Mr. Mehran Ehsan reports

PERMEX PETROLEUM ANNOUNCES CLOSE OF WARRANT EXERCISE INCENTIVE PROGRAM

Permex Petroleum Corp. has closed its warrant exercise program, as previously announced by the company in its news releases dated May 18, 2023, and June 16, 2023 (the initial news releases). Pursuant to the program, the company amended the outstanding unlisted common share purchase warrants of the company to $2.86 (U.S.) per eligible warrant from May 18, 2023, to June 30, 2023.

Pursuant to the program, an aggregate of 273,410 eligible warrants were exercised for aggregate gross proceeds of approximately $781,952 (U.S.). As a result, the company issued an aggregate of 273,410 common shares in the capital of the company and 273,410 common share purchase warrants. Each incentive warrant is exercisable for one share for a period of five years from the exercise deadline, at a price of $4.50 (U.S.) per share. In connection with the program, the company agreed to pay a finder's fee of $62,556 and issue an aggregate of 21,872 non-transferable finders' warrants on the same terms as the incentive warrants, to ThinkEquity, an arm's-length party, as financial adviser.

Permex anticipates using the proceeds from the program for working capital purposes.

We seek Safe Harbor.