is preparing for an Entitlement Offer of up to $1M for eligible shareholders. The raised funds will be directed towards accelerating the development of geothermal energy projects, including the Geothermal to Hydrogen Project and the Geothermal Energy Project in Queensland, as well as supporting the transition of the Warro Asset in Western Australia. The company has appointed Avant Group to oversee Government Grant applications, aiming to secure additional funding for its renewable energy initiatives. Whitebark Energy remains committed to advancing geothermal energy and green hydrogen solutions to meet the growing demand for clean energy, positioning itself as a leading geothermal company in the Australian market.