EQUITY

3 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY

11. EQUITY

Common stock

The Company has authorized an unlimited number of common shares with no par value. At December 31, 2024 and September 30, 2024, the Company had 551,503 common shares issued and outstanding.

There were no share issuance transactions during the three months ended December 31, 2024 and 2023.

Share-based payments

Stock options

The Company has a long-term incentive plan (the “Plan”) in place under which it is authorized to grant share-based awards to directors, officers, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 20% of the issued and outstanding common stock of the Company.

PERMEX PETROLEUM CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024

(UNAUDITED)

11. EQUITY (cont’d…)

Share-based payments (cont’d…)

Stock option transactions are summarized as follows:

	Number of options			Weighted Average Exercise Price
Balance, September 30, 2023		20,313		$	54.23
Cancelled		(10,208	)		55.24
Balance, September 30, 2024		10,105		$	53.21
Granted		65,000			2.44
Cancelled		(5,938	)		61.01
Balance, December 31, 2024		69,167		$	4.41
Exercisable at December 31, 2024		69,167		$	4.41

The aggregate intrinsic value of options outstanding and exercisable as at December 31, 2024 was $nil (September 30, 2024 - $nil).

The options outstanding as of December 31, 2024 have exercise prices in the range of $2.44 to $84 and a weighted average remaining contractual life of 9.53 years.

During the three months ended December 31, 2024 and 2023, the Company recognized share-based payment expense of $135,237 and $ nil, respectively, for the portion of stock options that vested during the period. The fair value of the options issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of 2.80%, an expected life of 5 years, annualized volatility of 126.02% and a dividend rate of 0%).

As December 31, 2024, the following stock options were outstanding:

Number of Options		Exercise Price		Issuance Date	Expiry Date
	417	$	84.00	December 4, 2017	December 4, 2027
	1,250	$	9.00	March 16, 2020	March 16, 2030
	2,500	$	40.32	October 6, 2021	October 6, 2031
	65,000	$	2.44	October 2, 2024	October 2, 2034
	69,167

PERMEX PETROLEUM CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED DECEMBER 31, 2024

(UNAUDITED)

11. EQUITY (cont’d…)

Warrants

Warrant transactions are summarized as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, September 30, 2023		279,746		$	39.79
Granted		401,810			4.08
Cancelled		(500	)		4.08
Expired		(4,393	)		95.90
Balance, September 30, 2024		676,663		$	18.25
Granted		2,236,551			1.91
Cancelled		(401,310	)		4.08
Balance, December 31, 2024		2,511,904		$	5.92

As December 31, 2024, the following warrants were outstanding:

Number of Warrants		Exercise Price		Issuance Date	Expiry Date
	149,447	$	50.40	March 29, 2022	March 29, 2027
	73,823	$	18.00	June 30, 2023	June 30, 2028
	52,083	$	33.60	September 30, 2021	September 30, 2031
	2,236,551	$	1.91	November 1, 2024	November 1, 2034
	2,511,904