Mr. Richard Little reports

PERMEX PETROLEUM ANNOUNCES RECEIPT OF NOTICE OF DEFAULT FROM DEBENTUREHOLDERS AND FAILURE TO FILE ANNUAL AUDITED FINANCIAL STATEMENTS

Permex Petroleum Corp. has received a notice of default from the holders of its secured convertible debentures, which were issued on Nov. 1, 2024. The debentures have an aggregate principal of $4,276,389 with interest accruing thereon at 10 per cent per annum, and are secured by the company's assets.

In a letter dated Jan. 28, 2026, Jeffrey E. Eberwein, on behalf of himself and as collateral agent for all of the other debentureholders, notified Permex that it was in default of its obligations under the debentures by failing to make any payments on or before Nov. 2, 2025, and made demand for immediate payment of all outstanding indebtedness under the debentures. Mr. Eberwein further advised that unless payment is provided or alternative assurances and/or arrangements made by Feb. 18, 2026, the debentureholders will seek to enforce its rights and remedies under the debentures, which may include repossession of its collateral.

The company reports that it has not filed its audited annual financial statements for the year ended Sept. 30, 2025, the related management's discussion and analysis, and its Form 52-109FV1 chief executive officer and chief financial officer certifications of annual filings by the regulatory deadline of Jan. 28, 2026.

We seek Safe Harbor.