Company Update

The Directors of BIH wish to give an update on the Company's existing funding arrangements and the status regarding potential acquisitions.

Funding arrangements

As announced by the Company on 17 March 2025, the Company entered into a bridge loan facility agreement with Zarara Energy Limited ("ZEL"), the Company's 60% shareholder, to assist with the Company's working capital requirements (the "Loan Facility Agreement"). The Directors have recently become aware that ZEL has experienced some short term liquidity issues arising from an earlier loan (US$1.5 million) to an acquisition target, such that it has not been able to meet its commitments to the Company under the Loan Facility Agreement. The Company has been informed that shareholders of ZEL have entered into a settlement agreement with the acquisition target and are now expecting to fully recover the loan money, with first repayment due to be paid before 31 December 2025. Such repayments will enable the Company to recommence drawdowns from ZEL under the Loan Facility Agreement.

Status regarding Potential Acquisitions

Since completion on 29 October 2024 of the subscription by ZEL for 222,407,081 ordinary shares in the Company, the Board's efforts have focussed on finding a suitable business to acquire by way of a reverse takeover ("RTO"). Over the past year, the Directors have met various possible candidates, undertaken site visits and conducted initial due diligence on several businesses - the last being as recently as October 2025. Companies from Uzbekistan, Poland and certain African countries, covering both the oil and gas and financial services sectors, have been considered. Unfortunately, none of these candidates have met the necessary criteria for a successful RTO.

The Board is presently in early discussions with several energy companies, which will require further time to conclude. The Company will make further announcement(s) if, and as soon as, transaction terms are agreed.