Ruvuma Update

Aminex announces that its wholly owned subsidiary, Ndovu Resources Limited ("Ndovu"), has issued a Notice of Dispute to ARA Petroleum Tanzania Limited ("APT"), the Operator of the Ruvuma PSA, and The Zubair Corporation LLC ("Zubair") pursuant to the Farmout Agreement among Aminex, Ndovu, APT and Zubair and the Joint Operating Agreement between Ndovu and APT.

The Notice of Dispute concerns alleged breaches by APT of its obligations under the Farmout Agreement and the Joint Operating Agreement relating to the approved 2026 Work Programme and Budget ("2026 WP&B") for the Ntorya Gas Development. The 2026 WP&B was proposed by APT and subsequently approved by the Joint Venture, the Tanzania Petroleum Development Corporation ("TPDC") and the Petroleum Upstream Regulatory Authority ("PURA") and provided for the drilling of CH-1, the obligation well under the Farmout Agreement and the Development Licence. APT has sought to replace the 2026 WP&B with successive alternative programmes which materially delay the drilling of CH-1 and do not provide the same firm commitment to fulfil its obligation to drill that well. These proposed changes have not been approved by the Joint Venture, TPDC or PURA.

Aminex has consistently supported additional development drilling and any properly funded programme that genuinely achieves the development of Ntorya. APT's continued pursuit of alternative programmes rather than implementation of the approved programme has resulted in material further delay, limited expenditure and minimal substantive work being undertaken during 2026, while the 2026 WP&B remains unimplemented.

The Notice of Dispute formally triggers a 90-day period within which Ndovu and APT are to seek to amicably resolve the dispute. If the dispute is not resolved, Ndovu may refer the dispute to the London Court of International Arbitration and pursue its rights against Zubair under the Parent Company Guarantee provided in connection with APT's obligations under the Farmout Agreement.

With the differences between Ndovu and APT remaining unresolved, APT continuing to pursue material changes outside the contractual framework of the Farmout Agreement and Joint Operating Agreement, and the approved 2026 WP&B not being implemented, the Board considers that issuance of the Notice of Dispute is necessary to protect Ndovu's contractual rights, the development of Ntorya and the interests of Aminex shareholders.

Aminex remains committed to working constructively with APT, alongside TPDC and the Government of Tanzania to achieve the earliest possible development and production from Ntorya and remains willing to consider any appropriately funded and properly approved programme that demonstrably achieves that objective.