Announcement PDF ASX Release 09 September 2026 Interactive Investor Hub - Engage directly with the Company through our Investor hub, you can ask questions, review comments and get direct access to the Company – follow the link greenvaleenergy.com.au/announcements Greenvale Energy Limited ABN: 54000743555 W: greenvaleenergy.com E: admin@greenvaleenergy.com.au Registered Office: Ground Floor, 41-47 Colin St, West Perth, WA, 6005 Page | 1 ALPHA TEST PROGRAM 7 SCOPE INCREASED, WITH FINAL PHASE SET TO COMMENCE Greenvale Energy Limited ASX: GRV (“Greenvale” or “the Company”) is pleased to provide an update on the current phase of test work being undertaken on the Alpha Project in Queensland as part of the ongoing Test Program 7 (TP7). Technix’s scope of work has concluded and the Company is progressing towards a broader development program with SAMI Bitumen Technologies (“SAMI”). As part of this engagement,the scope of TP7 has now been expanded to include assessment of multiple commercial product opportunities in an effort to define the full potential value of the Alpha Project. The expanded program represents the final phase of Alpha Test Program 7 (TP7) and is designed to determine what compliant paving-grade bitumen binder, bitumen-type products and/or high- asphaltene derived products can be produced in a scalable manner. C-170 certification remains the preferred target, however the program has been structured to assess alternative paving-grade specifications where the measured properties indicate that another grade may provide a more technically and commercially appropriate pathway. Highlights  Technix has concluded its scope of work, providing important technical data on the processing and modification of material derived from the Alpha Project.  The Technix program identified the importance of resin-to-asphaltene balance, high- shear mixing and filtration, while defining the remaining stability, adhesion and elasticity challenges required to meet the C-170 bitumen specification.  Greenvale has now commissionedSAMIBitumenTechnologies toundertake abroader development assessment that will include blending and modification trials, and assessment against various AS 2008 paving-grade bitumen requirements.  C-170 remains the preferred target, with alternative standards and specification grades to be considered depending on the material’s response to blending and modification.  With a 28Mt Resource – equivalent to 27.7 million barrels of synthetic oil equivalent – Alpha is a highly strategic project, particularly at a time when Australia remains dependent on international supply of oil and oil-derived products (including bitumen). Greenvale Energy Limited ASX Release Page | 2 The Alpha Project hosts an Inferred Mineral Resource Estimate of 28Mt of combined Torbanite and Cannelite for a total of 27.7 million barrels of synthetic oil equivalent1 , reported in accordance with the JORC Code (2012). Greenvale Managing Director Alex Cheeseman said: “While the Technix program has not resulted in a C-170 certification, the program has generated valuable technical information and demonstrated that Alpha-derived material responds positively to controlled distillation, compositional adjustment and high-shear processing. “We are now moving into a broader program with SAMI. “This is positive and important step forward for Alpha. The new program is designed to maximise the potential to produce a compliant paving-grade binder while defining the most practical pathway toward unlocking broader value from the Alpha Project.” Technix Program Concludes Technix completed the first phase of its work in July and, over the past two months, has been assessing the use of its proprietary process to blend and modify the Alpha product, seeking to produce material that will meet C-170 bitumen specification. Blending was achieved under pressure and utilising high-speed mixing. The derived material became more uniform and consistent, demonstrating the importance of controlled high-shear mixing. Importantly, the process also increased the product viscosity but results did not meet the C-170 specification. After consultation between Technix and Greenvale, an oxidation process was incorporated in an effort to meet the required viscosity target. Viscosity did increase but was still not on- specification, and also resulted in excessive hardness and asphaltene clustering. As a result, the Company determined that this processing option did not merit further testing. The work identified insufficient adhesion and elasticity as the principal remaining technical challenges to meet the C-170 specification. Technix concluded that the resin-to-asphaltene balance is a key control on product performance. The potential use of crumb rubber was also identified as one pathway to improve adhesion and elasticity. The results have established a clear technical foundation for the final phase of TP7. SAMI Binder Development Program SAMI has been commissioned to undertake a staged laboratory-scale program covering residue preparation, detailed binder characterisation, formulation development and, if successful, compliance assessment. Importantly, SAMI will evaluate two principal development pathways. The first will assess blending the Alpha-derived product with conventional paving-grade bitumen. Blending ratios will be adjusted based on product performance. 1 Refer to ASX Announcement 51% Increase in Alpha resource substantially expands project scale and potential released 13 November 2023 and Previously Reported Information – Alpha JORC Code (2012) Mineral Resource Estimate Greenvale Energy Limited ASX Release Page | 3 The second pathway will assess modification using compatible additives and controlled laboratory blending. This work may include compatibility assessment, controlled heating and mixing, rheological screening and optimisation of formulation and processing conditions. The objective of this approach is to maximise the practical proportion of Alpha-derived product incorporated into the final binder, while maintaining compliance with the required industry standards. Once the most promising candidate binder has been selected, SAMI will undertake final testing against the selected AS 2008 paving-grade bitumen specification, with C-170 remaining the preferred specification. Depending on the measured properties of the final binder,SAMImay also evaluate whether alternate specifications are a more technically appropriate and/or commercially viable alternative. The Program will commence with the receipt of material currently being sent from New Zealand to SAMI’s R&D centre in New South Wales. The program is expected to take six to eight weeks. About SAMI Bitumen Technologies SAMI Bitumen Technologies (“SAMI”) was formed in 1978 to meet a market need for new bitumen technology. SAMI is the largest bitumen supplier in Australia, supplying the full range of bituminous products to the Australian roads industry. SAMI’s products constitute the critical raw material required in the construction of highways, bridges, runways, raceways, container terminals and local roads. SAMI’s product range is a “one-stop shop” for all bituminous products required for the construction of all types of road surfacing, encompasses a wide variety of bitumen grades, including Polymer Modified Bitumen, Crumb Rubber Modified Bitumen, specialised binders, bitumen emulsions, cutback bitumen, crack sealant mastics and cold-mix asphalts. SAMI’s bitumen and asphalt laboratory is a leading facility in the region, renowned for its advanced capabilities. Strategic Important of the Alpha Project The Alpha Project hosts an Inferred Mineral Resource Estimate of 28.6Mt of combined Torbanite and Cannelite, with preliminary volumetrics of 27.7 million barrels of synthetic oil equivalent. The market for kerogen-style deposits (such as Alpha) is projected to grow from US$3.58 billion in 2026 to US$5.51 billion by 20322 , driven by energy-security priorities and demand for domestic fuels and industrial feedstocks. The Alpha Project remains strategically relevant at a time when Australia continues to depend on international supply chains for oil-derived products, including bitumen. Authorised for release This announcement has been approved for release by the Board of Directors. 2 Source – Research and Markets Oil Shale Market Report August 2026 Greenvale Energy Limited ASX Release Page | 4 For further information please contact Alex Cheeseman Nicholas Read Managing Director Read Corporate E: admin@greenvaleenergy.com.au E: nicholas@readcorporate.com.au M: +61(0) 485 603 120 M: +61(0)419 929 046 About Greenvale Energy Limited Greenvale is an ASX-listed exploration company, committed to building a portfolio of projects that will support the need for clean energy and critical infrastructure. The Company is building a large land holding in the world-class Pine Creek region of the Northern Territory, and also owns the advanced, high-grade Oasis Uranium Project in Queensland. The Company has additional new-energy/forward facing projects including the strategically significant Alpha Project. Greenvale’s projects are all aligned with the global need for reliable, sustainable, low-emissions energy and supply chains. The Company believes the best way to create long-term shareholder value is by investing in exploration, to make discoveries and grow its resource-base. Competent Person Statement The information in this announcement, as it relates to exploration results, interpretations and conclusions, is based on information reviewed by Mr Mark Biggs, who is an independent technical adviser to Greenvale Energy Ltd and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM, #10788). Mr Biggs is a Director of ROM Resources Consultant to the Company, and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the overseeing of activities being undertaken to qualify as a Competent Person (as defined in the JORC 2012 edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mt Biggs consents to the inclusion of this information in the form and context in which it appears. Alpha JORC Code (2012) Mineral Resource Estimate The following information is extracted from the Company’s ASX Announcement 51% Increase in Alpha resource substantially expands project scale and potential released 13 November 2023. The JORC Code (2012) Mineral Resource Estimate for the Alpha Deposit is set out in Table 1 and Table 2 below: Seam/Ply Area (m2 ) Volume (cu m) Waste Thickness (m) Waste Volume (bcm) Tonnes (Air Dried) % +/- (Air Dried) Tonnes (Dry) Tonnes (In Situ) U 5,199,146 5,409,700 21 181,383,104 6,491,640 +97% 6,653,931 6,437,543 L1 9,056,464 10,548,503 16 142,970,480 12,995,530 +64% 13,291,114 12,869,174 LT 6,774,137 3,635,190 0 157,694 4,301,324 -6.4% 4,325,876 4,289,524 L2 8,684,433 3,465,159 0 41,993 4,267,732 +49% 4,366,100 4,192,842 Total 28,056,227 +51% 28,637,021 27,789,083 Table 1: MDL 330 Inferred Mineral Resource Estimate by seam and ply unit (plus % +/- from maiden MRE) Seam/Ply Inferred Dry Tonnes (Mt) % of Total Synthetic Oil (MMboe) % of Total Oil Yield LTOM No. of Drill Holes U 6.7 23 4.4 16 105 2 L1 13.3 46 8.7 31 104 4 LT 4.3 15 10.7 39 395 4 L2 4.4 15 3.8 14 140 4 Total 28.6 100 27.7 100 154 Table 2: MDL 330 preliminary volumetrics for Mineral Resource Estimate Greenvale Energy Limited ASX Release Page | 5 Previously Reported Information This document contains information relating to the Mineral Resource Estimate for the Alpha Project, which is extracted from the Company’s ASX Announcement 51% Increase in Alpha resource substantially expands project scale and potential released 13 November 2023 and reported in accordance with the 2012 JORC Code and available for viewing at greenvaleenergy.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed. Forward Looking Statements This announcement may contain certain forward-looking statements and projections. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. Forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The Company does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward- looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.While the information contained in this report has been prepared in good faith, neither the Company nor any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. Greenvale Energy Limited ASX Release Page | 6 Appendix 1 – Sample Details Table A1-1, below, lists the origin data for the test sample. Table A1-1: Borehole Data Details for Composite Test Sample Hole ID Sample ID Easting Northing RL Total Depth (m) Azimuth (°) Inclination (°) Depth From (m) Depth To (m) Interval (cm) Seam GM11C GM11C3 481332 7333200 447 45 0 -90 37.53 37.73 20 LT GM12C GM12C5 + C6 481867 7333226 440 33 0 -90 22.09 22.75 66 LT/L2 GM12C 25.07 25.30 23 GM13C GM13C5 482325 7333171 445 25 0 -90 17.47 17.74 27 LT GM57C GM57C3 482346 7332917 443 37.7 0 -90 24.72 25.22 50 LT GM72C GM72C3 483103 7331906 446 42.7 0 -90 36.00 36.08 8 LT GM72C GM72C4 36.08 36.21 13 LT GM73C GM73C3 483605 7331921 461 49.05 0 -90 39.40 39.60 20 LT GM73C GM73C4 39.60 39.75 15 LT GM78C GM78C3 482041 7333418 445 27 0 -90 18.37 18.71 34 LT GM80C GM80C4 482545 7333400 452 25 0 -90 16.43 16.49 6 LT GM80C GM80C5 16.49 16.93 44 LT GM81C GM81C3 482840 7333389 465 37 0 -90 26.92 27.56 64 LT Total 390 Note: all coordinates are provided in GDA2020, zone 55 Greenvale Energy Limited ASX Release Page | 7 Appendix 2 - JORC Code, 2012 Edition – Table 1 Report Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such aswhere there is coarse goldthat has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Samples for metallurgical testing (Test Program 7) were selected from 2023 exploration drilling, specifically HQ core as outlined in Appendix 1 (Table A1-1). Details of the drilling program been provided in previous ASX releases in October 2023 and May 2025. Standard drilling and core techniques were employed in generally shallow holes drilled vertically. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). Standard RAB and diamond HQ coring rigs were utilised. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. All core selected from testing was from boreholes with core recovery >90%. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. Detailed logging was not undertaken at the site but later after sample delivery to the lab. Logging was to the Coal Log V2 standard. Whereas previously outcrop sampling of material has only been used for sighter testing; with all Mineral Resource estimation, mining, and metallurgical studies to be developed based evaluation of the core sample material. Photographic records have been taken which shows each horizon sampled and the weight of samples taken from each sample location has been recorded. Sub-sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. The bulk sample was taken in substantial quantities of about 20 kilograms and of both torbanite and cannel coal portions of the 63mm core. Samples were held by Stratum and Subsampling for this exercise was undertaken by Stratum Laboratories. Greenvale Energy Limited ASX Release Page | 8 Criteria JORC Code explanation Commentary • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. Splits of approximately 400 grams were cut from subsamples obtained from Stratum splits of the subcrop samples. Smaller samples were used in the program to facilitate subsequent processing in the laboratory. The splits were pulverised to sub 200 microns undertaken immediately prior to the tests being conducted. Subsamples were cut and placed under nitrogen and forwarded to Melbourne for the test program at the Melbourne University. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The subsamples had been held in refrigeration below zero in sealed bags. Post pulverization the samples held under nitrogen overpressure until used. A range of tests were conducted on the carrier oil and the sample types to ensure the program could be meaningfully executed. Subsequent tests were then undertaken to a standard set of procedures. In all 19 tests were conducted to establish the set of 12 test result sets. Laboratory tests were conducted based on standard analytical techniques such as TGA, Proximate and Ultimate. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. The samples derived from the core have been observed by multiple personnel including Engineers, Geologists and Greenvale employees have been involved in the sample acquisition. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. The samples taken are described in Table A1-1 in Appendix 1. Coordinate system MGA55 GDA94 datum is expected to be accurate to +/- 30m. Data spacing and distribution • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. Not relevant for this discussion of metallurgical testing. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Not relevant for this discussion of metallurgical testing. The deposit strikes at 300 degrees with gentle dips to the south and southwest. The intersecting boreholes were planned as vertical. Sample security • The measures taken to ensure sample security. Sampleshavebeenstoredindedicatedfreezers fromthe time the sample was acquired and after sample Greenvale Energy Limited ASX Release Page | 9 Criteria JORC Code explanation Commentary preparation. Chain of custody was managed by ALS. Samples have been transported in sealed bags, from ALS Brisbane to Monash University in Melbourne. Audits or reviews • The results of any audits or reviews of sampling techniques and data. No audits or reviews have been conducted. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. MDL 330 is held by Alpha Resources Pty Ltd, a subsidiary of Greenvale Energy Limited. MDL 330 was first granted on 1 February 2002. An application for a renewal for an additional 5-year term was submitted in July 2021 and approved in July 2022. The current 5-year term expires on 31 January 2027. MDL 330 covers an area of 1,904.5 Ha. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Historically there has been exploration carried out over 85 years since the 1940’s. The various titles have been held by Alpha Resources since 2002. Table A2-1 lists the various explorers: Geology • Deposit type, geological setting and style of mineralisation. The Alpha deposit lies within the axis of the Glen Avon Syncline, a southwest plunging fold structure that occurs on the eastern flank of the Galilee Basin. The deposit is part of the Permian Colinlea Sandstone, which contains 150 m of cross-bedded sandstones with minor conglomerate, siltstones, and mudstones. The Geology of the deposit consists of an Upper and Lowerseamof cannel witha torbanite lenspresent in the Lower seam. The Colinlea Sandstone is thought to be a lower delta plain deposit with the coal deposited in swamps and shallow lakes in this near shore environment. The torbanite is thought to have been deposited from algae in a lacustrine environment when water entering the system held little sediment or organic material. Greenvale Energy Limited ASX Release Page | 10 Criteria JORC Code explanation Commentary Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain why this is the case. See Table A1-1 in Appendix 1, which includes all relevant new drill hole information and seam intercepts. All Greenvale and IMC exploration holes have been either traditional theodolite or DGPS surveyed with stated accuracies of 0.1m in X & Y and 0.2m in Z. Top of coal depths are accurate to 0.1m and interpreted from chip logs / core logging and downhole geophysics, where carried out. Where available verticality was loaded, and the holes were modelled accounting for any inclination. An alternative model was generated treating all holes as vertical. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. Torbanite and cannel coal horizons were modelled separately and not aggregated. Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’). All drill holes were drilled at 90° to the surface and although some verticality logs are available, the deposit was modelled where holes are assumed to be vertical. Downhole verticality survey is available for all drill holes. Seam intercepts are recorded on a downhole basis. Downhole geophysical logs were used to confirm the seam intercepts and thicknesses. As the deposit is gently dipping and drill holes are generally shallow, the downhole seam thickness will approximate the true thickness of the coal. Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include but not be limited to a plan view of drill hole collar locations and appropriate sectional views. All appropriate diagrams have been released in preceding ASX Releases in March 2023 and May 2025 Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. All available data for the Torbanite area has been collated and reported. This release contains all relevant information. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating GEOLOGY The updated interpretation is predominantly based on the 2023 and 2021 drilling results. Limited historical drill hole information was used to supplement the 2021 and 2023 drilling and support the continuity of the Upper and Lower seams outside the Greenvale Energy Limited ASX Release Page | 11 Criteria JORC Code explanation Commentary substances. bounds of the MDL area. METALLURGY Pressure Leach Program – TP7 Update & Process Direction TP7 has now confirmed that operating at 410°C with 30- minute retention, under hydrogen at 80 bar and total reaction pressure of 26 MPa (260 bar), using zinc acetate catalyst and toluene solvent, delivers ~99% conversion of Torbanite into pressure leach liquefaction solution. Solvent recovery has been validated at ~98.9%, placing the process in a strong position to eliminate alternative catalysts and THF solvent pathways, allowing full focus on the streamlined toluene-based route. The hydrofoil-type impeller mixing configuration has proven effective, with pressure-temperature behaviour closelymatchingthe predicted pressure leachcurve and demonstrating consistent solution chemistry. All TP7 samples tested to date are non-blended single LT core material,