Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share.</li><li> Investors also received one option per new share, exercisable at A$0.030 per share.</li><li>Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share. Investors also received one option per new share, exercisable at A$0.030 per share.Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor confirms resources estimates in Italy – RISC has independently validated ADX’s prospective resource estimates in Italy, confirming a range of 188–1,265 bcf (P90–P10) and a P50–Pmean case of 484–619 bcf.</li><li>After reviewing ADX’s data and methodology, RISC considers the prospective resource estimates to be a reasonable probabilistic representation of reservoir properties.</li><li>The lead/prospect areas and reservoir thickness assumptions used by ADX to calculate gas volumes are also deemed appropriate.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor confirms resources estimates in Italy – RISC has independently validated ADX’s prospective resource estimates in Italy, confirming a range of 188–1,265 bcf (P90–P10) and a P50–Pmean case of 484–619 bcf.After reviewing ADX’s data and methodology, RISC considers the prospective resource estimates to be a reasonable probabilistic representation of reservoir properties.The lead/prospect areas and reservoir thickness assumptions used by ADX to calculate gas volumes are also deemed appropriate.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.</li><li>The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.</li><li>The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).</li><li>Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.</li><li>The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.</li><li>Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.</li><li>Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.

Canada

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

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Valeura Energy Inc (VLE CN)

AUCTUS ON FRIDAY - 24.07.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund...

Auctus Advisors

AUCTUS ON FRIDAY - 10.07.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor...

Auctus Advisors

AUCTUS ON FRIDAY - 19.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone...

Auctus Advisors

AUCTUS ON FRIDAY - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

Auctus Advisors

AUCTUS ON FRIDAY - 24.04.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition...

Auctus Advisors

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