Buru Energy Ltd · ASX:BRU
Buru Energy — Investor Presentation (April 2026)
30 slides from Buru Energy's investor presentation, Apr 17, 2026
Slide 1: Rafael Gas Project: Fuelling the Future
For personal use only ASX:BRU Rafael Gas Project Fuelling the Future: Compelling Project Economics + Energy Security for Northwest of Western Australia 17 April 2026 Example of a small-scale LNG facility at Mount Magnet, Western Australia. Photo courtesy of Clean Energy Fuels Australia (CEFA)
Slide 2: Disclaimer
Disclaimer This document has been prepared by Buru Energy Limited ABN 71 130 651 437 (“Buru”) and has been authorised for the intended purpose by the Non-Executive Chair of Buru Energy Limited. For personal use only This presentation contains certain statements which may constitute "forward-looking
Slide 3: Rafael Gas Project highlights
Rafael Gas Project highlights Significant uplift in the estimated value of the Rafael Gas Project unlocks additional funding and commercial opportunities • Large, high-confidence resource supporting long-life, scalable development - based on high confidence (P90) resource volume of ~85 Bscf of gas a
Slide 4: Company snapshot
Company snapshot Where We Operate Capital Structure1 For personal use only Shares on issue million 1,003 Focused on the development and Market Capitalisation1 A$ million 23.0 commercialisation of the Rafael Gas Cash2 A$ million 1.8 Project, based on Buru’s wholly Debt A$ million nil owned and oper
Slide 5: Simple project design and low-risk execution
Simple project design and low-risk execution Project is based on high confidence 1C Resource of 85 Bscf For personal use only 2C best estimate (220 Bscf) or the 3C resource case (523 Bscf)1 adds material upside Small footprint (based around the existing cleared Rafael 1 discovery well pad – en
Slide 6: Robust economics with significant increase in value
Robust economics with significant increase in value Economic Screening 1 based on Rafael 1C Resource with initial 12-month production ramp up, and maximum production rates of 200 tpd LNG, 69 kLpd condensate and 15tpd LPG for 20 years. Based on 100% Project Economics Key insights For personal use onl
Slide 7: Rafael - a proven resource
Rafael - a proven resource Rafael 1 drilled on 2D seismic in 2021 encountered W E Depth (mSS) Rafael 1 Rafael 2H significant gas columns in a large 4-way structural closure. planned Drilled For personal use only for early (1) Primary Reservoir Interval (robust base case): 2027 • Crestal T20 Ungani D
Slide 8: Significant potential for further resource upside
Significant potential for further resource upside Flying Fox – A prospect beneath Rafael For personal use only Prospect: Devonian carbonate target, imaged on recently acquired Rafael 3D, immediately beneath the Rafael 1 discovery, within a faulted closure of 26 km2 and ~370m vertical relief Opportun
Slide 9: 2026 design-led insights create more value
2026 design-led insights create more value For personal use only • The SMR process is the workhorse of the LNG industry used in many liquefaction Rafael Gas Project : Generic Single Mixed Refrigerant (SMR) based Small Scale Process Scheme installations. • Process flow modelling confirms Robust value
Slide 10: The Kimberley needs the Rafael Gas Project
The Kimberley needs the Rafael Gas Project No "Safety Net": the Kimberley is not connected to pipelines - every town is essentially an "energy island.“ Region is isolated For personal use only Single-Point Failure: many remote communities rely on a single power station; if the fuel supply to tha
Slide 11: Rafael - numerous benefits and no regional competition
Rafael - numerous benefits and no regional competition Uniquely positioned to replace a Existing trucked / imported Rafael Gas legacy, costly and insecure For personal use only Project Benefits gas and diesel Project energy system in the north of Western Australia that currently Proximity to market
Slide 12: Kimberley and regional energy market is growing
Kimberley and regional energy market is growing Horizon Power (WA government-owned entity) is responsible for generating, For personal use only procuring, distributing, and selling electricity in region. Horizon Power is currently executing the West Kimberley Power Project (WKPP) which is design
Slide 13: Growth offtake opportunities for Rafael
Growth offtake opportunities for Rafael Project Owner Location Road Road Approx. Notes For personal use only distance from distance daily Karratha from Rafael demand (kms) (kms) Thunderbird Mineral Sands mine Sheffield Resources / West Kimberley 730 115 2 TJ/d Natural potential customer due to proxi
Slide 14: Commercialisation roadmap
Commercialisation roadmap Shifting Rafael 2H and Rafael 1 recompletion to post-wet season, de-risks operational logistics, better rig availability and aligns with the optimised development plan. For personal use only First cashflow targeting late 2028 / early 2029 Value-add activities: 1. Upstream /
Slide 15: Strategic Development Agreement with a proven energy player
Strategic Development Agreement with a proven energy player CEFA (downstream operator) to finance, build, own and operate LNG For personal use only facility and distribute product to US private equity firm with US$40 billion in assets under management. Investments in 89 companies operating market (~
Slide 16: Funding and optionality update
Funding and optionality update The Rafael Gas Project is a vital asset for regional energy security. Buru and Carlingford (UK) continue to facilitate the funding process For personal use only with potential counterparties. Several options being pursued in parallel Multiple parties entering the Dat
Slide 17: Experienced team to deliver
Experienced team to deliver Mr David Maxwell Project For personal use only Currently Independent Non-Executive Chair Development Support Executive Chair from 8 May 2026 >35yrs strategy, gas commercialisation, risk and asset management Ms Joanne Williams Leaders with deep industry Currently Independe
Slide 18: Rafael summary
Rafael summary High value gas Rafael Gas Project is a market disruptor and has no competition as a regional producer of hydrocarbon- business with based fuel. 1 condensate plus For personal use only LPG significant Attractive returns and long-term (~20 years) foundation cash flow from 2028/29. G
Slide 19: Equity Raising
For personal use only ASX:BRU Equity Raising Example of a small-scale LNG facility at Mount Magnet, Western Australia. Photo courtesy of Clean Energy Fuels Australia (CEFA)
Slide 20: Equity raising summary
Equity raising summary • Two-tranche placement to raise ~A$5.3 million (before costs) (“Placement”) comprising the issue of up to ~355 million new fully paid ordinary shares (“New Shares”): For personal use only • Tranche 1 to raise ~A$2.3 million via the issue of ~152 million New Shares utilising t
Slide 21: Use of funds
Use of funds For personal use only Use of Funds A$ million Rafael Gas Project - pre-FID development - Environmental approvals 0.5 - Land access 0.5 - Commercial, marketing and financing 1.0 - Engineering 1.5 - Well planning 0.5 Working Capital and costs of the Placement 1.3 TOTAL 5.3 Buru Energy Cor
Slide 22: Indicative timetable & Capital Structure
Indicative timetable & Capital Structure For personal use only Key Indicative Dates Capital Structure Number of Shares Trading Halt 16 April 2026 Shares currently on issue 1,002,638,773 Announcement of Placement and lodge Appendix 3B 17 April 2026 Placement Shares – Tranche 1 152,236,494 Settlement
Slide 23: Appendix: Economic Screening
For personal use only ASX:BRU Appendix 1 Economic Screening Example of a small-scale LNG facility at Mount Magnet, Western Australia. Photo courtesy of Clean Energy Fuels Australia (CEFA)
Slide 24: Economic screening – 2025 vs 2026 (capex funding model)
Economic screening – 2025 vs 2026 (capex funding model) 2025 Economic Screening1 2026 Economic Screening1 For personal use only Gas Price A$/GJ (domestic)2 $10.00 $15.00 $18.00 $10.00 $15.00 $18.00 Liquids (condensate) Price A$/litre (domestic) $1.00 $1.50 $1.80 $1.00 $1.50 $1.80 LPG Price A$/tonne
Slide 25: Economic screening – 2025 vs 2026 (opex funding model)
Economic screening – 2025 vs 2026 (opex funding model) 2025 Economic Screening1 2026 Economic Screening1 For personal use only Gas Price A$/GJ (domestic)2 $10.00 $15.00 $18.00 $10.00 $15.00 $18.00 Liquids (condensate) Price A$/litre (domestic) $1.00 $1.50 $1.80 $1.00 $1.50 $1.80 LPG Price A$/tonne (
Slide 26: Appendix: Portfolio of Assets
For personal use only ASX:BRU Appendix 2 Portfolio of Assets Example of a small-scale LNG facility at Mount Magnet, Western Australia. Photo courtesy of Clean Energy Fuels Australia (CEFA)
Slide 27: Buru has a portfolio of assets - Yulleroo
Buru has a portfolio of assets - Yulleroo A significant unconventional gas and liquids rich accumulation on the western side of the Canning Basin For personal use only Yulleroo accumulation is defined by four wells - all intersecting thick gas saturated sections with gas below closure mapped on 3D
Slide 28: Buru has a portfolio of assets - Ungani oilfield
Buru has a portfolio of assets - Ungani oilfield For personal use only • Ungani under care and maintenance since August 2023. • Produced ~2.3mmbbls of oil to date with ~220,000 bbls remaining. • Oil was previously sold at a premium to Dated Brent into the Southeast Asian market. • Success at nearfie
Slide 29: Buru has a portfolio of assets - Mars prospect
Buru has a portfolio of assets - Mars prospect For personal use only Prospective Resources (mmbbls)1 Low Best High Stock Tank Oil Initially in Place (STOIIP) 3.0 10.6 21.7 Ultimate Recovery of Oil (UR) 0.7 2.8 6.2 • Located 9km from the Ungani Production Facility (UPF), discovery at Mars 1 would und
Slide 30: Contact details
For personal use only David Maxwell – Chair Thomas Nador – CEO Paul Bird – CFO Buru Energy Limited Level 2, 16 Ord Street West Perth, Western Australia 6005 PO Box 1903 West Perth WA 6872 Email: info@buruenergy.com Phone: 1800 337 330 Website: www.buruenergy.com ASX:BRU