NUENERGY GAS LIMITED ANNUAL

Directors' Report

Directors’ Report The Directors present their report on the consolidated entity consisting of NuEnergy Gas Limited (referred to thereafter as the “Company” or “NuEnergy”) and the entities it controlled at the end of the financial year ended 30 June 2026 (collectively, the “Group”). DIRECTORS The following persons were Directors of the Company (the “Board”) during the financial year and up to the date of this report unless otherwise stated: Kong Kok Keong Non-Executive Chairman Kee Yong Wah Deputy Executive Chairman Goh Tian Chuan Non-Executive Director Chen Heng Mun Non-Executive Director Alan Fraser Non-Executive Director Dr Ian Wang Non-Executive Director (resigned on 27 July 2026) PRINCIPAL ACTIVITIES The principal activities of the Group are exploration, appraisal and development of coal bed methane (“CBM”). There were no significant changes in the nature of the Group’s activities during the financial year. DIVIDENDS The Company does not currently have any cash generating business units or assets, nor does it have a Board approved dividend policy. All Group assets are in exploration and appraisal or at stages of development and have not commenced commercial production and are therefore cash consuming rather than cash generating. Accordingly, it is unlikely that a dividend will be paid by the Company in the short-term. No dividends were paid or proposed to be paid to members during or since the end of the financial year. ISSUE OF SHARES AND DEBENTURES During the financial year, the Company issued 138,293,481 new shares pursuant to a partially underwritten renounceable pro- rata entitlement offer of 2 new shares for every 19 shares held in the Company on 7 November 2025 at an issue price of $0.025 for each new share, raising cash proceeds of $3,427,364 (net off share issuance costs) to the Company. With the completion, the Company has 1,918,998,927 shares issued and paid-up. SHARE OPTIONS Subsequent to the end of the financial year: i) 40,121,065 of options were issued to eligible investors in connection with a private placement (“Private Placement”) undertaken by the Company. The Private Placement is further mentioned below under the Section titled “Significant Events Subsequent to the End of the Financial Year”. The options were issued on the basis of one (1) option for every two (2) ordinary shares subscribed for under the Private Placement; ii) 16,048,