Billions of Oil Equivalent 50 30 25 20 20 15 12 8 7 5 Santos Basin Gulf of America Niger Delta Orange Basin Campos Basin Suriname Guyana Basin Angola Offshore Tano Basin Rovuma Basin Khrishna Godavari Basin 0 25 50 DB: A1S0 Rating: BUY • Chevron/ExxonMobil recently entered basin Notes: • CEO 20+ yrs experience in energy/finance CEO: Mason Granger BOE, or Barrel of Oil Equivalent, is a standardized unit used in the oil and gas industry to combine different types of energy resources—such as crude oil, natural gas, and natural gas liquids—into a single comparable measure. One BOE represents the amount of energy equivalent to one barrel of crude oil, typically equal to 5,800 cubic feet of natural gas. This unit helps companies report and compare total energy production or reserves across mixed resource portfolios in a consistent way, regardless of the specific type of hydrocarbon. poschevale.com Industry sources report 71-88% exploration success in the Orange Basin since 2022 Oregen Energy Corp. Highlight - Orange Basin Oregen Energy Corp. , a Canadian exploration company (formerly Supernova Metals Corp.), has significantly expanded its presence in Namibia’s Orange Basin , a globally recognized emerging energy frontier. Initially entering the basin in January 2025 through the acquisition of NamLith Resources Corp ., Oregen secured an 8.75% indirect working interest in Block 2712A via a 12.5% equity stake in WestOil Ltd., which holds a 70% interest in the block. This move positioned Oregen in a region noted for high-impact discoveries by majors like TotalEnergies and Shell. In May 2025, Oregen completed a National Instrument 51-101 technical report confirming Block 2712A’s substantial resource potential . That same month, the company announced a definitive share exchange agreement to acquire an additional 36.0% equity interest in WestOil through Oranam Energy Limited, increasing its indirect working interest to 33.95% and securing operatorship of both WestOil and Block 2712A . Finalized in August 2025 with a USD $1.8 million cash payment and the issuance of 22 million Oregen shares, alongside a name change to Oregen Energy Corp. and listing on the Canadian Securities Exchange under ticker ORNG. This transaction strengthened Oregen’s strategic position and supported an ongoing C$7 million equity financing to fund exploration activities. In early September 2025, Oregen announced plans to commence high-resolution 2D and 3D seismic surveys on Block 2712A , starting with data interpretation in Q3 2025 and new acquisitions in Q4 , to refine drilling targets ahead of a planned farm-out process in early 2026 . The Orange Basin, often compared to early-stage Guyana , is estimated to hold up to 20 billion barrels of offshore reserves , and Oregen’s growing role, supported by Namibia’s political stability and favorable geology , positions it as a leading player in this high-potential deepwater frontier. Deepwater Basin Comparison CNSX: ORNG Target: C$1.66 • Completed 51-101 compliant report • Progressing seismic data interpretation • Close to major discoveries-Shell, TotalEnergies + • Multiple successful wells by Shell in area • 33.95% effective stake in Block 2712A Outstanding Shares: ~64.81 M Market Cap +/- $13M • 48.5% ownership of operator WestOil Ltd. September 2025 52WEEK: 0.145-0.56 *Maximum of Estimate ©Poschevale Securities Research *Important disclosures can be found at the end of this report 1 / 18 Geology DB: A1S0 Rating: BUY Target: CEO: Mason Granger Namibia’s offshore basins were formed in a passive volcanic margin setting during the separation of the African and South American plates . The Orange Basin has been divided into three main tectonic megasequences: syn-rift, transition, and post-rift containing the Cretaceous and Tertiary megasequences . The first Namibian offshore exploration well, Kudu 9A-1, discovered a significant hydrocarbon accumulation of gas reserves between 1.3 and 3 TCF in lower Cretaceous sandstones intercalated with volcanic layers. Potential source rocks have been identified as Late Jurassic- Neocomian lacustrine source rocks, Barremian-Early Aptian restricted marine source rocks and marine Cenomanian-Turonian source rocks. The reservoirs include Barremian-Hauterivian aeolian sandstones intercalated with volcaniclastics and shaly limestones (the Kudu gas field) , Aptian basin floor fans, and marginal marine/fluvial sand deposits within the syn-rift section. The basin’s geology is characterized by thick sedimentary layers, deposited over millions of years, which create favorable conditions for oil and gas accumulation . It includes both shallow and ultra- deepwater zones, with some of the most promising discoveries occurring in deepwater blocks located 250–300 kilometers offshore Namibia . Structurally, the Orange Basin shares similarities with other successful offshore regions like Brazil’s Santos Basin and Guyana’s Stabroek Block, contributing to its growing reputation as a global exploration hotspot Karas Karas Northern Northern Cape Cape poschevale.com Geography Oregen Energy Corp. CNSX: ORNG C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M Basin Comparison September 2025 52WEEK: 0.145-0.56 The Orange Basin is a vast offshore sedimentary basin located along the southwestern coast of Africa, straddling the maritime borders of Namibia's Karas region and South Africa's Northern Cape Province. Geographically, it stretches from southern Namibia into the northern offshore regions of South Africa, covering an area of over 160,000 square kilometers . The basin lies beneath the Atlantic Ocean and is named after the nearby Orange River, which forms part of the boundary between the two countries. Orange Basin Namibia Namibia’s Orange Basin shares several geological and strategic similarities with some of the world’s most prominent offshore oil basins , making it a highly attractive frontier for exploration. Like Brazil’s Santos Basin and Guyana’s Stabroek Block, the Orange Basin features a deepwater environment with thick sedimentary sequences conducive to large hydrocarbon traps . All three basins are transform margin settings, which are known for complex faulting and prolific oil discoveries. In addition, early seismic data and drilling results in the Orange Basin—such as those from Shell’s Graff-1 and TotalEnergies’ Venus-1X— mirror the early-stage successes seen in Guyana , where initial skepticism quickly turned into one of the world’s fastest-growing oil provinces . The Orange Basin also benefits from favourable fiscal regimes, growing international operator interest, and political stability, drawing direct comparisons to these now world-class basins. Guyana transitioned from a non-oil-producing nation to a fast-growing oil exporter in less than a decade , significantly transforming its economic outlook. The country’s low breakeven costs, stable political environment, and investor-friendly fiscal regime have further solidified its status as a top-tier exploration hotspot, often referenced as a model for new frontiers like Namibia’s Orange Basin ©Poschevale Securities Research *Important disclosures can be found at the end of this report 2 / 18 DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Oregen's Block Block 2712A lies , just off the Namibian coast. It's adjacent to Galp’s PEL 83 (Mopane) and north of Shell's Graff/Jonker cluster. Significant Discoveries Galp Energia's Mopane Discovery : Galp estimates that the Mopane complex holds up to 10 billion barrels of oil equivalent (BOE) in place, marking it as one of the largest offshore finds globally TotalEnergies' Venus-1X Discovery : The Venus-1X prospect in Block 2913B is estimated to contain approximately 5.1 billion BOE, making it Sub-Saharan Africa’s largest oil discovery to date Shell's Discoveries: Shell's exploration efforts have led to multiple significant finds, including the Graff-1X, La Rona, Jonker-1X, and Lesedi-1X wells Collectively, these are estimated to hold around 5 billion BOE Kudu gas field is one of Namibia’s earliest and most significant offshore hydrocarbon discoveries. The field was discovered in 1974 by Chevron and contains an estimated 1.3 to 3 trillion cubic feet (TCF) of natural gas. Capricornus-1X (Azule Energy / Rhino Resources, PEL 85) Drilled in 2025, flowed over 11,000 bpd, marking the first production-test scale oil flow from the northern Orange Basin. This discovery reinforces that prospectivity extends northwards, closer to Oregen’s Block 2712A 2712A Kudu Closeology Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 3 / 18 Oregen Energy Block 2712A is strategically positioned in Namibia's Orange Basin, adjacent to major discoveries by industry leaders such as Shell, TotalEnergies, and Galp Energia. This proximity places Oregen at the heart of one of the world's most active offshore oil exploration regions, enhancing the potential value of its assets. The surrounding successes, including Shell's Graff and Jonker finds, TotalEnergies' Venus discovery, and Galp's Mopane complex, underscore the basin's rich hydrocarbon prospects. Oregen's location amidst these significant developments not only de-risks its exploration efforts but also positions it favourably for potential partnerships and investments in the burgeoning Orange Basin oil frontier. Since 2022, the Orange Basin has seen ~17 exploration wells drilled with a success rate of 70–88%, depending on the source. Including this data underscores the basin’s unusually high hit rate versus global deepwater benchmarks. The clustering of majors (Shell, TotalEnergies, Galp, ExxonMobil, Chevron, Azule) around Oregen’s acreage highlights closeology not just as geology, but as a driver of farm-in and partnership potential. DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Jan 25 Jun-Aug 2025 Acquired 8.75% interest Acquisition of existing 2D seismic Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 4 / 18 Timeline Q4-25 2026 Late 2026-2027 Drilling Strategic Farm-Out Process -Acquisition of 25.2% indirect interest in Block 2712A -Independent Technical Report Acquisition of new 2D and 3D seismic Expected Developments in Orange Basin, Namibia • 10+ wells to be drilled in Orange Basin (offshore Namibia), planned in 2025/2026 by major companies, including TotalEnergies, Shell, Galp and Rhino/Azule • Expecting a Final Investment Decision (FID) by TotalEnergies on its Venus field 2026 Independent Technical Evaluation (June 2025) • Oregen has completed the independent technical report evaluating geological potential, hydrocarbon prospects, and seismic interpretations Acquisition & Interpretation of Seismic Data (Q2 -Q4 2025) • Q3 2025: Acquisition and interpretation of existing 2D seismic data, providing immediate insight into the subsurface geology • Q4 2025: Acquisition of new high - resolution infill 2D and advanced 3D seismic data over Block 2712A through partnerships with leading seismic providers Strategic Farm -Out Process (2026) • Early 2026: Opening of a comprehensive data room, engaging major global oil companies interested in the region • Actively pursuing strategic farm - out agreements, including: Cash payments. Carried interests for seismic and future exploration wells Exploration Drilling and Development (late 2026/2027) • Targeting commencement of drilling activities post successful farm - out, leveraging partner funding and operational expertise • Potential rapid advancement from exploration to appraisal drilling based on seismic and initial exploration outcomes Roadmap DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Q4-25 2026 Late 2026-2027 Company Namibian Project History Project Similarities Market Cap (as of Sept 11, 2025) Jan 2025, Oregen acquired NamLith Resources Corp., securing an indirect 8.75% working interest in Block 2712A located in the Orange Basin, offshore Namibia • July 2025 Oregen acquired Oranam Energy Ltd, bringing an additional 36% of WestOil Ltd, and an additional 25.2% 2712A indirect ownership to Oregen • Now owns 33.95% of Block 2712A (48.5% of WestOil) Block 2712A situated in close proximity to licenses operated by major energy companies, including Galp and Shell, indicating a high- potential area • In the early stages of exploration, focusing on seismic data acquisition and analysis to identify drilling targets • Concentrating its efforts on offshore Namibian assets, similar to Sintana and Pancontinental • A farm-out will secure cash and a carried interest, creating near erm value and reducing capital risk Holds an indirect 4.9% stake in PEL 83, covering Blocks 2813A and 2814B in Namibia's Orange Basin • Operated by a subsidiary of Galp Energia, with ongoing exploration campaigns yielding significant discoveries PEL 83 located where recent significant light oil discoveries have been made • Focused on offshore exploration in Namibia's Orange Basin • Engages in partnerships with major operators to leverage expertise and resources Holds a 75% working interest and operatorship in PEL 87, encompassing 10,970 km² in Namibia's Orange Basin • Mar 2025 announced significant prospective resources in PEL 87 PEL 87 situated on-trend with recent giant discoveries by Galp Energia, TotalEnergies, and Shell, indicating high exploration potential • Shares offshore focus in Namibia's Orange Basin with Oregen and Sintana • PEL 87's substantial size offers extensive exploration opportunities Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 5 / 18 Peer Review 13M 231M 83M CAD CAD AUS DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 6 / 18 Exploration Summary (1) Shell – PEL 39 (Graff, La Rona, Jonker Appraisal & Exploration Campaign) Shell is preparing a multi-well appraisal and exploration program in PEL 39, starting in 2026. This campaign will include up to five wells targeting the Graff, La Rona, and Jonker discoveries, as well as additional prospects within the license. Despite taking impairments on earlier drilling, Shell has confirmed its long-term commitment to Namibia, with drilling vessels being lined up for the campaign. Partners and Structure Shell (Operator, ~45%) QatarEnergy (~45%) NAMCOR (~10%) Shell has retained operatorship and working interest despite earlier questions about potential divestment, underscoring the company’s strategic interest in the Orange Basin. This campaign represents one of the largest exploration and appraisal efforts in the basin, providing critical data for full-field development planning across Shell’s Orange Basin portfolio. Classification: Farm-in/Appraisal Program Azule Energy – PEL 85 (Capricornus-1X Discovery) Azule Energy (the Eni/BP joint venture) farmed into PEL 85 with a 42.5% working interest, resulting in the Capricornus-1X discovery, which flowed over 11,000 barrels of oil per day during testing in early 2025. Follow-up wells are planned to further delineate this discovery. Partners and Structure Azule Energy (Operator, 42.5%) Rhino Resources (~37.5%) NAMCOR (~10%) Other minority partners (~10%) Rhino successfully attracted a major JV partner while maintaining a significant carried interest, ensuring it remains exposed to upside while de-risking capital requirements. The Capricornus find demonstrates that commercial oil is present further north in the Orange Basin, de-risking adjacent acreage and validating Namibia’s strategy of promoting farm-ins by majors. Classification: Farm-in / Discovery / Appraisal Since 2022, the Orange Basin has emerged as one of the world’s most active new hydrocarbon frontiers , with majors such as Shell, TotalEnergies, Galp, ExxonMobil, Chevron, Eni, and Azule Energy advancing discoveries and farm-in deals . Rather than outright acquisitions, the basin has been shaped by collaborative models, farm-ins, joint ventures, and direct licenses, where juniors like Custos, Azinam, and Rhino typically retain 10–15% carried interests, balancing risk and upside . Namibia’s fiscal regime remains highly attractive, anchored by a 5% royalty and NAMCOR’s state participation . Momentum has accelerated with successes like Azule and Rhino’s Capricornus-1X discovery, Shell’s multi-well campaign in PEL 39, and TotalEnergies’ Venus project advancing toward an expected FID in 2026 . Looking ahead, upcoming seismic, farm-outs, and drilling across blocks including PEL 87 and PEL 100 position the Orange Basin to further solidify its reputation as a global hydrocarbon hub and attract continued major investment DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 7 / 18 Exploration Summary (2) NAMCOR & Giraffe Energy – Block 2815 (License Extension) In 2025, NAMCOR and junior partner Giraffe Energy secured a one-year extension on Block 2815. The extension allows continued technical work and evaluation while partners seek strategic farm-in deals to advance the block toward seismic and drilling. Partners and Structure NAMCOR (Operator, 50%) Giraffe Energy (50%) Both partners have retained their full interests, with work program commitments extended to provide more time for partner engagement. This extension reflects the government’s supportive licensing framework in Namibia, ensuring that juniors have flexibility to attract partners while keeping exploration momentum alive. Classification: JV Framework / License Extension ExxonMobil – PEL 87 (Saturn Complex) ExxonMobil is advancing studies on the Saturn Complex prospects within PEL 87, which recent third-party assessments suggest could hold over 2.5 billion barrels of recoverable oil. Technical evaluations have upgraded the block’s potential, with Exxon considering future drilling commitments. Partners and Structure ExxonMobil (Operator, 40%) NAMCOR (10%) Other partners including Global Petroleum and Custos (remaining interests) Exxon has reaffirmed operatorship and continues to carry out studies, consolidating its role as a lead international player in Namibia’s Orange Basin. PEL 87 is considered one of the largest undrilled prospects in the basin, positioned adjacent to proven discoveries like Graff and Venus. Successful appraisal or a future farm-down could attract significant industry attention. Classification: Major-led Exploration / Appraisal TotalEnergies / Meren – PEL 56 (Venus Field Development) The Venus discovery remains the largest and most strategic oil find in the Orange Basin, with recoverable reserves estimated at several billion barrels. Development plans include subsea wells tied to a floating production storage and offloading unit (FPSO). Front-End Engineering and Design (FEED) work and environmental approvals are progressing through 2025–2026, with a Final Investment Decision (FID) expected in the first half of 2026. Partners and Structure TotalEnergies (operator) QatarEnergy Impact Oil & Gas Namibia’s NAMCOR Meren now taking an active role in development execution and planning Strong, as the project is central to Namibia’s near-term production ambitions. No indication of farm-out; partners remain fully committed. This is the flagship development that could transform Namibia into a global oil producer. It sets timelines and expectations for broader basin development and provides vital infrastructure precedents for future discoveries. Classification: Major-led development project, progressing toward production. DB: A1S0 Rating: BUY CEO: Mason Granger poschevale.com Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M Element79 Gold Lucero Project September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 8 / 18 Exploration Summary (3) Chevron – PEL 90 (Orange Basin Exploration) Chevron shifted focus to PEL 90 after withdrawing from earlier Orange Basin acreage where a dry hole was drilled. The company is now planning a new exploration campaign in PEL 90, leveraging learnings from prior results and regional seismic data. Drilling is expected in the 2026–2027 window. Partners and Structure Chevron remains the principal operator, with Namibia’s NAMCOR holding a carried state interest. Ongoing; Chevron has reaffirmed its strategic commitment to Namibia despite mixed earlier results, indicating a willingness to continue allocating capital. Signals that super-majors view Namibia as a long-term play, with Chevron maintaining optionality on promising acreage despite setbacks. Classification: Major-led exploration effort with retained license commitment Eni – PEL 100 (Orange Basin Exploration) Details Eni (via Azule Energy JV with BP) is advancing exploration efforts in PEL 100, one of the promising southern Orange Basin licenses. Work includes ongoing seismic interpretation, with drilling anticipated later in 2025–2026. Partners and Structure Azule Energy (Eni 50%, BP 50%) as operator NAMCOR as carried partner High, with Azule Energy consolidating multiple blocks in Namibia and demonstrating continuity of investment. PEL 100 complements the company’s footprint across both the Orange and Walvis basins. Its exploration could add significant scale alongside Capricornus (PEL 85) and support basin-wide portfolio growth. Classification: Major-led exploration program with seismic-to-drilling transition. BW Energy – Kudu Gas Field (Development) BW Energy is leading the commercialization of the Kudu Gas Field, which holds significant gas resources and has been under study for decades. Development planning includes a subsea-to-shore configuration with potential regional power supply applications. Progress has been slower than oil projects but remains strategically important for Namibia’s energy mix. Partners and Structure BW Energy (operator) NAMCOR as state partner BW Energy continues to position Kudu as a key anchor project for Namibia’s gas strategy. Although not an oil project, Kudu represents diversification and domestic energy security, strengthening Namibia’s case as a hydrocarbon hub. Classification: Gas development project, separate from the oil-led Orange Basin discoveries but strategically aligned. DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 9 / 18 Exploration Summary (4) Galp Energia – PEL 83 (Mopane Discoveries) Galp made two major light oil discoveries in early 2024 at Mopane-1X and Mopane-2X, which are now under appraisal. Flow tests showed strong commercial rates, positioning Mopane as one of the most significant discoveries in the basin outside of Venus. Appraisal drilling and extended well testing are expected through 2025–2026, targeting a development concept aligned with global majors’ deepwater projects. Partners and Structure Galp operates PEL 83 with a 80% stake, alongside local partners NAMCOR (10%) and Custos Energy (10%). The consortium is fully committed, with Galp funding extensive appraisal operations and NAMCOR retaining its state interest. Mopane is viewed as a potential second hub for Namibian offshore oil production after Venus. Success here would diversify operatorship beyond TotalEnergies and accelerate the basin’s emergence as a multi-hub frontier. Classification: Discovery and appraisal campaign, with development planning in progress. Pancontinental Energy – PEL 87 (Saturn Complex) Pancontinental is advancing technical studies over PEL 87, where the Saturn Complex has been independently assessed at >2.5 billion barrels of recoverable prospective resources. The company is seeking a farm-in partner to fund exploration drilling following Woodside’s withdrawal. A near-term goal is to de-risk leads into drill-ready prospects via reprocessed seismic and independent validation. Partners and Structure Pancontinental holds 75% and operatorship; Custos Energy 15%; NAMCOR 10%. Partners remain active, with Pancontinental focusing on attracting a major or mid-tier entrant. Despite Woodside’s exit, Saturn remains one of the largest undeveloped prospects in the basin, drawing interest from majors monitoring Namibia’s Orange Basin momentum. Classification: Farm-out effort in progress; junior-led exploration with high resource potential. Rhino Resources / Azule Energy – PEL 85 (Capricornus Follow-Up) Azule Energy (the Eni/BP JV) drilled Capricornus-1X in PEL 85, announcing a significant discovery that flowed over 11,000 bpd of light oil in early 2025. Follow-up appraisal and additional exploration wells are scheduled into 2026. Rhino, a junior, holds a minority carried stake and will benefit from Azule’s technical and financial capacity. Partners and Structure Azule Energy 42.5% (operator) Rhino Resources 42.5% NAMCOR 15%. All partners remain engaged, with Azule committing to further appraisal as operator. Capricornus validates the prospectivity of the northern Orange Basin blocks and adds another proven discovery beyond Venus, Graff, and Mopane. It de-risks adjacent acreage, including Rhino’s other positions. Classification: Farm-in and discovery; major-led appraisal and exploration program. Rating: BUY CEO: Mason Granger poschevale.com Catalysts Oregen Energy Corp. DB: A1S0 CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M Element79 Gold Lucero Project September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 10 / 18 The catalysts presented are hypothetical in nature and are intended solely for illustrative or informational purposes. They are based on forward-looking assumptions and do not represent factual statements, guarantees, or projections by the company. These potential catalysts are not endorsed or confirmed by Oregen Energy and should not be interpreted as official company guidance or commitments. Any mention of future plans, milestones, or exploration outcomes reflects speculative analysis only, and should not be relied upon for investment decisions. Seismic Data Results (Q4 2025–Q1 2026) Oregen has announced plans to acquire and interpret multi-client 3D seismic data in Block 2712A during late 2025–early 2026. Results identifying drillable prospects could validate or expand the current ~200 MMBOE potential Impact: A clearly defined prospect from new 3D seismic could re-rate the stock, reflecting increased comparability to peers Independent Resource Update / CPR Following seismic interpretation, Oregen could commission an updated NI 51-101 or Competent Person’s Report, providing revised prospective recoverable volumes and technical validation Impact: A higher third-party resource estimate could strengthen farm-out negotiations and support higher valuation multiples Farm-Out / Strategic Partnership with a Major Oregen may secure a partnership with a major or mid-tier company, where the partner funds $30–$50M of drilling in exchange for 10– 20% of Oregen’s 48.5% stake Impact: A farm-out agreement could reduce Oregen’s CapEx burden, validate the block, and boost valuation Rig Contract & Environmental Approvals Once a farm-out or financing is completed, Oregen could finalize a deepwater rig contract and obtain the necessary environmental and operational approvals Impact: Securing a rig and permits would provide a visible countdown to spud, typically driving pre-drill market momentum First Exploration Well Spud (2026–2027) Drilling of the first exploration well in Block 2712A could occur in 2026–2027, targeting one of the top-ranked prospects identified through seismic Impact: A commercial discovery (e.g., 150M BOE recoverable) could significantly re-rate Oregen’s valuation and attract major farm-in or buyout interest Discovery & Testing Results If hydrocarbons are encountered, flow testing could demonstrate commercial volumes and reservoir quality Impact: A successful test could trigger contingent resource recognition, double valuation potential, and prompt immediate M&A interest Buyout or Strategic Transaction Following a successful discovery, Oregen could become a candidate for acquisition by a major oil company seeking to expand its Orange Basin portfolio Impact: A buyout at $6–$8/BOE could value Oregen considerably higher, representing the ultimate long-term catalyst DB: A1S0 Rating: BUY CEO: Mason Granger poschevale.com Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M Element79 Gold Lucero Project September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 11 / 18 The risks outlined are speculative in nature and intended for general informational purposes only. They do not reflect any official risk disclosures by the company and should not be interpreted as statements of fact. These points are based on forward-looking assumptions and generalized sector considerations, and may or may not apply to Oregen's actual operations or outlook. As such, they are not verified or endorsed by the company and should not be considered formal guidance or a reflection of Oregen’s internal assessments or risk management strategy Exploration Failure Exploration remains inherently high-risk despite the Orange Basin’s ~80–88% success rate. A dry well in PEL 107 could materially downgrade its prospective resource potential below 150M BOE, lowering implied valuations. Farm-Out / Funding Dependency Oregen’s ability to advance Block 2712A depends on securing a farm-out or strategic partner. Without such a deal, Oregen may face funding gaps requiring dilutive equity raises. Buyout Negotiation Risks Valuations tied to $6–$8/BOE multiples assume strong major interest. If demand softens, or majors negotiate lower multiples ($4–$5/BOE) or remove carried interests, offers could be materially reduced. Market and Fiscal Risks A broader market downturn or a shift in Namibia’s fiscal regime (e.g., higher royalties or taxes beyond 5% and 35%) could impact economics and lower buyer appetite. Environmental Opposition & Regulatory Delays Activist pressure or stricter permitting could delay seismic acquisition or drilling by 6–12 months, pushing out catalysts and deferring valuations. Operational Challenges / Cost Overruns Deepwater exploration involves technical and financial risks. Rig delays, equipment failures, or seismic cost overruns could strain Oregen’s balance sheet and lead to new equity issuance. Competition from Larger Orange Basin Projects Majors are prioritizing multi-billion barrel discoveries like Venus, Graff, and Mopane. Unless PEL 107 delivers a clear discovery, Oregen risks being overshadowed. Risks Element79 Gold Lucero Project poschevale.com ©Poschevale Securities Research *Important disclosures can be found at the end of this report Rating: BUY Outstanding Shares: ~64.81 M 12 / 18 Oregen Energy Corp. Finances DB: A1S0 CNSX: ORNG Target: C$1.66 Market Cap +/- $13M CEO: Mason Granger 52WEEK: 0.145-0.56 On May 20, 2025, Oregen announced an equity financing of up to C$7.0 million; the company noted expected participation from management and a president’s list. On August 13, 2025, Oregen closed initial tranches totaling ~C$3.64 million and confirmed insider participation Key Information Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Cash & Equivalents 30.04k 95.86k 83.02k 64.17k 55.30k 34.51k 160.39k 264.96k Equity -89.65k 43.63k 3.30k 48.53k 5.19k -48.45k 6.69M 5.47M Debt 0 0 0 0 0 0 0 0 Total Liabilities 127.2k 58.37k 86.09k 89.39k 54.12k 88.01k 237k 379.53k Total Assets 37.40k 102.4k 89.39k 89.39k 59.32k 39.55k 6.02M 5.85M Ownership Earnings & Revenue History (USD/yr) Key Information Q4-23 Q1-24 Q2-24 Q3-24 Q4-2024 Q1-25 Q2-25 Revenue 0 0 0 0 0 0 0 Earnings -216.54k -192.10k -194.36k -170.27k -250.46k -716.3k -1.8M Free Cash Flow -168.35k -154.15k -247.94k -244.34k -65.73k -49k -167.39k Cash From Operations -168.36k -154.15k -245.80k -242.20k -65.24k -48.50k -131.54k Operating Expenses 196.60k 189.13k 180.76k 157.62k 170.02k 630.16k 1.25M Name Title Ownership Shares Current Value (CA) Sean McGrath Director 5.23% 3,390,910 678.2k Kenneth Brophy Director 3.29% 1,935,380 427k Mason Granger CEO 1.50% 475,000 195k Lindsay Hamelin-Vendel Corp. Secretary 0.38% 245,513 49.1k *Top 4 shareholders own 10.41% of the company (6,746,803 shares), no insiders have sold shares in the past year. They have bought nearly 755,500 shares (262.2k) in the past year with 66% of that buying within past 3 months Outstanding Shares Time Period Year End-2022 Year End-2023 Q1-2025 Present Shares 12,103,841 14,976,784 24,917,456 ~64,812,024 poschevale.com ©Poschevale Securities Research *Important disclosures can be found at the end of this report *Share count increased primarily due to the WestOil acquisition and subsequent equity financings completed in 2025 September 2025 DB: A1S0 Rating: BUY CEO: Mason Granger poschevale.com ©Poschevale Securities Research *Important disclosures can be found at the end of this report Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 Market Cap +/- $13M 52WEEK: 0.145-0.56 September 2025 2025 Headlines 13 / 18 Aug 26, 2025: Oregen to Commence Trading on the Canadian Securities Exchange Under the Symbol "ORNG" Oregen Energy Corp. commenced trading on the Canadian Securities Exchange under the ticker symbol “ORNG”, completing its transition from Supernova Metals and signaling a new phase of growth focused on Namibia’s Orange Basin. Aug 13, 2025: Oregen Completes Investment In Block 2712A Offshore License In Orange Basin, Namibia And Closing Of Initial Tranche Of Brokered Equity Financing For $3.6 Million Oregen completed its investment in Block 2712A, raising its indirect working interest to 33.95% through WestOil Ltd., and closed the initial tranche of a C$3.6 million brokered financing, strengthening its balance sheet for upcoming seismic work. July 11, 2025: Supernova Files Amended and Restated LIFE Offering Document Supernova filed an amended and restated LIFE offering document, supporting its planned rebranding to Oregen Energy and facilitating future financings tied to its expansion strategy in the Orange Basin. May 30, 2025: Supernova Appoints Michael Humphries as Director Michael has over 35 years of experience in the international oil and gas industry and investment banking. He was appointed Head of Oil & Gas Advisory at Rand Merchant Bank where he successfully built the bank’s oil & gas advisory franchise May 22, 2025: Supernova Announces Completion of NI 51-101 Technical Report and Update on Future Operatorship of Block 2712A Supernova Metals, soon to be renamed Oregen Energy, completed a key NI 51-101 technical report for Block 2712A in Namibia’s Orange Basin. The company plans to increase its ownership to 48.5% and assume operatorship, with a 3D seismic program expected in late 2025. May 20, 2025: Supernova, to be renamed Oregen Energy Corp, Announces $7.0 Million Brokered Equity Financing to Expand Interest at Block 2712A Offshore License in Orange Basin, Namibia Supernova Metals Corp. has announced plans to rebrand as Oregen Energy Corp., The company has secured a $7 million brokered equity financing to fund the acquisition of an additional 36% equity interest in WestOil Limited, thereby increasing its net working interest in Block 2712A to 33.95% and obtaining operatorship of the block. May 5, 2025: Supernova Announces Letter of Intent with Oregen Supernova Metals Corp. announced a Letter of Intent (LOI) with Oregen on May 5, 2025, signalling a potential partnership to support its exploration activities in the Orange Basin. This move could enhance Supernova’s operational capabilities or funding for PEL 107, complementing its existing LOI to acquire an additional 36% stake in WestOil Limited. Apr 16, 2025: Supernova Welcomes Mason Granger as New Chief Executive Officer On April 16, 2025, Supernova appointed Mason Granger as its new CEO, marking a leadership transition to steer the company through its exploration phase in the Orange Basin. Apr 11, 2025: Supernova Metals Corp. Recruits Industry Pioneer Stuart Munro to Lead Exploration Efforts in Namibian Orange Basin Supernova bolstered its exploration team on April 11, 2025, by recruiting Stuart Munro, an industry veteran, to lead efforts in the Orange Basin. Munro’s expertise will be critical for advancing PEL 107’s exploration program, particularly the seismic surveys and planned drilling Mar 13, 2025: Tim O’Hanlon Joins the Supernova Strategic Advisory Board Supernova added Tim O’Hanlon to its Strategic Advisory Board on March 13, 2025, bringing in expertise to guide its Orange Basin strategy. O’Hanlon’s insights could strengthen Supernova’s positioning, ensuring alignment with industry trends like farm-ins by majors such as Chevron and ExxonMobil Mar 11, 2025: Adrian Goodisman Joins Supernova as Senior Strategic Advisor On March 11, 2025, Adrian Goodisman joined Supernova as a Senior Strategic Advisor, enhancing the company’s leadership with strategic guidance. Feb 7, 2025: Supernova Retains Dahrouge Geological Consulting Ltd. for Initial Exploration Program Supernova engaged Dahrouge Geological Consulting Ltd. on February 7, 2025, to support its initial exploration program for PEL 107 in the Orange Basin. This consultancy will aid in executing seismic surveys and planning drilling Feb 6, 2025: Supernova Initiates NI51-101 Report on Offshore License in Orange Basin, Namibia On February 6, 2025, Supernova initiated an NI51-101 report for its offshore license (PEL 107) in the Orange Basin, a regulatory requirement to provide an independent resource assessment. This report will validate the estimate, enhancing credibility for potential farm-in partners DB: A1S0 Rating: BUY CEO: Mason Granger Element79 Gold Lucero Project poschevale.com Valuation Methodology Oregen Energy Corp. CNSX: ORNG Target: C$1.66 Outstanding Shares: ~64.81 M Market Cap +/- $13M September 2025 52WEEK: 0.145-0.56 ©Poschevale Securities Research *Important disclosures can be found at the end of this report 14 / 18 This valuation estimates the fair value of Oregen Energy Corp. at C$1.66 per share, reflecting a 48.5% stake in WestOil Limited, which holds a 70% interest in Block 2712A in Namibia’s Orange Basin, incorporating the August 2025 acquisition of a 36% stake in WestOil via a $1.8M USD cash payment, supported by a $7.0 million brokered equity financing. Assumptions Resource: 200M barrels of oil equivalent (BOE) total, with 67.9M BOE attributable (33.95% working interest) Farm-Out Scenario: 20% valuation premium in 2026, retaining full interest Exploration Success Rate: 70%, reflecting enhanced seismic de-risking, basin trends, and Oregen’s operatorship Shares Outstanding: 64.81M (current post-financing shares) Discount Rate: 10% (adjusted for risk) EV/Resource Multiple: $0.75/BO