^{}[] Appendix 2A - Application for quotation of securities

Announcement Summary

Entity name
KAROON ENERGY LTD

Announcement Type
New announcement

Date of this announcement
Thursday July 09, 2026

The +securities to be quoted are:
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

Total number of +securities to be quoted

Refer to next page for full details of the announcement

^{}[] Appendix 2A - Application for quotation of securities

^{}[] Appendix 2A - Application for quotation of securities

Part 1 - Entity and announcement details

1.1 Name of entity
KAROON ENERGY LTD
We (the entity named above) apply for +quotation of the following +securities and agree to the matters set out in Appendix 2A of the ASX Listing Rules.

1.2 Registered number type
ABN
Registration number
53107001338

1.3 ASX issuer code
KAR

1.4 The announcement is
New announcement

1.5 Date of this announcement
9/7/2026

^{}[] Appendix 2A - Application for quotation of securities

^{}[] Appendix 2A - Application for quotation of securities

Part 2 - Type of Issue

2.1 The +securities to be quoted are:
+Securities issued, transferred or re-classified as a result of options being exercised or other +convertible securities being converted

2.2 The +class of +securities to be quoted is:
Additional +securities in a class that is already quoted on ASX ("existing class")

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^{}[] Appendix 2A - Application for quotation of securities

Part 3B - number and type of +securities to be quoted (existing class) where issue has not previously been notified to ASX in an Appendix 3B

Existing +securities converting into additional +securities in an existing class

FROM (Existing Class)
ASX +security code and description
KARAAB : PERFORMANCE RIGHTS EXPIRING 30-JUN-2027

TO (Existing Class)
ASX +security code and description
KAR : ORDINARY FULLY PAID

Is this all of the options or other +convertible securities on issue of that type (ie have all of those options now been exercised or have all of those convertible securities now been converted)?

No

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by:

An issue of new +securities

The underlying +securities being received by the holder are:

Intended to be, but are not yet, quoted by ASX

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme?

Yes

Are any of the options being exercised or other +convertible securities being converted held by +key management personnel (KMP) or an +associate?

No

Issue date
1/7/2026

Will the +securities to be quoted rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

^{}[] Appendix 2A - Application for quotation of securities

^{}[] Appendix 2A - Application for quotation of securities

^{}[] Issue details

Number of +securities to be quoted
135,626

Are the +securities being issued for a cash consideration?
No

Please describe the consideration being provided for the +securities
Nil

Please provide an estimate (in AUD) of the value of the consideration being provided per +security for the +securities to be quoted
0.000000

Any other information the entity wishes to provide about the +securities to be quoted
N/A

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^{}[] Appendix 2A - Application for quotation of securities

^{}[] Part 4 - Issued capital following quotation

Following the quotation of the +securities the subject of this application, the issued capital of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (total number of each +class of +securities quoted on ASX following the +quotation of the +securities subject of this application)

4.2 Unquoted +securities (total number of each +class of +securities issued but not quoted on ASX)

^{}[] Appendix 2A - Application for quotation of securities

^{}[] Appendix 2A - Application for quotation of securities

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