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AMENDMENT NO. 13 PERMEX PETROLEUM CORPORATION A1 1381 98-1384682 1700 Post Oak Boulevard, 2 Blvd Place Suite 600 Houston TX 77056 (346) 245-8981 Non-accelerated Filer true true false

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1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 under the laws of British Columbia, Canada and maintains its head office at 1700 Post Oak Boulevard, 2 Blvd Place Suite 600, Houston Texas, 77056. Its registered office is located at 10th floor, 595 Howe Street, Vancouver, British Columbia, Canada, V6C 2T5. The Company is primarily engaged in the acquisition, development and production of oil and gas properties in the United States. The Company’s oil and gas interests are located in Texas and New Mexico, USA. The Company is listed on the Canadian Securities Exchange (the “CSE”) under the symbol “OIL”. On September 12, 2023, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 4 ratio, which was effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock splits for all periods presented.

2017-04-24

2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $16,189,652, has a working capital deficiency of $5,857,870 as of September 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing operation, which it has been unable to secure in sufficient amounts to date, and there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the year ended September 30, 2024, the Company raised $1,365,000 through the issuance of convertible debentures and received additional proceeds of $2,250,000 from debt financing subscriptions. Subsequent to September 30, 2024, the Company received further subscription proceeds of $601,601 to complete a convertible debenture financing with total gross proceeds of $<span id="xdx_900_ecustom--GrossProceedsFromConvertibleDebentureFinancing_c20241001__20250114__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgAdB3Ov9cOl" title="Gross proceeds from convertible debenture financing">4,276,389. The $<span id="xdx_90D_eus-gaap--ProceedsFromRepaymentsOfSecuredDebt_c20241001__20250114__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3sCOq17jgBl" title="Settlement of convertible debenture">1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…) Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. The Company had no cash equivalents as of September 30, 2024 and 2023. Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers have payment terms of 30 days or less. The Company’s oil and gas revenues are mainly derived from three significant customers. As a result, the Company’s trade receivables are exposed to a concentration of credit risk. The Company routinely assesses the financial strength of its customers. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off based on a past history of write-offs, collections, and current credit conditions. A receivable is considered past due if the Company has not received payments based on agreed-upon terms. Property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. All costs for development wells along with related acquisition costs, the costs of drilling development wells, and related estimated future asset retirement costs are capitalized. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with non-productive exploratory wells, delay rentals and exploration overhead are expensed. Costs of drilling exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing depletion expenses, assessing proved property impairments and accounting for asset dispositions. Capitalized costs of proved oil and gas properties are depleted by individual field using a unit-of-production method based on proved and probable developed reserves. Proved reserves are estimated using reserve engineer reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids, which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…) Property and equipment (cont’d…) Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years. For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s depletion rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the depletion rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. Impairment of long-lived assets The Company assesses long-lived assets for impairment in accordance with the provisions of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) regarding long-lived assets. It requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of September 30, 2024 and 2023, no impairment charge has been recorded. Asset retirement obligations The Company recognizes asset retirement obligations (“ARO”) associated with tangible assets such as well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The ARO are measured at the present value of management’s best estimate of the future remediation expenditures at the reporting date. The initial measurement of an ARO is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumption used to estimate a recorded ARO change, a revision is recorded to both the ARO and the asset retirement cost. The ARO is accreted to its then present value each period, and the asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…) Fair value measurement Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and expands disclosures about fair value measurements. The Company categorizes its assets and liabilities measured at fair value into a three-level hierarchy based on the priority of the inputs to the valuation technique used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used in the determination of the fair value measurement fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement. Assets and liabilities valued at fair value are categorized based on the inputs to the valuation techniques as follows: Level 1 – Inputs that utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 – Inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Fair values for these instruments are estimated using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Level 3 – Inputs that are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. The carrying values of cash, trade receivable, other current receivables, due from/to related parties, trade payable, other current payables, accrued expenses, convertible debenture and lease liability included in the accompanying consolidated balance sheets approximated fair value at September 30, 2024 and 2023. The financial statements as of and for the years ended September 30, 2024 and 2023, do not include any recurring or nonrecurring fair value measurements relating to assets or liabilities. Subsequent to initial recognition, the Company may re-measure the carrying value of assets and liabilities measured on a nonrecurring basis to fair value. Adjustments to fair value usually result when certain assets are impaired. Such assets are written down from their carrying amounts to their fair value. Professional standards allow entities the irrevocable option to elect to measure certain financial instruments and other items at fair value for the initial and subsequent measurement on an instrument-by-instrument basis. The Company has not elected to measure any existing financial instruments at fair value. However, it may elect to measure newly acquired financial instruments at fair value in the future. Earnings (loss) per share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. The diluted EPS reflects all dilutive potential common share equivalents, in the weighted average number of common shares outstanding during the period, if dilutive. All of the outstanding convertible securities, stock options and warrants were anti-dilutive for the years ended September 30, 2024 and 2023. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…) Leases At inception of a contract, the Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The lease obligation is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is subsequently measured at amortized cost using the effective interest rate method. Share capital The Company records proceeds from the issuance of its common shares as equity. Incremental costs directly attributable to the issue of new common shares are shown in equity as a deduction from the proceeds. Common shares issued for consideration other than cash are valued based on their fair value at the date that the shares are issued. Share purchase warrants The fair value of warrants is determined using the Black-Scholes option pricing model. Proceeds from the issuance of private placement units are allocated between the private placement warrants and common shares on a relative fair value basis. Share purchase warrants with exercise prices denominated in a currency other than its functional currency are classified as a liability. Proceeds from the issuance of private placement units are first allocated to the warrant liability based on their fair value and the residual is allocated to common shares issued while for equity warrants, proceeds are allocated to common stock and additional paid in capital on a relative fair value basis. The changes in fair value of the warrant liability are recorded in the statement of loss and comprehensive loss. Warrants issued for oil and gas interests and warrants issued as finder’s fees are share-based payments and are measured at fair value on the date of the grant as determined using the Black-Scholes option pricing model. Share-based payments The Company issues stock options and other share-based compensation to directors, employees and other service providers. Equity awards including stock options and share purchase warrants are measured at grant date at the fair value of the instruments issued and amortized over the vesting periods using a graded vesting approach. The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount ultimately recognized as an expense is based on the number of options that eventually vest. The Company has elected to account for forfeitures as they occur rather than estimate expected forfeitures. The fair value of the equity awards is determined using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience), expected dividends, and the risk-free interest rate (based on government bonds). PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…) Revenue In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfer to the customer. For natural gas, this is generally at the time product enters the pipeline. For crude oil, this is generally at the time the product is loaded into customer operated transports. Revenue is measured net of discounts, customs duties, royalties and withholding tax. Royalty income represents net revenue interests from certain crude oil and natural gas wells and is recognized upon the operators of the properties producing revenue from subject oil and gas wells. The Company records revenue in the month production is delivered to the purchaser. However, production statements for oil and gas sales may not be received until the following month end after the products are purchased, and as a result, the Company is required to estimate the amount of revenue to be received. The Company records the differences between its estimates and the actual amounts received for revenue in the month that payment is received from the customer. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to sales volumes and prices for those good sold are estimated and recorded. The Company does not have any contract assets or liabilities, or capitalized contract costs. Foreign Currency These consolidated financial statements are presented in United States dollars (“U.S. dollar”). The functional currency of the Company and the subsidiary of the Company is the U.S. dollar. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. All gains and losses on these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…) Income taxes Current taxes receivable or payable are estimated on taxable income or loss for the current year at the statutory tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets also result from unused loss carry forwards, resource related pools and other deductions. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. The Company recognizes a tax benefit in the financial statements for an uncertain tax position only if management assesses that the position is more likely than not (i.e., a likelihood greater than 50%) to be allowed by the tax jurisdiction, based solely on the technical merits of the position. The term “tax position,” as defined in the accounting standards for income taxes, refers to a position in a previously filed tax return or a position expected to be taken in a future tax return. This position is reflected in the measurement of current or deferred income tax assets and liabilities for interim or annual periods. New accounting standards In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

Basis of presentation The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated.

Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $16,189,652, has a working capital deficiency of $5,857,870 as of September 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing operation, which it has been unable to secure in sufficient amounts to date, and there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the year ended September 30, 2024, the Company raised $1,365,000 through the issuance of convertible debentures and received additional proceeds of $2,250,000 from debt financing subscriptions. Subsequent to September 30, 2024, the Company received further subscription proceeds of $601,601 to complete a convertible debenture financing with total gross proceeds of $<span id="xdx_900_ecustom--GrossProceedsFromConvertibleDebentureFinancing_c20241001__20250114__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zgAdB3Ov9cOl" title="Gross proceeds from convertible debenture financing">4,276,389. The $<span id="xdx_90D_eus-gaap--ProceedsFromRepaymentsOfSecuredDebt_c20241001__20250114__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3sCOq17jgBl" title="Settlement of convertible debenture">1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…)

16189652

5857870

1365000

2250000

601601

4276389

1365000

2024-09-12

59788

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.

Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. The Company had no cash equivalents as of September 30, 2024 and 2023.

Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers have payment terms of 30 days or less. The Company’s oil and gas revenues are mainly derived from three significant customers. As a result, the Company’s trade receivables are exposed to a concentration of credit risk. The Company routinely assesses the financial strength of its customers. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off based on a past history of write-offs, collections, and current credit conditions. A receivable is considered past due if the Company has not received payments based on agreed-upon terms.

Property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. All costs for development wells along with related acquisition costs, the costs of drilling development wells, and related estimated future asset retirement costs are capitalized. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with non-productive exploratory wells, delay rentals and exploration overhead are expensed. Costs of drilling exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing depletion expenses, assessing proved property impairments and accounting for asset dispositions. Capitalized costs of proved oil and gas properties are depleted by individual field using a unit-of-production method based on proved and probable developed reserves. Proved reserves are estimated using reserve engineer reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids, which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…) Property and equipment (cont’d…) Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years. For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s depletion rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the depletion rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized.

P5Y

Impairment of long-lived assets The Company assesses long-lived assets for impairment in accordance with the provisions of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) regarding long-lived assets. It requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of September 30, 2024 and 2023, no impairment charge has been recorded.

Asset retirement obligations The Company recognizes asset retirement obligations (“ARO”) associated with tangible assets such as well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The ARO are measured at the present value of management’s best estimate of the future remediation expenditures at the reporting date. The initial measurement of an ARO is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumption used to estimate a recorded ARO change, a revision is recorded to both the ARO and the asset retirement cost. The ARO is accreted to its then present value each period, and the asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…)

Fair value measurement Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and expands disclosures about fair value measurements. The Company categorizes its assets and liabilities measured at fair value into a three-level hierarchy based on the priority of the inputs to the valuation technique used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used in the determination of the fair value measurement fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement. Assets and liabilities valued at fair value are categorized based on the inputs to the valuation techniques as follows: Level 1 – Inputs that utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 – Inputs that include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Fair values for these instruments are estimated using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. Level 3 – Inputs that are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. The carrying values of cash, trade receivable, other current receivables, due from/to related parties, trade payable, other current payables, accrued expenses, convertible debenture and lease liability included in the accompanying consolidated balance sheets approximated fair value at September 30, 2024 and 2023. The financial statements as of and for the years ended September 30, 2024 and 2023, do not include any recurring or nonrecurring fair value measurements relating to assets or liabilities. Subsequent to initial recognition, the Company may re-measure the carrying value of assets and liabilities measured on a nonrecurring basis to fair value. Adjustments to fair value usually result when certain assets are impaired. Such assets are written down from their carrying amounts to their fair value. Professional standards allow entities the irrevocable option to elect to measure certain financial instruments and other items at fair value for the initial and subsequent measurement on an instrument-by-instrument basis. The Company has not elected to measure any existing financial instruments at fair value. However, it may elect to measure newly acquired financial instruments at fair value in the future.

Earnings (loss) per share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. The diluted EPS reflects all dilutive potential common share equivalents, in the weighted average number of common shares outstanding during the period, if dilutive. All of the outstanding convertible securities, stock options and warrants were anti-dilutive for the years ended September 30, 2024 and 2023. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…)

Leases At inception of a contract, the Company assesses whether a contract is or contains a lease based on whether the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The lease obligation is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Share capital The Company records proceeds from the issuance of its common shares as equity. Incremental costs directly attributable to the issue of new common shares are shown in equity as a deduction from the proceeds. Common shares issued for consideration other than cash are valued based on their fair value at the date that the shares are issued.

Share purchase warrants The fair value of warrants is determined using the Black-Scholes option pricing model. Proceeds from the issuance of private placement units are allocated between the private placement warrants and common shares on a relative fair value basis. Share purchase warrants with exercise prices denominated in a currency other than its functional currency are classified as a liability. Proceeds from the issuance of private placement units are first allocated to the warrant liability based on their fair value and the residual is allocated to common shares issued while for equity warrants, proceeds are allocated to common stock and additional paid in capital on a relative fair value basis. The changes in fair value of the warrant liability are recorded in the statement of loss and comprehensive loss. Warrants issued for oil and gas interests and warrants issued as finder’s fees are share-based payments and are measured at fair value on the date of the grant as determined using the Black-Scholes option pricing model.

Share-based payments The Company issues stock options and other share-based compensation to directors, employees and other service providers. Equity awards including stock options and share purchase warrants are measured at grant date at the fair value of the instruments issued and amortized over the vesting periods using a graded vesting approach. The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount ultimately recognized as an expense is based on the number of options that eventually vest. The Company has elected to account for forfeitures as they occur rather than estimate expected forfeitures. The fair value of the equity awards is determined using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience), expected dividends, and the risk-free interest rate (based on government bonds). PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…)

Revenue In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue when the performance obligation is satisfied, which typically occurs at the point in time when control of the product transfer to the customer. For natural gas, this is generally at the time product enters the pipeline. For crude oil, this is generally at the time the product is loaded into customer operated transports. Revenue is measured net of discounts, customs duties, royalties and withholding tax. Royalty income represents net revenue interests from certain crude oil and natural gas wells and is recognized upon the operators of the properties producing revenue from subject oil and gas wells. The Company records revenue in the month production is delivered to the purchaser. However, production statements for oil and gas sales may not be received until the following month end after the products are purchased, and as a result, the Company is required to estimate the amount of revenue to be received. The Company records the differences between its estimates and the actual amounts received for revenue in the month that payment is received from the customer. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to sales volumes and prices for those good sold are estimated and recorded. The Company does not have any contract assets or liabilities, or capitalized contract costs.

Foreign Currency These consolidated financial statements are presented in United States dollars (“U.S. dollar”). The functional currency of the Company and the subsidiary of the Company is the U.S. dollar. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. All gains and losses on these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. SIGNIFICANT ACCOUNTING POLICIES (cont’d…)

Income taxes Current taxes receivable or payable are estimated on taxable income or loss for the current year at the statutory tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets also result from unused loss carry forwards, resource related pools and other deductions. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. The Company recognizes a tax benefit in the financial statements for an uncertain tax position only if management assesses that the position is more likely than not (i.e., a likelihood greater than 50%) to be allowed by the tax jurisdiction, based solely on the technical merits of the position. The term “tax position,” as defined in the accounting standards for income taxes, refers to a position in a previously filed tax return or a position expected to be taken in a future tax return. This position is reflected in the measurement of current or deferred income tax assets and liabilities for interim or annual periods.

New accounting standards In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statement of Operations. As of September 30, 2024 and 2023, receivables from contracts with customers, included in trade and other receivables, were $<span id="xdx_90F_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20231001__20240930__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zJWZBiVnfY2l" title="Revenue">26,873 and $<span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20221001__20230930__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zkiWOqapuRFj" title="Revenue">48,165, respectively. The following tables present our revenue from contracts with customers disaggregated by product type and geographic area. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Year ended September 30, 2024</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_srt--StatementGeographicalAxis_stpr--TX_z4sihztFPyt9" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zj7ThR6kKzcg" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_z8FGCFug4bRh" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43B_c20231001__20240930__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zGpcAaL4bbt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">64,611</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,220</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_439_c20231001__20240930__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zD9U6eCVmFQk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20231001__20240930_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_znFL2f0NMMg7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100,220</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Year ended September 30, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_srt--StatementGeographicalAxis_stpr--TX_z4XU43bRMIi3" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zA0TyyNj4XV6" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zBOtfdV2QKJe" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20221001__20230930__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zo74DsSdNX7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">501,920</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">154,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">656,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43F_c20221001__20230930__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zJgR2DaZffgk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,003</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_430_c20221001__20230930_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zC6NR2yRv2Fa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">510,923</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">154,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">665,623</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

26873

48165

The following tables present our revenue from contracts with customers disaggregated by product type and geographic area. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Year ended September 30, 2024</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_srt--StatementGeographicalAxis_stpr--TX_z4sihztFPyt9" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zj7ThR6kKzcg" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_z8FGCFug4bRh" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43B_c20231001__20240930__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zGpcAaL4bbt3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">64,611</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">35,609</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">100,220</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_439_c20231001__20240930__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zD9U6eCVmFQk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20231001__20240930_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_znFL2f0NMMg7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">64,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">100,220</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Year ended September 30, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_srt--StatementGeographicalAxis_stpr--TX_z4XU43bRMIi3" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zA0TyyNj4XV6" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zBOtfdV2QKJe" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20221001__20230930__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zo74DsSdNX7i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">501,920</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">154,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">656,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43F_c20221001__20230930__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zJgR2DaZffgk" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,003</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_430_c20221001__20230930_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_zC6NR2yRv2Fa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">510,923</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">154,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">665,623</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

64611

35609

100220

64611

35609

100220

501920

154700

656620

9003

510923

154700

665623

4. CONCENTRATION OF CREDIT RISK The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. Trade receivables included in the Company’s receivable balance are $<span id="xdx_90B_eus-gaap--AccountsReceivableNetCurrent_iI_c20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_z627InhbUZle" title="Trade receivables">26,873 as of September 30, 2024 (September 30, 2023 - $<span id="xdx_906_eus-gaap--AccountsReceivableNetCurrent_iI_c20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerMember_zNtlJwMyvED5" title="Trade receivables">73,021). For the years ended September 30, 2024 and 2023, we had two significant customers that accounted for approximately <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231001__20240930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zxLOmPePLoRe" title="Concentration risk percentage">100% and <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20221001__20230930__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomerMember_zPLXCdgZyJ35" title="Concentration risk percentage">99%, respectively, of our total oil, and natural gas revenues. The Company routinely assesses the financial strength of its customers. The non-trade receivable balance consists of goods and services tax (“GST”) recoverable of $18,060 (September 30, 2023 - $5,420). GST recoverable is due from the Canadian Government. It is management’s opinion that the Company is not exposed to significant credit risk. During the year ended September 30, 2024, the Company recognized $9,587 (2023 - $nil) in credit losses on its other receivables.

26873

73021

0.99

18060

5420

9587

5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240930_zJcARJT4MpSf" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230930_zLvCHioMORR7" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--OilAndGasPropertyFullCostMethodGross_iI_maOAGPFzkEd_zYEMsKCmdtzd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Oil and natural gas properties, at cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,600,489</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,501,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OilAndGasPropertyFullCostMethodDepletion_iNI_di_msOAGPFzkEd_zSbGIoSPy2jh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depletion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(330,036</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(289,456</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OilAndGasPropertyFullCostMethodNet_iTI_mtOAGPFzkEd_maPPAENzIKW_zpVGhOscdUF5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Oil and natural gas properties, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,270,453</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,211,788</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEOzS2v_zLG0IPmPbqOd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other property and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">205,315</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_msPPAEOzS2v_zI1HwkCKK7e6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,710</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,684</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOtherNet_iTI_mtPPAEOzS2v_maPPAENzIKW_zjjypB9pUfMc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other property and equipment, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,795</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">149,631</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzIKW_zXOJFcCFvX22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,281,248</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,361,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depletion and depreciation expenses were $82,215 and $154,834 for the years ended September 30, 2024 and 2023, respectively. The Company also recorded write-offs of property and equipment of $62,046 and $nil for the years ended September 30, 2024 and 2023, respectively. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240930_zJcARJT4MpSf" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20230930_zLvCHioMORR7" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--OilAndGasPropertyFullCostMethodGross_iI_maOAGPFzkEd_zYEMsKCmdtzd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Oil and natural gas properties, at cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,600,489</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,501,244</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OilAndGasPropertyFullCostMethodDepletion_iNI_di_msOAGPFzkEd_zSbGIoSPy2jh" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depletion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(330,036</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(289,456</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OilAndGasPropertyFullCostMethodNet_iTI_mtOAGPFzkEd_maPPAENzIKW_zpVGhOscdUF5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Oil and natural gas properties, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,270,453</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,211,788</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEOzS2v_zLG0IPmPbqOd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other property and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">205,315</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_msPPAEOzS2v_zI1HwkCKK7e6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,710</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(55,684</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOtherNet_iTI_mtPPAEOzS2v_maPPAENzIKW_zjjypB9pUfMc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other property and equipment, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,795</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">149,631</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzIKW_zXOJFcCFvX22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,281,248</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,361,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10600489

10501244

330036

289456

10270453

10211788

18505

205315

7710

55684

10795

149631

10281248

10361419

82215

154834

62046

6. LEASES All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240930_z8iBvPX9qZvi" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230930_zSOqwCOJlHii" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseRightOfUseAsset_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_maAz2XJ_z9k0FZfHlANi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Right-of-use assets</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">-</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">146,912</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance, beginning of the year</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iS_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zW4y6m6Z1Xo2" style="text-align: right" title="Beginning balance">158,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeaseLiability_iS_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_znxDES98URc4" style="text-align: right" title="Beginning balance">244,906</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AdditionOperatingLeasePayments_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zAvTpdDhTfT" style="text-align: right" title="Addition">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AdditionOperatingLeasePayments_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zxaBzLRT1qW3" style="text-align: right" title="Addition">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liability accretion</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AccretionExpense_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zGvO6jj6oaa1" style="text-align: right" title="Liability accretion">12,346</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccretionExpense_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_ztDD82UuwEH8" style="text-align: right" title="Liability accretion">24,221</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OperatingLeasePayments_iN_di_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zc6YdpKs3Swf" style="text-align: right" title="Lease payments">(113,638</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeasePayments_iN_di_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zbpIzKPYPMH7" style="text-align: right" title="Lease payments">(110,602</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Termination of lease</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--TerminationOfLease_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zhLsN65VVFSi" style="border-bottom: Black 1pt solid; text-align: right" title="Termination of lease">(57,233</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--TerminationOfLease_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zzJ3LoczDVtd" style="border-bottom: Black 1pt solid; text-align: right" title="Termination of lease">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Balance, end of the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseLiability_iE_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zpUAc43AIc2i" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseLiability_iE_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zOkk3BNsZMLh" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance">158,525</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current lease liabilities</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiabilityCurrent_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_z7BWMXLaMYZe" style="text-align: right" title="Current lease liabilities">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeaseLiabilityCurrent_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zm0lBLLxinhi" style="text-align: right" title="Current lease liabilities">77,069</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zbca0vYYele1" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term lease liabilities">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zV3k4JbSRrWb" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term lease liabilities">81,456</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average remaining lease term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zQA2A4mrA2Sl" title="Weighted-average remaining lease term (in years)">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zt9lUNB7HgX3" title="Weighted-average remaining lease term (in years)">2.17</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zxjH0zmr4SHi" title="Weighted-average discount rate">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zjyvfGDUfmEh" title="Weighted-average discount rate">12</td><td style="text-align: left">%</td></tr> </table> The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20231001__20240930_zqhHc4x5dFHl" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20221001__20230930_z3eaXan0tLAg" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseCost_maLCzNVK_zXi0rOvHCth6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">63,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">118,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--VariableLeaseCost_maLCzNVK_zXur9WkOaDQ8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Variable lease expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,245</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--SubleaseIncome_iN_di_msLCzNVK_zEXPzEiXcTL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Sublease income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25,390</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_mtLCzNVK_zHT6AleQhKf2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">114,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">157,960</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company had one office lease agreement for its office premises for terms ending in <span id="xdx_907_eus-gaap--LesseeOperatingLeaseDescription_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--LeaseAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zSQCGizRjjx8" title="Lease term">November 2025. During the year ended September 30, 2024, the Company entered into a settlement agreement to terminate the office lease agreement. The termination resulted in a loss of $<span id="xdx_903_eus-gaap--GainLossOnTerminationOfLease_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--LeaseAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zg6eGRwpooll" title="Loss on termination of lease">38,825, consisting of the settlement payment and the write-off of the remaining right-of-use asset and lease liability associated with the terminated lease. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240930_z8iBvPX9qZvi" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20230930_zSOqwCOJlHii" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_401_eus-gaap--OperatingLeaseRightOfUseAsset_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_maAz2XJ_z9k0FZfHlANi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 2.5pt">Right-of-use assets</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">-</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">146,912</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Balance, beginning of the year</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--OperatingLeaseLiability_iS_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zW4y6m6Z1Xo2" style="text-align: right" title="Beginning balance">158,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeaseLiability_iS_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_znxDES98URc4" style="text-align: right" title="Beginning balance">244,906</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Addition</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--AdditionOperatingLeasePayments_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zAvTpdDhTfT" style="text-align: right" title="Addition">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--AdditionOperatingLeasePayments_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zxaBzLRT1qW3" style="text-align: right" title="Addition">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Liability accretion</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AccretionExpense_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zGvO6jj6oaa1" style="text-align: right" title="Liability accretion">12,346</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--AccretionExpense_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_ztDD82UuwEH8" style="text-align: right" title="Liability accretion">24,221</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--OperatingLeasePayments_iN_di_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zc6YdpKs3Swf" style="text-align: right" title="Lease payments">(113,638</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--OperatingLeasePayments_iN_di_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zbpIzKPYPMH7" style="text-align: right" title="Lease payments">(110,602</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Termination of lease</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_ecustom--TerminationOfLease_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zhLsN65VVFSi" style="border-bottom: Black 1pt solid; text-align: right" title="Termination of lease">(57,233</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--TerminationOfLease_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zzJ3LoczDVtd" style="border-bottom: Black 1pt solid; text-align: right" title="Termination of lease">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Balance, end of the year</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseLiability_iE_c20231001__20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zpUAc43AIc2i" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseLiability_iE_c20221001__20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zOkk3BNsZMLh" style="border-bottom: Black 1pt solid; text-align: right" title="Ending balance">158,525</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Current lease liabilities</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--OperatingLeaseLiabilityCurrent_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_z7BWMXLaMYZe" style="text-align: right" title="Current lease liabilities">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeaseLiabilityCurrent_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zm0lBLLxinhi" style="text-align: right" title="Current lease liabilities">77,069</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Long-term lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zbca0vYYele1" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term lease liabilities">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zV3k4JbSRrWb" style="border-bottom: Black 2.5pt double; text-align: right" title="Long-term lease liabilities">81,456</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average remaining lease term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zQA2A4mrA2Sl" title="Weighted-average remaining lease term (in years)">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zt9lUNB7HgX3" title="Weighted-average remaining lease term (in years)">2.17</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20240930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zxjH0zmr4SHi" title="Weighted-average discount rate">-</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zjyvfGDUfmEh" title="Weighted-average discount rate">12</td><td style="text-align: left">%</td></tr> </table>

146912

158525

244906

12346

24221

113638

110602

-57233

158525

77069

81456

P2Y2M1D

0.12

The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20231001__20240930_zqhHc4x5dFHl" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20221001__20230930_z3eaXan0tLAg" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseCost_maLCzNVK_zXi0rOvHCth6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">63,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">118,105</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--VariableLeaseCost_maLCzNVK_zXur9WkOaDQ8" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Variable lease expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">51,062</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,245</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--SubleaseIncome_iN_di_msLCzNVK_zEXPzEiXcTL8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Sublease income</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25,390</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--LeaseCost_iT_mtLCzNVK_zHT6AleQhKf2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Net lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">114,262</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">157,960</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

63200

118105

51062

65245

25390

114262

157960

November 2025

38825

7. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows: SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Asset retirement obligations, beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetRetirementObligation_iS_c20231001__20240930_zFAHfD2rDQV9" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">260,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AssetRetirementObligation_iS_c20221001__20230930_zeF1DsZamcUj" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">236,412</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Obligations recognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetRetirementObligationsRecognized_c20231001__20240930_zDvs6bQJrGOc" style="text-align: right" title="Obligations recognized">27,859</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--AssetRetirementObligationsRecognized_c20221001__20230930_zAYrrYAreNga" style="text-align: right" title="Obligations recognized">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Obligations derecognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20231001__20240930_zsiG10cllZEc" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20221001__20230930_zzK4N6RdxIZ3" style="text-align: right" title="Obligations derecognized">(287</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revisions of estimates</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20231001__20240930_zjKIIhFn7RW6" style="text-align: right" title="Revisions of estimates">68,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20221001__20230930_zZK3verYGwh5" style="text-align: right" title="Revisions of estimates">(7,934</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accretion expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AssetRetirementObligationAccretionExpense_c20231001__20240930_zPlZ2lQn7Tl5" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">36,792</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--AssetRetirementObligationAccretionExpense_c20221001__20230930_zESo2bm88hyb" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">31,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--AssetRetirementObligation_iE_c20231001__20240930_z3zUx8bluRd9" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">392,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--AssetRetirementObligation_iE_c20221001__20230930_zm75TyeKuIL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">260,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the year ended September 30, 2024, the Company had a revision of estimates totaling $68,159 (2023 - $7,934) primarily due to changes in the timing of expected cash flows. During the year ended September 30, 2023, the Company incurred plugging and abandonment costs of $66,354 and recognized a loss of $66,067 on the settlement. Reclamation deposits As of September 30, 2024, the Company held reclamation deposits of $75,000 (September 30, 2023 - $145,000), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests. During the year ended September 30, 2024, the Company redeemed $70,000 in reclamation deposits.

SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Asset retirement obligations, beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--AssetRetirementObligation_iS_c20231001__20240930_zFAHfD2rDQV9" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">260,167</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AssetRetirementObligation_iS_c20221001__20230930_zeF1DsZamcUj" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">236,412</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Obligations recognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetRetirementObligationsRecognized_c20231001__20240930_zDvs6bQJrGOc" style="text-align: right" title="Obligations recognized">27,859</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--AssetRetirementObligationsRecognized_c20221001__20230930_zAYrrYAreNga" style="text-align: right" title="Obligations recognized">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Obligations derecognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20231001__20240930_zsiG10cllZEc" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20221001__20230930_zzK4N6RdxIZ3" style="text-align: right" title="Obligations derecognized">(287</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revisions of estimates</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20231001__20240930_zjKIIhFn7RW6" style="text-align: right" title="Revisions of estimates">68,159</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20221001__20230930_zZK3verYGwh5" style="text-align: right" title="Revisions of estimates">(7,934</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accretion expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AssetRetirementObligationAccretionExpense_c20231001__20240930_zPlZ2lQn7Tl5" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">36,792</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--AssetRetirementObligationAccretionExpense_c20221001__20230930_zESo2bm88hyb" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">31,976</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--AssetRetirementObligation_iE_c20231001__20240930_z3zUx8bluRd9" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">392,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--AssetRetirementObligation_iE_c20221001__20230930_zm75TyeKuIL7" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">260,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

260167

236412

27859 287

68159

-7934

36792

31976

392977

260167

68159

-7934

66354

66067

75000 145000 70000

8. DEBT Convertible debentures During the year ended September 30, 2024, the Company completed private placement financings of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_ztHdYt3imn26" title="Convertible debentures issued">1,365 convertible debenture units (each a “Unit”) for gross proceeds of $1,365,000. Each Unit is comprised of one senior secured convertible debenture in the principal amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zxw41h0xft6l" title="Principal amount">1,000 and <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zAtjXp3DFL43" title="Common share purchase warrants">294 common share purchase warrants as amended. Each warrant is exercisable for a period of <span id="xdx_90F_ecustom--ClassOfWarrantOrRightExercisableTerm_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_z8IlUqNOtM6e" title="Warrant exercisable period">five years from the date of issuance for one common share of the Company at an exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zjZT88VNqxce" title="Exercise price of warrants or rights">4.08 per share. As a result, the Company issued convertible debentures with an aggregate principal amount of $1,365,000 and 401,310 Warrants. Of the <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zqk682yEN4vj" title="Convertible debentures issued">1,365 Units issued, <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zM0rJc0S5Oz1" title="Convertible debentures issued">500 Units were originally comprised of one secured convertible debenture in the principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zOp4EKrOARDc" title="Principal amount">1,000 and <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_z4bxKXczCUF2" title="Common share purchase warrants">1 common share purchase warrant. The number of warrants issued with these Units was subsequently modified to <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zpcl0pXAvxqd" title="Warrants per unit">294 warrants per Unit. No other terms of the debt or warrant were modified. This modification was assessed as a debt extinguishment. A loss of $495,051 was recognized, consisting of $494,219 representing the fair value of the amended warrants determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zaeDyYsdgft8" title="Warrants and rights outstanding, measurement input">3.41%, an expected life of 5 years, annualized volatility of <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zGhGF4Ap48Jk" title="Warrants and rights outstanding, measurement input">128.69% and a dividend rate of <span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zQQKGoW7QINh" title="Warrants and rights outstanding, measurement input">0%) and an unamortized discount of $<span id="xdx_90D_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zWefWMwZhCFc" title="Unamortized discount of original warrants">832 on the original warrants. The Company allocated the proceeds received from the issuance of the convertible debentures and warrants between the debt and equity components based on their relative fair values at the issuance date. Due to the lack of an active market for the Company’s privately placed debt instruments and the absence of relevant observable inputs, the Company determined that a reliable estimate of the fair value of the convertible debentures could not be obtained. Accordingly, the face value of the debentures is considered to be a reasonable approximation of their fair value at the issuance date. The fair value of the warrants issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zjmEC9bLWhS4" title="Warrants and rights outstanding, measurement input">3.41%, an expected life of 5 years, annualized volatility of <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z796h5CukGS5" title="Warrants and rights outstanding, measurement input">128.69% and a dividend rate of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zGmeeLDyYaw2" title="Warrants and rights outstanding, measurement input">0%). $431,666 of the proceeds allocated to the warrants was recorded as additional paid-in capital with a corresponding debt discount, which is being amortized over the term of the debt. As of September 30, 2024, the debt discount was fully amortized. The Convertible Debentures were secured by the Company’s assets, bore simple interest at a rate of 10% per annum, and matured on September 12, 2024. These Convertible Debentures were convertible into common shares of the Company at a conversion price of $3.40 per share. Interest was payable on the maturity date or upon the repayment of all or a portion of the Convertible Debenture and could be settled in cash or shares at the same conversion price. As of September 30, 2024, the Company had recorded $50,008 in accrued interest on the Convertible Debentures. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 8. DEBT (cont’d…) As September 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Principal Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Interest rate</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">Maturity Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zszRUElkSNYi" style="width: 16%; text-align: right" title="Principal Amount">500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zAyoHAmepAhc" style="width: 16%; text-align: right" title="Interest rate">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 60%"><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20231001__20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zQJnn58N0d3" title="Maturity Date">September 12, 2024</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_zj3d2p6IaZH6" style="border-bottom: Black 1pt solid; text-align: right" title="Principal Amount">865,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_z7btInEfwaR9" style="text-align: right" title="Interest rate">10</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20231001__20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_zKmINLhLgqo6" title="Maturity Date">September 12, 2024</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zGV93oSZqZOb" style="border-bottom: Black 2.5pt double; text-align: right" title="Principal Amount">1,365,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> As of September 30, 2024, these Convertible Debentures were in default due to the Company’s failure to repay the principal and accrued interest by the maturity date. Subsequent to September 30, 2024, the Company repaid the Convertible Debentures and the accrued interest in full. Proceeds from debt financing subscriptions In September 2024, the Company announced a non-brokered private placement of up to <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20240901__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zdfLay5USJWg" title="Convertible debentures issued">18,635 convertible debenture units of the Company (each, a “Unit”). Each Unit consists of one convertible debenture (a “Debenture”) in the principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zqDAB8Kan6cl" title="Principal amount">1,000 and <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_z1LjbGranhkf" title="Common share purchase warrants">523 common share purchase warrants. Each warrant is exercisable for a period of <span id="xdx_90D_ecustom--ClassOfWarrantOrRightExercisableTerm_c20240901__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zYr39A2TU9fh" title="Warrant exercisable period">five years from the date of issuance for one common share of the Company at an exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zUYmH28kMoea" title="Exercise price of warrants or rights">1.91 per share. The Debentures will be secured by the Company’s assets, mature one-year from the date of issuance, and bear simple interest at a rate of 10% per annum, payable on the maturity date or upon repayment of all or any portion of the Debenture. The Debentures are convertible into common shares of the Company at a conversion price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_z8rgu5BPMWHk" title="Exercise price of warrants or rights">1.91 per share. Interest will be payable in cash or shares based on the same conversion price. As of September 30, 2024, the Company had received subscription proceeds totaling $<span id="xdx_90C_ecustom--ProceedsFromSubscription_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zZlRalxuiRAc" title="Proceeds from subscription">2,250,000. The private placement was completed on November 1, 2024 for total gross proceeds of $<span id="xdx_903_ecustom--ProceedsFromTotalSubscription_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3UI7JZ9hU16" title="Gross proceeds">4,276,389 (Note 15). Loan payable During the year ended September 30, 2024, the Company received a $45,000 loan from a former director of the Company. The loan is unsecured, non-interest bearing, and has no specific repayment terms. On April 28, 2023, the Company issued a promissory note with a principal amount of $209,497 to a supplier to settle an outstanding trade payable. The promissory note is unsecured and bears interest at 6% per annum, payable on September 30, 2023. At September 30, 2024, the Company has an outstanding unpaid principal amount of $115,936 (September 30, 2023 - $125,936). The promissory note was in default due to the Company’s failure to repay the principal amount by its maturity date. Debenture loan – Related party During the year ended September 30, 2023, the Company repaid the remaining principal amount of $38,291 (CAD$52,454) on the debenture loan due to the former CEO of the Company. During the years ended September 30, 2023, the Company recorded interest of $1,182. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

1365

1365000

1000

294

P5Y

4.08

1365000

401310

1365

500

1000

294

-495051

494219

0.0341

P5Y

1.2869

832

0.0341

P5Y

1.2869

431666

0.10

2024-09-12

3.40

50008

As September 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Principal Amount</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Interest rate</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid">Maturity Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zszRUElkSNYi" style="width: 16%; text-align: right" title="Principal Amount">500,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zAyoHAmepAhc" style="width: 16%; text-align: right" title="Interest rate">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 60%"><span id="xdx_903_eus-gaap--DebtInstrumentMaturityDate_dd_c20231001__20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourMember_zQJnn58N0d3" title="Maturity Date">September 12, 2024</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_zj3d2p6IaZH6" style="border-bottom: Black 1pt solid; text-align: right" title="Principal Amount">865,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_z7btInEfwaR9" style="text-align: right" title="Interest rate">10</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"><span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_dd_c20231001__20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwentyTwentyFourOneMember_zKmINLhLgqo6" title="Maturity Date">September 12, 2024</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zGV93oSZqZOb" style="border-bottom: Black 2.5pt double; text-align: right" title="Principal Amount">1,365,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

500000

0.10

2024-09-12

865000

0.10

2024-09-12

1365000

18635

1000

523

P5Y

1.91

0.10

1.91

2250000 4276389

45000

209497

0.06

115936 125936

38291

52454

1182

9. RELATED PARTY TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company entered into an employment agreement with Bradley Taillon, the Company’s Chief Executive Officer, on April 29, 2024, for an annual base salary of base salary of $<span id="xdx_90F_eus-gaap--OfficersCompensation_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_znDxT0QuSaD8" title="Annual base salary">250,000, which shall be reviewed by the Company annually. Subject to the discretion of the board of directors, <span id="xdx_908_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20240429__20240429__srt--TitleOfIndividualAxis__custom--Mr.TaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zKulTP3q9dJ7" title="Related party transaction description">Mr. Taillon is also eligible on an annual basis for a cash bonus of up to 100% of annual salary and additional performance bonuses ranging from $<span id="xdx_900_ecustom--AdditionalPerformanceBonuses_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember__srt--RangeAxis__srt--MinimumMember_z60IRe4SVcv6" title="Additional performance bonuses">50,000 to $<span id="xdx_90E_ecustom--AdditionalPerformanceBonuses_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember__srt--RangeAxis__srt--MaximumMember_zKrGdVnzzHp6" title="Management salary">750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater. Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary. During the year ended September 30, 2024, the Company incurred management salary of $<span id="xdx_90F_eus-gaap--SalariesWagesAndOfficersCompensation_c20231001__20240930__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zMINoP6ZHNZ8" title="Management salary">122,312 and a one-time sign-on bonus of $<span id="xdx_900_ecustom--OneTimeSignOnBonus_c20231001__20240930__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zMML3GsrOqb6" title="One-time sign-on bonus">50,000 for Mr. Taillon.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">(b)</td> <td style="text-align: justify">The Company had an employment agreement with Mehran Ehsan, the former Chief Executive Officer of the Company, for an annual base salary of $<span id="xdx_904_eus-gaap--OfficersCompensation_c20231001__20240930__srt--TitleOfIndividualAxis__custom--MehranEhsanMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zsr3q4aTpNC5" title="Annual base salary">250,000, with no specified term. <span id="xdx_90B_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20231001__20240930__srt--TitleOfIndividualAxis__custom--MehranEhsanMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_z4XGJcPKegS6" title="Related party transaction description">Mr. Ehsan was also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. During the year ended September 30, 2024, the Company incurred management salary of $229,167 (2023 - $250,000), for Mr. Ehsan, with no bonuses incurred in either period. Further, the terms of this employment agreement provided that if Mr. Ehsan’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Ehsan was entitled to a severance payment equal to three years of base salary and a bonus equal to 20% of his annual base salary. Mr. Ehsan resigned as President and CEO of the Company on April 29, 2024. On May 15, 2024, the Company amended the employment agreement to change his role to Vice President of Business Development. All other terms and conditions of the employment agreement remained the same. On August 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $100,000 by October 31, 2024 (subsequently paid); ii) six equal monthly payments of $7,500 starting October 1, 2024; and iii) the transfer of ownership of a Company vehicle with a fair value of $35,155. The settlement amount of $145,000 was accrued as of September 30, 2024.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">c)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On May 1, 2022, the Company entered into an employment agreement with the CFO of the Company for an annual base salary of $<span id="xdx_90B_eus-gaap--OfficersCompensation_c20220501__20220501__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zhleQ0QvuYyh" title="Annual base salary">50,000, with no specified term. The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary. During the year ended September 30, 2024, the Company incurred management salary of $<span id="xdx_90B_eus-gaap--SalariesWagesAndOfficersCompensation_c20231001__20240930__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zWawhOGgHLf7" title="Management salary">50,000 (2023 - $<span id="xdx_900_eus-gaap--SalariesWagesAndOfficersCompensation_c20221001__20230930__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zzjW8JfLWda3" title="Management salary">50,000), to the CFO of the Company, with no bonuses incurred in either period.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">d)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The convertible debenture loan from the former CEO of the Company mentioned in Note 8 was repaid off during the year ended September 30, 2023.</td></tr></table>

250000

Mr. Taillon is also eligible on an annual basis for a cash bonus of up to 100% of annual salary and additional performance bonuses ranging from $50,000 to $750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater.

50000 750000

122312

50000

250000

Mr. Ehsan was also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors.

229167

250000

0.20

100000

7500

35155

145000

50000

10. LOSS PER SHARE The calculation of basic and diluted loss per share for the years ended September 30, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231001__20240930_z6hMUPDYvkhl" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20221001__20230930_zawWr7IiDxB2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zlEMWp3sO3Ya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(3,989,276</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(4,483,195</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">508,813</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7.23</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8.81</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> For the year ended September 30, 2024, 10,105 stock options, 676,663 warrants, and $1,365,000 of convertible debentures convertible into 401,471 common shares were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. For the year ended September 30, 2023, 20,313 stock options and 279,746 warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

The calculation of basic and diluted loss per share for the years ended September 30, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20231001__20240930_z6hMUPDYvkhl" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20221001__20230930_zawWr7IiDxB2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zlEMWp3sO3Ya" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(3,989,276</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(4,483,195</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">508,813</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7.23</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(8.81</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-3989276

-4483195

551503

508813

-7.23

-8.81

10105

676663

1365000

401471

20313

279746

11. EQUITY Common stock The Company has authorized an unlimited number of common shares with no par value. At September 30, 2024 and 2023, the Company had 551,503 common shares issued and outstanding after giving effect to the 4:1 reverse stock split effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock split. There were no share issuance transactions during the year ended September 30, 2024 During the year ended September 30, 2023, the Company announced a warrant exercise incentive program (the “Program”) whereby the Company amended the exercise prices of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230930__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember_zAdW19rC6lL8" title="Number of warrants share exercise price">253,966 warrants (the “Eligible Warrants”) from $<span id="xdx_90B_eus-gaap--WarrantExercisePriceIncrease_pid_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember__srt--RangeAxis__srt--MaximumMember_zfC9m9JsxWeg" title="Warrant exercise price">50.40 per share to $<span id="xdx_90C_eus-gaap--WarrantExercisePriceIncrease_pid_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember__srt--RangeAxis__srt--MinimumMember_z8hkpTRZ0nRk" title="Warrant exercise price">11.44 per share if the holders of the Eligible Warrants exercised the Eligible Warrants before June 30, 2023 (the “Program Period”). In addition to the repricing, the Company offered, to each warrant holder who exercised the Eligible Warrants during the Program Period, the issuance of one additional common share purchase warrant for each warrant exercised during the Program Period (each, an “Incentive Warrant”). Each Incentive Warrant entitles the warrant holder to purchase one common share of the Company for a period of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230930__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember_zRuYjIMqaxec" title="Warrant sterm">5 years from the date of issuance, at a price of $<span id="xdx_902_eus-gaap--SharePrice_iI_c20230930__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember_z0J54by2JdKl" title="Price per share">18.00 per Share. On June 30, 2023, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember_ztNWL5PJR3Sd" title="Stock issued during period shares new issues">68,353 common shares at a price of $11.44 per share from the exercise of the Eligible Warrants pursuant to the Program for gross proceeds of $781,953 (net proceeds of $645,330). In connection with the Program, the Company issued <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__us-gaap--TypeOfArrangementAxis__custom--WarrantExerciseIncentiveProgramMember_zTze0W7M1C7i" title="Stock issued during period shares new issues">68,353 Incentive Warrants. The Company also incurred $62,556 and issued 5,470 warrants as a finders’ fee to its investment bank. The finder’s warrants are on the same terms as the Incentive Warrants. The Incentive Warrants and finder’s warrants were valued at $449,005 and $35,919, respectively, using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--FinderWarrantsMember_z1WynKO7Fup2">3.68%, an expected life of <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--FinderWarrantsMember_zzm9k2vX9rF7">5 years, annualized volatility of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--FinderWarrantsMember_zCPxt5Nvf7W9">128.81% and a dividend rate of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--FinderWarrantsMember_zNjJphAHiXfi">0%). The repricing of the Eligible Warrants is accounted for as a modification under ASC 815-40-35-14 through 18. The effect of the modification is $544,164, measured as the excess of the fair value of the repriced warrants over the fair value of the original warrants immediately before it was modified and the fair value of the incentive warrants issued as an additional inducement to exercise the warrants. The fair values were measured using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember_z19rXvIS1ihc">4.21%, an expected life of <span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember_zLWLO4xgA6kk">3.75 years, annualized volatility of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember_zkmb6xHBt9F5">137.62% and a dividend rate of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230630__20230630__us-gaap--StatementEquityComponentsAxis__custom--IncentiveWarrantsMember_zoIzg4lT1x51">0%). The Company recognized a deemed dividend of $543,234 for the fair value of the Incentive Warrants and the portion of inducement related to the equity-classified warrants. The effect of the repricing of the liability-classified warrants was $930 and was recorded in the statement of operations and comprehensive loss. The Company also incurred legal and other expenses of $74,066 in connection with the Program. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 11. EQUITY (cont’d…) Share-based payments Stock options The Company has a stock option plan (the “SOP”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the SOP, the Company may issue aggregate stock options totaling up to 10% of the issued and outstanding common stock of the Company. Further, the SOP calls for the exercise price of each option to be equal to the market price of the Company’s stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years and vest at the discretion of the Board of Directors at the time of grant. Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20221001__20230930_zQKqHLeyeze6" style="width: 16%; text-align: right" title="Number of options, beginning balance">21,146</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20221001__20230930_zb7oHBiclSAe" style="width: 16%; text-align: right" title="Weighted average exercise price,beginning balance">53.04</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20221001__20230930_zHDvnJrYJs9f" style="border-bottom: Black 1pt solid; text-align: right" title="Cancelled">(833</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20221001__20230930_zYCKqDY8yH63" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, cancelled">42.62</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20231001__20240930_z2Vv0KIPIiE" title="Weighted average exercise price, beginning balance">54.23</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20231001__20240930_zCvJY37A4jC" style="border-bottom: Black 1pt solid; text-align: right" title="Cancelled">(10,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20231001__20240930_zLm5Mnjsbkkj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, cancelled">55.24</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20231001__20240930_zsbRRHtyFLm5" title="Weighted average exercise price, ending balance">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20240930_zqdYwshXp9h9" style="border-bottom: Black 2.5pt double; text-align: right" title="Exercisable">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20231001__20240930_zC0UWyDjzjj1" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, exercisable">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2024 was $<span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iI_dxL_c20240930_zI4WEStzw461" title="Aggregate intrinsic value of warrants outstanding::XDX::-">nil (September 30, 2023 - $<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iI_dxL_c20230930_zr3QGSTlly02" title="Aggregate intrinsic value of warrants outstanding::XDX::-">nil). The options outstanding as of September 30, 2024 have exercise prices in the range of $8.88 to $88.80 and a weighted average remaining contractual life of <span id="xdx_902_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20231001__20240930_zZY2mApO3Yrg" title="Aggregate intrinsic value of warrants outstanding">5.6 years. During the year ended September 30, 2024, the Company recognized $nil share-based payment expense. During the year ended September 30, 2023, the Company recognized share-based payment expense of $nil and $318, respectively, for the portion of stock options that vested during the year. <p id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zItkI5ao5fQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">As September 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_z4SoRFWKZgH5" style="width: 16%; text-align: right" title="Number of options">3,230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zZnb0yIqrpVh" style="width: 16%; text-align: right" title="Exercise price">88.88</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zKwb1UXlFhX9" title="Issuance date">December 4, 2017</td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zQ5VZPDnTpi2" title="Expiry date">December 4, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zM5x6Z4SSar" style="text-align: right" title="Number of options">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zpEQUzV0wl8e" style="text-align: right" title="Exercise price">8.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zH5nfvXfo8Na" title="Issuance date">March 16, 2020</td><td> </td> <td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zx5lEJ7S5nob" title="Expiry date">March 16, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_znqfDJMtreth" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options">5,625</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zZtUtOdeoYYj" style="text-align: right" title="Exercise Price">42.62</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zK7HFMN7v3nc" title="Issuance date">October 6, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zmakMP1N3tih" title="Expiry date">October 6, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930_zVMlH10LaLQ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 11. EQUITY (cont’d…) Share-based payments (cont’d…) Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20221001__20230930_z7uOeIlnbaXc" style="width: 16%; text-align: right" title="Number of warrants, beginning balance">274,276</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20221001__20230930_zVyLRjOpK7G7" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, beginning balance">48.48</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20221001__20230930_zpv0xf4oQMT1" style="text-align: right" title="Exercised">(68,353</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedWeightedAverageGrantDateFairValue_c20221001__20230930_zHAKAQY8u2wc" style="text-align: right" title="Weighted average exercise price, exercised">11.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20221001__20230930_zHTOMVzpt4pe" style="border-bottom: Black 1pt solid; text-align: right" title="Granted">73,823</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20221001__20230930_zjmSPY3tkJHe" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, granted">18.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20231001__20240930_z7kjBDDKXY9j" style="text-align: right" title="Number of warrants, beginning balance">279,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20231001__20240930_zgqJTdzi6DLj" style="text-align: right" title="Weighted Average Exercise Price, beginning balance">39.79</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20231001__20240930_zrwm8wUtGaa5" style="text-align: right" title="Granted">401,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20231001__20240930_zHyfQcKZQTz5" style="text-align: right" title="Weighted average exercise price, granted">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20231001__20240930_zRH4H4jm9Wu9" style="text-align: right" title="Cancelled">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20231001__20240930_zrwF8MPR8Til" style="text-align: right" title="Weighted average exercise price, cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20231001__20240930_zexFYvXGPqYl" style="border-bottom: Black 1pt solid; text-align: right" title="Expired">(4,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredWeightedAverageGrantDateFairValue_c20231001__20240930_z0ZKQOBTPVTf" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, granted">95.90</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Balance, September 30, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20231001__20240930_zaUuBnioUZg" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants, ending balance">676,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iE_c20231001__20240930_zRWpNdPOIft8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, ending balance">18.25</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> As September 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zlRfoFYekEjh" style="width: 16%; text-align: right" title="Number of warrants">149,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_z5rgOKaW0RXg" style="width: 16%; text-align: right" title="Exercise price">50.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zFAOvKnflWjb" title="Issuance date">March 29, 2022</td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zvF1onyEiR1a" title="Expiry date">March 29, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zmWWqW4DHwA5" style="text-align: right" title="Number of warrants">73,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zV2v3LAKXuW4" style="text-align: right" title="Exercise price">18.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zABMrXDEIV84" title="Issuance date">June 30, 2023</td><td> </td> <td style="text-align: right"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zrnu04qdP2R7" title="Expiry date">June 30, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zVzVQj1gknGa" style="text-align: right" title="Number of warrants">147,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zT3vVZF0lSB4" style="text-align: right" title="Exercise price">4.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_z7mlEQ54NWE" title="Issuance date">April 16, 2024</td><td> </td> <td style="text-align: right"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_z9mFkb536dOb" title="Expiry date">April 16, 2029</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">(Subsequently cancelled – Note 15)</td><td> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_z5aCkdFafzSe" style="text-align: right" title="Number of warrants">254,310</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zFQQBmDXXX9e" style="text-align: right" title="Exercise price">4.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_z1kLCUglrfuk" title="Issuance date">June 12, 2024</td><td> </td> <td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zZlhC3fVcgC5" title="Expiry date">June 12, 2029</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">(Subsequently cancelled – Note 15)</td><td> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zwntYfTbsROk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants">52,083</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zOSraENDA4I6" style="text-align: right" title="Exercise price">35.52</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zl9KVYqcuDy7" title="Issuance date">September 30, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zubrr87zrcT7" title="Expiry date">September 30, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930_zDno7A7WXpFc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants">676,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

551503

4:1

253966

50.40

11.44

P5Y

18.00

68353

11.44

781953

645330

68353

62556

5470 449005 35919

0.0368

P5Y

1.2881

544164

0.0421

P3Y9M

1.3762

-543234

930

74066

0.10

P10Y

Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20221001__20230930_zQKqHLeyeze6" style="width: 16%; text-align: right" title="Number of options, beginning balance">21,146</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20221001__20230930_zb7oHBiclSAe" style="width: 16%; text-align: right" title="Weighted average exercise price,beginning balance">53.04</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20221001__20230930_zHDvnJrYJs9f" style="border-bottom: Black 1pt solid; text-align: right" title="Cancelled">(833</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20221001__20230930_zYCKqDY8yH63" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, cancelled">42.62</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">20,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20231001__20240930_z2Vv0KIPIiE" title="Weighted average exercise price, beginning balance">54.23</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20231001__20240930_zCvJY37A4jC" style="border-bottom: Black 1pt solid; text-align: right" title="Cancelled">(10,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20231001__20240930_zLm5Mnjsbkkj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, cancelled">55.24</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20231001__20240930_zsbRRHtyFLm5" title="Weighted average exercise price, ending balance">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20240930_zqdYwshXp9h9" style="border-bottom: Black 2.5pt double; text-align: right" title="Exercisable">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_c20231001__20240930_zC0UWyDjzjj1" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted average exercise price, exercisable">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

21146

53.04

833

42.62

20313

54.23

10208

55.24

10105

53.21

10105

53.21

8.88

88.80

P5Y7M6D

318

<p id="xdx_896_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zItkI5ao5fQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">As September 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_z4SoRFWKZgH5" style="width: 16%; text-align: right" title="Number of options">3,230</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zZnb0yIqrpVh" style="width: 16%; text-align: right" title="Exercise price">88.88</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zKwb1UXlFhX9" title="Issuance date">December 4, 2017</td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zQ5VZPDnTpi2" title="Expiry date">December 4, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zM5x6Z4SSar" style="text-align: right" title="Number of options">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zpEQUzV0wl8e" style="text-align: right" title="Exercise price">8.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zH5nfvXfo8Na" title="Issuance date">March 16, 2020</td><td> </td> <td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zx5lEJ7S5nob" title="Expiry date">March 16, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_znqfDJMtreth" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options">5,625</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zZtUtOdeoYYj" style="text-align: right" title="Exercise Price">42.62</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zK7HFMN7v3nc" title="Issuance date">October 6, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zmakMP1N3tih" title="Expiry date">October 6, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20240930_zVMlH10LaLQ9" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table>

3230

88.88

2017-12-04 2027-12-04

1250

8.88

2020-03-16 2030-03-16

5625

42.62

2021-10-06 2031-10-06

10105

Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20221001__20230930_z7uOeIlnbaXc" style="width: 16%; text-align: right" title="Number of warrants, beginning balance">274,276</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20221001__20230930_zVyLRjOpK7G7" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, beginning balance">48.48</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20221001__20230930_zpv0xf4oQMT1" style="text-align: right" title="Exercised">(68,353</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisedWeightedAverageGrantDateFairValue_c20221001__20230930_zHAKAQY8u2wc" style="text-align: right" title="Weighted average exercise price, exercised">11.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20221001__20230930_zHTOMVzpt4pe" style="border-bottom: Black 1pt solid; text-align: right" title="Granted">73,823</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20221001__20230930_zjmSPY3tkJHe" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, granted">18.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance, September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20231001__20240930_z7kjBDDKXY9j" style="text-align: right" title="Number of warrants, beginning balance">279,746</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20231001__20240930_zgqJTdzi6DLj" style="text-align: right" title="Weighted Average Exercise Price, beginning balance">39.79</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20231001__20240930_zrwm8wUtGaa5" style="text-align: right" title="Granted">401,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20231001__20240930_zHyfQcKZQTz5" style="text-align: right" title="Weighted average exercise price, granted">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20231001__20240930_zRH4H4jm9Wu9" style="text-align: right" title="Cancelled">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20231001__20240930_zrwF8MPR8Til" style="text-align: right" title="Weighted average exercise price, cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20231001__20240930_zexFYvXGPqYl" style="border-bottom: Black 1pt solid; text-align: right" title="Expired">(4,393</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredWeightedAverageGrantDateFairValue_c20231001__20240930_z0ZKQOBTPVTf" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price, granted">95.90</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Balance, September 30, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20231001__20240930_zaUuBnioUZg" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants, ending balance">676,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iE_c20231001__20240930_zRWpNdPOIft8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, ending balance">18.25</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

274276

48.48

68353

11.44

73823

18.00

279746

39.79

401810

4.08

500

4.08

4393

95.90

676663

18.25

As September 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zlRfoFYekEjh" style="width: 16%; text-align: right" title="Number of warrants">149,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_z5rgOKaW0RXg" style="width: 16%; text-align: right" title="Exercise price">50.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zFAOvKnflWjb" title="Issuance date">March 29, 2022</td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zvF1onyEiR1a" title="Expiry date">March 29, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zmWWqW4DHwA5" style="text-align: right" title="Number of warrants">73,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zV2v3LAKXuW4" style="text-align: right" title="Exercise price">18.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zABMrXDEIV84" title="Issuance date">June 30, 2023</td><td> </td> <td style="text-align: right"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zrnu04qdP2R7" title="Expiry date">June 30, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zVzVQj1gknGa" style="text-align: right" title="Number of warrants">147,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zT3vVZF0lSB4" style="text-align: right" title="Exercise price">4.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_z7mlEQ54NWE" title="Issuance date">April 16, 2024</td><td> </td> <td style="text-align: right"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_z9mFkb536dOb" title="Expiry date">April 16, 2029</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">(Subsequently cancelled – Note 15)</td><td> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_z5aCkdFafzSe" style="text-align: right" title="Number of warrants">254,310</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zFQQBmDXXX9e" style="text-align: right" title="Exercise price">4.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_z1kLCUglrfuk" title="Issuance date">June 12, 2024</td><td> </td> <td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zZlhC3fVcgC5" title="Expiry date">June 12, 2029</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">(Subsequently cancelled – Note 15)</td><td> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zwntYfTbsROk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants">52,083</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zOSraENDA4I6" style="text-align: right" title="Exercise price">35.52</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zl9KVYqcuDy7" title="Issuance date">September 30, 2021</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20231001__20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFiveMember_zubrr87zrcT7" title="Expiry date">September 30, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930_zDno7A7WXpFc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of warrants">676,663</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> </table>

149447

50.40

2022-03-29 2027-03-29

73823

18.00

2023-06-30 2028-06-30

147000

4.08

2024-04-16 2029-04-16

254310

4.08

2024-06-12 2029-06-12

52083

35.52

2021-09-30 2031-09-30

676663

12. INCOME TAXES SCHEDULE OF RECONCILIATION OF INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20231001__20240930_zFjKWOkZwrm5" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20221001__20230930_zQnG0rqrrxU1" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLoss_zAgFetpWayVh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 2.5pt">Loss before income taxes</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">(3,989,276</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">(3,939,961</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ExpectedIncomeTaxRecoveryAtStatutoryRates_zkSUiDlydRI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected income tax recovery at statutory rates</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(598,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(591,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_zmvvwMSe3QC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Provincial income tax recovery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(373,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(290,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_ztYYQit6M2Ea" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Effect of income taxes from US operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_iN_di_zoiidz8Xpb8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in statutory, foreign tax, foreign exchange rates and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PermanentDifferencesDebtDiscount_zAD3u2Pch6Da" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Permanent differences – debt discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PermanentDifferencesDebtExtinguishment_zclWUWTwCA8b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Permanent differences – debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PermanentDifferencesOther_zoIbi4zDJdV2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Permanent differences - Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_zIaqRYwJqvZ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Adjustment to prior years provision versus statutory tax returns</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(43,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zQNRcC3zGQU6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">768,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,039,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredIncomeTaxExpenseBenefit_z47iSadJj5cl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Deferred income tax recovery</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_892_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zAaroslSVYB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">Components of the Company’s pre-tax loss and income taxes are as follows: SCHEDULE OF PRE TAX LOSS AND INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Loss for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Canada</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLoss_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zna5KRqkm5o8" style="width: 16%; text-align: right" title="Loss for the year">(3,110,348</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLoss_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zwG9uu43lhFb" style="width: 16%; text-align: right" title="Loss for the year">(2,418,491</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--NetIncomeLoss_c20231001__20240930__srt--StatementGeographicalAxis__country--US_ztNBS8fB7dae" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(878,928</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--NetIncomeLoss_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zmEhkT94SGTf" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(1,521,470</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--NetIncomeLoss_c20231001__20240930_zxWgJu2TqFO5" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(3,989,276</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_984_eus-gaap--NetIncomeLoss_c20221001__20230930_zsfs5kcE10we" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(3,939,961</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected income tax (recovery)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Canada</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zOhthfoKflUi" style="text-align: right" title="Expected income tax (recovery)">(589,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zcSjOqlOiiIk" style="text-align: right" title="Expected income tax (recovery)">(659,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--US_zKZ2wWfJNmCe" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(177,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zszFJKhYmSV2" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(319,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930_zN6LidCtHSTf" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(766,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930_zlNtlNGBSj2h" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(978,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Canada</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zEkgFIRoS13l" style="text-align: right" title="Deferred income tax (recovery)">589,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zXVXqNOoCGNf" style="text-align: right" title="Deferred income tax (recovery)">659,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--US_zyicMfyOqSn" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">177,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zMLiMWaUNqi1" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">319,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930_z3GgxfplV4Zh" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">766,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930_zKjv77EgHrhh" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">978,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Deferred income tax recovery</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--DeferredIncomeTaxExpenseBenefit_c20231001__20240930_zE4CvIBkV5v9" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred income tax recovery">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DeferredIncomeTaxExpenseBenefit_c20221001__20230930_zSraLJ0voTv8" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred income tax recovery">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_895_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zs8xrkqwMC51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">The significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240930_zxECq7D1pdId" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20230930_zqF4Wp4gPoP7" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsNonCapitalLossCarryforwards_iI_maDTAGziP2_zR1ZiyaVIhl9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Tax loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,037,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,313,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxLiabilitiesPropertyAndEquipment_iI_maDTAGziP2_zTY3rgcH6nOa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--FinancingFees_iI_maDTAGziP2_zKAqFLxk8Eu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Financing fees</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">130,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">191,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAccruedLiabilities_iI_maDTAGziP2_zviBfTJ9H978" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accrued liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">129,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGziP2_maDTANz9dJ_zwWLhtltIbMg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,311,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,543,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANz9dJ_zcmf2csp4uWl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Deferred tax assets valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,311,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,543,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANz9dJ_zFhBja2LJ6p2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The significant components of the Company’s temporary differences include unamortized financing fees and tax loss carryforwards. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. This conclusion is primarily due to the Company’s history of cumulative losses and its expectation of continued losses in the foreseeable future. The Company had tax loss carryforwards of approximately $11,991,000 in Canada and the United States. For the years ended September 30, 2024 and 2023, the Canada tax loss carryforwards totaled $9,421,000 and $7,019,000, respectively, with expiration dates ranging from 2037 to 2043 and 2037 to 2042, respectively. The United States tax loss carryforwards for the years ended September 30, 2024 and 2023 totaled $2,569,000 and $2,367,000, respectively, and had no expiration dates, subject to 80% of taxable income. The United States tax loss carryforwards include $290,000 attributable to New Mexico state tax losses, with expiration dates ranging from 2037 to 2043.

SCHEDULE OF RECONCILIATION OF INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20231001__20240930_zFjKWOkZwrm5" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20221001__20230930_zQnG0rqrrxU1" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--NetIncomeLoss_zAgFetpWayVh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify; padding-bottom: 2.5pt">Loss before income taxes</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">(3,989,276</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right">(3,939,961</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ExpectedIncomeTaxRecoveryAtStatutoryRates_zkSUiDlydRI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Expected income tax recovery at statutory rates</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(598,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(591,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_zmvvwMSe3QC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Provincial income tax recovery</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(373,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(290,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_ztYYQit6M2Ea" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Effect of income taxes from US operations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(100,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_iN_di_zoiidz8Xpb8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Change in statutory, foreign tax, foreign exchange rates and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_ecustom--PermanentDifferencesDebtDiscount_zAD3u2Pch6Da" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Permanent differences – debt discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PermanentDifferencesDebtExtinguishment_zclWUWTwCA8b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Permanent differences – debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PermanentDifferencesOther_zoIbi4zDJdV2" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Permanent differences - Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_zIaqRYwJqvZ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Adjustment to prior years provision versus statutory tax returns</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(43,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zQNRcC3zGQU6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">768,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,039,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredIncomeTaxExpenseBenefit_z47iSadJj5cl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Deferred income tax recovery</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-3989276

-3939961

-598000 -591000

-373000

-290000

-58000

-100000

3000

18000

116000 134000 11000 3000

3000

-43000

768000

1039000

<p id="xdx_892_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zAaroslSVYB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">Components of the Company’s pre-tax loss and income taxes are as follows: SCHEDULE OF PRE TAX LOSS AND INCOME TAXES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Loss for the year</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: justify">Canada</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLoss_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zna5KRqkm5o8" style="width: 16%; text-align: right" title="Loss for the year">(3,110,348</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLoss_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zwG9uu43lhFb" style="width: 16%; text-align: right" title="Loss for the year">(2,418,491</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--NetIncomeLoss_c20231001__20240930__srt--StatementGeographicalAxis__country--US_ztNBS8fB7dae" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(878,928</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--NetIncomeLoss_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zmEhkT94SGTf" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(1,521,470</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--NetIncomeLoss_c20231001__20240930_zxWgJu2TqFO5" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(3,989,276</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_984_eus-gaap--NetIncomeLoss_c20221001__20230930_zsfs5kcE10we" style="border-bottom: Black 1pt solid; text-align: right" title="Loss for the year">(3,939,961</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Expected income tax (recovery)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Canada</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zOhthfoKflUi" style="text-align: right" title="Expected income tax (recovery)">(589,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zcSjOqlOiiIk" style="text-align: right" title="Expected income tax (recovery)">(659,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--US_zKZ2wWfJNmCe" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(177,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zszFJKhYmSV2" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(319,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--ExpectedIncomeTaxRecovery_c20231001__20240930_zN6LidCtHSTf" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(766,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_ecustom--ExpectedIncomeTaxRecovery_c20221001__20230930_zlNtlNGBSj2h" style="border-bottom: Black 1pt solid; text-align: right" title="Expected income tax (recovery)">(978,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deferred income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Canada</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--CA_zEkgFIRoS13l" style="text-align: right" title="Deferred income tax (recovery)">589,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--CA_zXVXqNOoCGNf" style="text-align: right" title="Deferred income tax (recovery)">659,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">US</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930__srt--StatementGeographicalAxis__country--US_zyicMfyOqSn" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">177,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930__srt--StatementGeographicalAxis__country--US_zMLiMWaUNqi1" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">319,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--DeferredIncomeTaxRecovery_c20231001__20240930_z3GgxfplV4Zh" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">766,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_ecustom--DeferredIncomeTaxRecovery_c20221001__20230930_zKjv77EgHrhh" style="border-bottom: Black 1pt solid; text-align: right" title="Deferred income tax (recovery)">978,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Deferred income tax recovery</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--DeferredIncomeTaxExpenseBenefit_c20231001__20240930_zE4CvIBkV5v9" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred income tax recovery">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98E_eus-gaap--DeferredIncomeTaxExpenseBenefit_c20221001__20230930_zSraLJ0voTv8" style="border-bottom: Black 2.5pt double; text-align: right" title="Deferred income tax recovery">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-3110348

-2418491

-878928

-1521470

-3989276

-3939961

-589000 -659000 -177000 -319000 -766000 -978000 589000 659000 177000 319000 766000 978000

<p id="xdx_895_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zs8xrkqwMC51" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.55pt">The significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240930_zxECq7D1pdId" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20230930_zqF4Wp4gPoP7" style="border-bottom: Black 1pt solid; text-align: right">2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsNonCapitalLossCarryforwards_iI_maDTAGziP2_zR1ZiyaVIhl9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Tax loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3,037,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">2,313,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxLiabilitiesPropertyAndEquipment_iI_maDTAGziP2_zTY3rgcH6nOa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--FinancingFees_iI_maDTAGziP2_zKAqFLxk8Eu6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Financing fees</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">130,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">191,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAccruedLiabilities_iI_maDTAGziP2_zviBfTJ9H978" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Accrued liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">129,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGziP2_maDTANz9dJ_zwWLhtltIbMg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,311,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,543,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANz9dJ_zcmf2csp4uWl" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Deferred tax assets valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,311,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,543,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANz9dJ_zFhBja2LJ6p2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3037000 2313000 15000 39000 130000 191000 129000

3311000

2543000

3311000

2543000

11991000 9421000 7019000 2569000 2367000 290000

13. SEGMENT INFORMATION Operating segments The Company operates in a single reportable segment – the acquisition, development and production of oil and gas properties in the United States. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

14. CONTINGENCIES The Company from time to time may be involved with disputes, claims and litigation related to the conduct of its business. The Company had $545,505 in claims from certain trade vendors for non-payment, of which $499,162 have been accrued as of September 30, 2024. The Company plans to continue engaging with these claimants faithfully and is working on potential settlements for all outstanding claims.

545505

499162

15. SUBSEQUENT EVENTS i) On October 2, 2024, the Company granted stock options to directors and officers of the Company to purchase <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20241002__20241002__srt--TitleOfIndividualAxis__custom--DirectorAndOfficerMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zVTFcErH807j" title="Purchase common shares">65,000 common shares at an exercise price of $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241002__srt--TitleOfIndividualAxis__custom--DirectorAndOfficerMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z30hP4Tswxgi" title="Exercise price">2.44 per share for a period of <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241002__20241002__srt--TitleOfIndividualAxis__custom--DirectorAndOfficerMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYA3nnGt4F51">10 years. ii) On November 1, 2024, the Company closed the first tranche of a non-brokered private placement of convertible debenture units of the Company announced in September 2024 for gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfDebt_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zDmJirnypoEc" title="Proceeds from issuance of debt">4,276,389, of which $<span id="xdx_90E_ecustom--ProceedsFromIssuanceOfSubscriptions_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zMvQ77QI2PQj" title="Proceeds from subscription">2,250,000 was received as subscriptions as of September 30, 2024, and $<span id="xdx_905_eus-gaap--ProceedsFromDebtNetOfIssuanceCosts_c20241101__20241101__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zcjvlmU6Jf62" title="Proceeds from issuance of debt">1,424,788 was issued in exchange for the outstanding debentures in the principal amount of $1,365,000 and accrued interest of $59,788. Each debenture unit consists of one convertible debenture (a “Debenture”) in the principal amount of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20241101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zgAATa7R4j96" title="Principal amount">1,000 and <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zeBZhf8qdbKk" title="Common share purchase warrants">523 common share purchase warrants. Each warrant is exercisable for a period of <span id="xdx_903_ecustom--ClassOfWarrantOrRightExercisableTerm_c20241101__20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zCFzPKAa1opi" title="Warrant exercisable period">five years from the date of issuance for one common share of the Company (a “Share”) at an exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zlELbwyj18F6" title="Exercise price of warrants or rights">1.91 per share. As a result, the Company issued convertible debentures with an aggregate principal amount of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfDebt_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zyfQWS5cgUAi" title="Proceeds from issuance of debt">4,276,389 and <span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfWarrants_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAlYppglriu6" title="Proceeds from issuance of warrants">2,236,551 Warrants. The Debentures are secured by the Company’s assets, mature one-year from the date of issuance, and bear simple interest at a rate of 10% per annum, payable on the maturity date or upon repayment of all or any portion of the Debenture. The Debentures are convertible into common shares of the Company at a conversion price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zYt5e7t13QW9" title="Exercise price of warrants or rights">1.91 per share. Interest is payable in cash or shares based on the same conversion price. iii) In October 2024, the Company retired its previously outstanding debentures of $1,365,000 along with accrued interest of $<span id="xdx_901_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20241001__20241031__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtInstrumentAxis__custom--NewDebentureMember_znhIwK0ZARp6" title="Principal amount">59,788 in exchange for the new debenture units. The debenture holders also agreed to cancel a total of 401,310 warrants issued in connection with the debentures. This exchange was assessed as a debt extinguishment and a loss of $105,349 was recognized in October 2024. iv) The Company’s Long Term Incentive Plan was approved by Board on October 2, 2024, which Long Term Incentive Plan was amended and such amended plan was approved by the Board on October 23, 2024 (as amended, the “Long Term Incentive Plan”) and was approved by shareholders at the Company’s Annual General Meeting of Shareholders on November 4, 2024. The Board approved the adoption of the Long-Term Incentive Plan to replace the Company’s 2017 Stock Option Plan and all awards previously issued under the 2017 Stock Option Plan will be deemed issued under the Long-Term Incentive Plan. The maximum aggregate number of Shares issuable in respect of all Incentive Securities granted or issued under the Company’s Security Based Compensation Plans, at any point, shall not exceed (twenty percent (20%) of the total number of issued and outstanding Shares. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

65000

2.44

P10Y

4276389

2250000

1424788

1365000

59788

1000

523

P5Y

1.91

4276389

2236551

0.10

1.91

1365000

59788

401310

105349

16. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) Supplemental unaudited information regarding Permex’s oil and gas activities is presented in this note. All of Permex’s reserves are located within the U.S. Costs Incurred in Oil and Gas Producing Activities SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_49B_20231001__20240930_zh1FjITLnI8a" style="text-align: center">12 Months Ended</td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20221001__20230930_zqgfiQGOUsYg" style="text-align: center">12 Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--AcquisitionCosts_maCCOUPz2vx_zyMjsn1et156" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Acquisition of proved properties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AcquisitionCostsUnprovedProperties_maCCOUPz2vx_zxQBkoezq4e5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisition of unproved properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DevelopmentCosts_maCCOUPz2vx_zSE6voTdGBu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,227</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,019,639</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ExplorationCosts_maCCOUPz2vx_zbci0uyxbRZg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exploration costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization_iT_mtCCOUPz2vx_zU2u1zsYcrB2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total costs incurred</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,019,639</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Results of Operations from Oil and Gas Producing Activities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_49B_20231001__20240930_z1xj0crdIcC9" style="text-align: center">12 Months Ended</td><td> </td><td> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zrZRTqLKC7Cj" style="text-align: center">12 Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--ResultsOfOperationsRevenueOther_maROOEFzTM1_zuIdNSSM9cB6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Oil and gas revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">116,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">688,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProductionCosts_iN_di_msROOEFzTM1_zyCyGc6e5eu7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196,428</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(879,471</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--ExplorationExpense_iN_di_msROOEFzTM1_zQncZNdIXRe8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exploration expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions_iN_di_msROOEFzTM1_zt4fTHtd4Vub" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depletion, depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(104,798</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--ImpairmentOfOilAndGasProperties_iN_di_msROOEFzTM1_zam2d8vrV0j7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Impairment of oil and gas properties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ResultsOfOperationsExpensesFromOilAndGasProducingActivities_iT_mtROOEFzTM1_maROOOAzKXl_zuz2oWaek6E5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Result of oil and gas producing operations before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,975</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(295,442</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--ResultsOfOperationsIncomeTaxExpense_iN_di_msROOOAzKXl_zpUC2T9q922k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Provision for income taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts_iT_mtROOOAzKXl_zykChn48QYIe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Results of oil and gas producing activities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(120,975</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(295,442</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 16. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) (cont’d…) Proved Reserves The Company’s proved oil and natural gas reserves have been estimated by the certified independent engineering firm, MKM Engineering. Proved reserves are the estimated quantities that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are the quantities expected to be recovered through existing wells with existing equipment and operating methods when the estimates were made. Due to the inherent uncertainties and the limited nature of reservoir data, such estimates are subject to change as additional information becomes available. The reserves actually recovered and the timing of production of these reserves may be substantially different from the original estimate. Revisions result primarily from new information obtained from development drilling and production history; acquisitions of oil and natural gas properties; and changes in economic factors. Our proved reserves are summarized in the table below: SCHEDULE OF PROVED RESERVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Oil (Barrels)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Natural Gas (Mcf)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">BOE (Barrels)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proved developed and undeveloped reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%">September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBarrels_c20221001__20230930_zwBA1PrqgYqc" style="width: 12%; text-align: right" title="Beginning balance">6,237,070</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uNaturalGas_c20221001__20230930_zOmku0VrLcV7" style="width: 12%; text-align: right" title="Beginning balance">3,001,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iS_uBOE_c20221001__20230930_zDZXdYeYfowc" style="width: 12%; text-align: right" title="Beginning balance, BOE (Barrels)">6,737,265</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revisions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBarrels_c20221001__20230930_zNyTjwQ7Lydf" style="text-align: right" title="Revisions">(3,588,541</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uNaturalGas_c20221001__20230930_z4rCfki7ybVb" style="text-align: right" title="Revisions">(951,270</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergyPeriodIncreaseDecrease_uBOE_c20221001__20230930_zEIOaUVQSC34" style="text-align: right" title="Revisions, BOE (Barrels)">(3,747,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of proved reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBarrels_c20221001__20230930_z2mgek7QVMK9" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uNaturalGas_c20221001__20230930_z3of6Q86aINf" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservePurchaseOfMineralInPlaceEnergy_uBOE_c20221001__20230930_z48vvX4b6zD5" style="text-align: right" title="Purchase of proved reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sale reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uBarrels_c20221001__20230930_zOP7j9h097fl" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uNaturalGas_c20221001__20230930_zBRGCYlj1y25" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReservesSaleOfMineralInPlaceEnergy_iN_di_uBOE_c20221001__20230930_z7cxuBLbMrS5" style="text-align: right" title="Sale reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Production</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBarrels_c20221001__20230930_zL9Rd3x4PrWh" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(11,729</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uNaturalGas_c20221001__20230930_zeXF0hQ2CZd3" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(7,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedAndUndevelopedReserveProductionEnergy_iN_di_uBOE_c20221001__20230930_zgOs0axFNUG4" style="border-bottom: Black 1pt solid; text-align: right" title="Production, BOE (Barrels)">(12,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBarrels_c20231001__20240930_zZT0rIS10gNf" style="text-align: right" title="Beginning balance">2,636,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uNaturalGas_c20231001__20240930_zaL2S3qvDD2l" style="text-align: right" title="Beginning balance">2,042,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iS_uBOE_c20231001__20240930_zz9ngVX9NTRd" style="text-align: right" title="Beginning balance, BOE (Barrels)">2,977,200</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Revisions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBarrels_c20231001__20240930_fKDMp_zP4nsfPsKD4i" style="text-align: right" title="Revisions">(939,436</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uNaturalGas_c20231001__20240930_fKDMp_zLI5WKNZKCz3" style="text-align: right" title="Revisions">(904,200</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergyPeriodIncreaseDecrease_uBOE_c20231001__20240930_fKDMp_zSWncoj0e9xl" style="text-align: right" title="Revisions, BOE (Barrels)">(1,090,136</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Purchase of proved reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBarrels_c20231001__20240930_fKDQp_zXrfubnoFrPe" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uNaturalGas_c20231001__20240930_fKDQp_z9YYE1Fh29Ua" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservePurchaseOfMineralInPlaceEnergy_uBOE_c20231001__20240930_fKDQp_zMolN8AKJWf5" style="text-align: right" title="Purchase of proved reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sale reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uBarrels_c20231001__20240930_fKDUp_z2gbYuiGDPg4" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uNaturalGas_c20231001__20240930_fKDUp_z1FuZJKYbCg" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesSaleOfMineralInPlaceEnergy_iN_di_uBOE_c20231001__20240930_fKDUp_znurvFaaQmtk" style="text-align: right" title="Sale reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Production</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBarrels_c20231001__20240930_zjzpqyxlVi31" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uNaturalGas_c20231001__20240930_zE6dfXZhgchl" style="border-bottom: Black 1pt solid; text-align: right" title="Production">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReserveProductionEnergy_iN_di_uBOE_c20231001__20240930_z3hOmsr21n5h" style="border-bottom: Black 1pt solid; text-align: right" title="Production, BOE (Barrels)">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBarrels_c20231001__20240930_zs1YAUMkx7Uh" style="text-align: right" title="Ending balance">1,695,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uNaturalGas_c20231001__20240930_zPu4p2vfrkzl" style="text-align: right" title="Ending balance">1,138,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iE_uBOE_c20231001__20240930_z5x3RA8kdxc2" style="text-align: right" title="Ending balance, BOE (Barrels)">1,885,100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Proved developed reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20220930_zAZ8CzIfi7cf" style="text-align: right" title="Proved developed reserves">1,153,870</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20220930_z9RSdozyi34k" style="text-align: right" title="Proved developed reserves">864,770</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20220930_zJ01t6o8Xb0a" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">1,297,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20230930_zG0dhfZTnWlg" style="text-align: right" title="Proved developed reserves">1,027,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20230930_zc7oiArwnHd2" style="text-align: right" title="Proved developed reserves">765,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20230930_zqFcDPvopNAh" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">1,154,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20240930_zr2UrqOyEu0a" style="text-align: right" title="Proved developed reserves">508,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20240930_zLCXmXYLVzV4" style="text-align: right" title="Proved developed reserves">279,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20240930_zS0G2m9CvHOd" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">555,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proved undeveloped reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20220930_zOnIubJPWFNd" style="text-align: right" title="Proved undeveloped reserves">5,083,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20220930_zYmVv1hCja9g" style="text-align: right" title="Proved undeveloped reserves">2,136,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20220930_zjnbfDkZGH9j" style="text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">5,439,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20230930_zdsqSu5L2TKl" style="text-align: right" title="Proved undeveloped reserves">1,609,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20230930_z9lHZoxbMjfb" style="text-align: right" title="Proved undeveloped reserves">1,277,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20230930_zC4MSRDGicXi" style="text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">1,822,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20240930_zSyYcsXWwbld" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves">1,186,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20240930_zN2yLJdkbyF3" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves">858,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20240930_zPlaD1oeta9l" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">1,329,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 16. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) (cont’d…) Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The following information is based on the Company’s best estimate of the required data for the Standardized Measure of Discounted Future Net Cash Flows as of September 30, 2024 and 2023 in accordance with ASC 932, “Extractive Activities – Oil and Gas” which requires the use of a 10% discount rate. This information is not the fair market value, nor does it represent the expected present value of future cash flows of the Company’s proved oil and gas reserves. Future cash inflows for the years ended September 30, 2024 and 2023 were estimated as specified by the SEC through calculation of an average price based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for the period from October through September during each respective fiscal year. The resulting net cash flow are reduced to present value by applying a 10% discount factor. SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240930_z2WIun9F4cEc" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230930_zLL5iZgxJbJ3" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">12 Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40C_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows_iI_maFNCFRzWs3_zCb7ObSCqqtb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Future cash inflows</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">134,081,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">211,828,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts_iNI_di_msFNCFRzWs3_zCXW5gD5waS7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Future production costs(1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,752,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,061,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts_iNI_di_msFNCFRzWs3_zMZ8oVZyELud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Future development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,496,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,241,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense_iNI_di_msFNCFRzWs3_zxyjR7nxhbVk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Future income tax expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,746,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(39,262,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows_iTI_mtFNCFRzWs3_maSMODFzWnU_zR6TplO8JOi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Future net cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,087,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,264,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows_iNI_di_msSMODFzWnU_zKucRTUpMCk5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">10% annual discount for estimated timing of cash flows</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,997,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(60,184,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iTI_mtSMODFzWnU_zEKRwBpaBnJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the fiscal year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,090,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">55,080,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Production costs include crude oil and natural gas operations expense, production ad valorem taxes, transportation costs and G&A expense supporting the Company’s crude oil and natural gas operations.</td></tr> </table> Average hydrocarbon prices are set forth in the table below. SCHEDULE OF AVERAGE HYDROCARBON PRICES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">Average Price</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Natural</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Crude Oil (Bbl)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Gas (Mcf)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Year ended September 30, 2022 (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--AverageHydrocarbonPrices_iI_c20220930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_zX4Y5wtx6xhe" style="width: 16%; text-align: right" title="Average Price">91.72</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--AverageHydrocarbonPrices_iI_c20220930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zeJmtVfZJ5Dd" style="width: 16%; text-align: right" title="Average Price">5.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended September 30, 2023 (1)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--AverageHydrocarbonPrices_iI_c20230930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_zY6IbQ4nJjH7" style="text-align: right" title="Average Price">78.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--AverageHydrocarbonPrices_iI_c20230930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zQgI4u1Px0R3" style="text-align: right" title="Average Price">3.42</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended September 30, 2024 (1)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecustom--AverageHydrocarbonPrices_iI_c20240930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_ziA5XUtK1Yif" style="text-align: right" title="Average Price">78.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecustom--AverageHydrocarbonPrices_iI_c20240930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zLNuChjB00th" style="text-align: right" title="Average Price">2.21</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.</td></tr> </table> Future production and development costs, which include dismantlement and restoration expense, are computed by estimating the expenditures to be incurred in developing and producing the Company’s proved crude oil and natural gas reserves at the end of the year, based on year-end costs, and assuming continuation of existing economic conditions. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 16. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) (cont’d…) Sources of Changes in Discounted Future Net Cash Flows Principal changes in the aggregate standardized measure of discounted future net cash flows attributable to the Company’s proved crude oil and natural gas reserves, as required by ASC 932, at fiscal year-end are set forth in the table below. SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20231001__20240930_zKS8l317rv6e" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zRhrwcwI2tl6" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">12 Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iS_zDWWo9niNvdi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Standardized measure of discounted future net cash flows at the beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">55,080,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">144,729,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_esrt--ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts_z972EE6B8KYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Extensions, discoveries and improved recovery, less related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_esrt--DecreaseDueToSalesOfMineralsInPlace_iN_di_zZA7jkSpb0u7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales of minerals in place</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_esrt--IncreaseDueToPurchasesOfMineralsInPlace_zoEgsgbKIHD1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of minerals in place</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PreviouslyEstimatedDevelopmentCostIncurred_iN_di_zdTSKDrOM8fc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revisions of previous quantity estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(25,208,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(103,529,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_esrt--NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts_zHtammLhAjl3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net changes in prices and production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,323,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,170,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther_z3avc7ElMmfg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accretion of discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,862,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_esrt--SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts_zczjvBeV4lo3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales of oil produced, net of production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_esrt--IncreaseDecreaseInEstimatedFutureDevelopmentCosts_iN_di_zRy0sFEO6kn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in future development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(107,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,173,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncreaseDecreaseInTimingOfFutureProduction_zwA0Mwlzi0K2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in timing of future production</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,706,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,145,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_esrt--IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves_iN_di_z2oUR6NEwDY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net changes in income taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,874,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,969,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iE_zpVJsRpXZibj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,090,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">55,080,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_49B_20231001__20240930_zh1FjITLnI8a" style="text-align: center">12 Months Ended</td><td> </td><td> </td> <td colspan="2" id="xdx_49D_20221001__20230930_zqgfiQGOUsYg" style="text-align: center">12 Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--AcquisitionCosts_maCCOUPz2vx_zyMjsn1et156" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Acquisition of proved properties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--AcquisitionCostsUnprovedProperties_maCCOUPz2vx_zxQBkoezq4e5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisition of unproved properties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DevelopmentCosts_maCCOUPz2vx_zSE6voTdGBu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,227</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,019,639</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--ExplorationCosts_maCCOUPz2vx_zbci0uyxbRZg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Exploration costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization_iT_mtCCOUPz2vx_zU2u1zsYcrB2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total costs incurred</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,019,639</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Results of Operations from Oil and Gas Producing Activities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" id="xdx_49B_20231001__20240930_z1xj0crdIcC9" style="text-align: center">12 Months Ended</td><td> </td><td> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zrZRTqLKC7Cj" style="text-align: center">12 Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_eus-gaap--ResultsOfOperationsRevenueOther_maROOEFzTM1_zuIdNSSM9cB6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Oil and gas revenues</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">116,033</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">688,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProductionCosts_iN_di_msROOEFzTM1_zyCyGc6e5eu7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(196,428</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(879,471</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--ExplorationExpense_iN_di_msROOEFzTM1_zQncZNdIXRe8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Exploration expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ResultsOfOperationsDepreciationDepletionAndAmortizationAndValuationProvisions_iN_di_msROOEFzTM1_zt4fTHtd4Vub" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Depletion, depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,580</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(104,798</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--ImpairmentOfOilAndGasProperties_iN_di_msROOEFzTM1_zam2d8vrV0j7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Impairment of oil and gas properties</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--ResultsOfOperationsExpensesFromOilAndGasProducingActivities_iT_mtROOEFzTM1_maROOOAzKXl_zuz2oWaek6E5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Result of oil and gas producing operations before income taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(120,975</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(295,442</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--ResultsOfOperationsIncomeTaxExpense_iN_di_msROOOAzKXl_zpUC2T9q922k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Provision for income taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResultsOfOperationsOilAndGasProducingActivitiesNetIncomeExcludingCorporateOverheadAndInterestCosts_iT_mtROOOAzKXl_zykChn48QYIe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Results of oil and gas producing activities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(120,975</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(295,442</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

3227

2019639

3227

2019639

116033

688827

196428

879471

40580

104798

-120975 -295442

-120975

-295442

Our proved reserves are summarized in the table below: SCHEDULE OF PROVED RESERVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Oil (Barrels)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Natural Gas (Mcf)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">BOE (Barrels)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proved developed and undeveloped reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%">September 30, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBarrels_c20221001__20230930_zwBA1PrqgYqc" style="width: 12%; text-align: right" title="Beginning balance">6,237,070</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uNaturalGas_c20221001__20230930_zOmku0VrLcV7" style="width: 12%; text-align: right" title="Beginning balance">3,001,170</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iS_uBOE_c20221001__20230930_zDZXdYeYfowc" style="width: 12%; text-align: right" title="Beginning balance, BOE (Barrels)">6,737,265</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revisions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBarrels_c20221001__20230930_zNyTjwQ7Lydf" style="text-align: right" title="Revisions">(3,588,541</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uNaturalGas_c20221001__20230930_z4rCfki7ybVb" style="text-align: right" title="Revisions">(951,270</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergyPeriodIncreaseDecrease_uBOE_c20221001__20230930_zEIOaUVQSC34" style="text-align: right" title="Revisions, BOE (Barrels)">(3,747,086</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of proved reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBarrels_c20221001__20230930_z2mgek7QVMK9" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uNaturalGas_c20221001__20230930_z3of6Q86aINf" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservePurchaseOfMineralInPlaceEnergy_uBOE_c20221001__20230930_z48vvX4b6zD5" style="text-align: right" title="Purchase of proved reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sale reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uBarrels_c20221001__20230930_zOP7j9h097fl" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uNaturalGas_c20221001__20230930_zBRGCYlj1y25" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReservesSaleOfMineralInPlaceEnergy_iN_di_uBOE_c20221001__20230930_z7cxuBLbMrS5" style="text-align: right" title="Sale reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Production</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBarrels_c20221001__20230930_zL9Rd3x4PrWh" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(11,729</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uNaturalGas_c20221001__20230930_zeXF0hQ2CZd3" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(7,500</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedAndUndevelopedReserveProductionEnergy_iN_di_uBOE_c20221001__20230930_zgOs0axFNUG4" style="border-bottom: Black 1pt solid; text-align: right" title="Production, BOE (Barrels)">(12,979</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBarrels_c20231001__20240930_zZT0rIS10gNf" style="text-align: right" title="Beginning balance">2,636,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uNaturalGas_c20231001__20240930_zaL2S3qvDD2l" style="text-align: right" title="Beginning balance">2,042,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iS_uBOE_c20231001__20240930_zz9ngVX9NTRd" style="text-align: right" title="Beginning balance, BOE (Barrels)">2,977,200</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Revisions</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBarrels_c20231001__20240930_fKDMp_zP4nsfPsKD4i" style="text-align: right" title="Revisions">(939,436</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uNaturalGas_c20231001__20240930_fKDMp_zLI5WKNZKCz3" style="text-align: right" title="Revisions">(904,200</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergyPeriodIncreaseDecrease_uBOE_c20231001__20240930_fKDMp_zSWncoj0e9xl" style="text-align: right" title="Revisions, BOE (Barrels)">(1,090,136</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Purchase of proved reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBarrels_c20231001__20240930_fKDQp_zXrfubnoFrPe" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uNaturalGas_c20231001__20240930_fKDQp_z9YYE1Fh29Ua" style="text-align: right" title="Purchase of proved reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservePurchaseOfMineralInPlaceEnergy_uBOE_c20231001__20240930_fKDQp_zMolN8AKJWf5" style="text-align: right" title="Purchase of proved reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sale reserves</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uBarrels_c20231001__20240930_fKDUp_z2gbYuiGDPg4" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_iN_di_uNaturalGas_c20231001__20240930_fKDUp_z1FuZJKYbCg" style="text-align: right" title="Sale reserves">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesSaleOfMineralInPlaceEnergy_iN_di_uBOE_c20231001__20240930_fKDUp_znurvFaaQmtk" style="text-align: right" title="Sale reserves, BOE (Barrels)">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Production</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBarrels_c20231001__20240930_zjzpqyxlVi31" style="border-bottom: Black 1pt solid; text-align: right" title="Production">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uNaturalGas_c20231001__20240930_zE6dfXZhgchl" style="border-bottom: Black 1pt solid; text-align: right" title="Production">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReserveProductionEnergy_iN_di_uBOE_c20231001__20240930_z3hOmsr21n5h" style="border-bottom: Black 1pt solid; text-align: right" title="Production, BOE (Barrels)">(1,964</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBarrels_c20231001__20240930_zs1YAUMkx7Uh" style="text-align: right" title="Ending balance">1,695,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uNaturalGas_c20231001__20240930_zPu4p2vfrkzl" style="text-align: right" title="Ending balance">1,138,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReserveNetEnergy_iE_uBOE_c20231001__20240930_z5x3RA8kdxc2" style="text-align: right" title="Ending balance, BOE (Barrels)">1,885,100</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Proved developed reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20220930_zAZ8CzIfi7cf" style="text-align: right" title="Proved developed reserves">1,153,870</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20220930_z9RSdozyi34k" style="text-align: right" title="Proved developed reserves">864,770</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20220930_zJ01t6o8Xb0a" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">1,297,998</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20230930_zG0dhfZTnWlg" style="text-align: right" title="Proved developed reserves">1,027,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20230930_zc7oiArwnHd2" style="text-align: right" title="Proved developed reserves">765,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20230930_zqFcDPvopNAh" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">1,154,650</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_esrt--ProvedDevelopedReservesVolume_iI_uBarrels_c20240930_zr2UrqOyEu0a" style="text-align: right" title="Proved developed reserves">508,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedDevelopedReservesVolume_iI_uNaturalGas_c20240930_zLCXmXYLVzV4" style="text-align: right" title="Proved developed reserves">279,600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedDevelopedReservesBOE1_iI_uBOE_c20240930_zS0G2m9CvHOd" style="text-align: right" title="Proved developed reserves, BOE (Barrels)">555,300</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Proved undeveloped reserves:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 30, 2022</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20220930_zOnIubJPWFNd" style="text-align: right" title="Proved undeveloped reserves">5,083,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20220930_zYmVv1hCja9g" style="text-align: right" title="Proved undeveloped reserves">2,136,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20220930_zjnbfDkZGH9j" style="text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">5,439,267</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>September 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20230930_zdsqSu5L2TKl" style="text-align: right" title="Proved undeveloped reserves">1,609,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20230930_z9lHZoxbMjfb" style="text-align: right" title="Proved undeveloped reserves">1,277,100</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20230930_zC4MSRDGicXi" style="text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">1,822,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_esrt--ProvedUndevelopedReserveVolume_iI_uBarrels_c20240930_zSyYcsXWwbld" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves">1,186,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_esrt--ProvedUndevelopedReserveVolume_iI_uNaturalGas_c20240930_zN2yLJdkbyF3" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves">858,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_esrt--ProvedUndevelopedReserveBOE1_iI_uBOE_c20240930_zPlaD1oeta9l" style="border-bottom: Black 2.5pt double; text-align: right" title="Proved undeveloped reserves, BOE (Barrels)">1,329,800</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 6237070 3001170 6737265 -3588541 -951270 -3747086 11729 7500 12979 2636800 2042400 2977200 -939436 -904200 -1090136 1964 1964 1695400 1138200 1885100 1153870 864770 1297998 1027100 765300 1154650 508700 279600 555300 5083200 2136400 5439267 1609700 1277100 1822550 1186700 858600 1329800 SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20240930_z2WIun9F4cEc" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20230930_zLL5iZgxJbJ3" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">12 Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40C_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows_iI_maFNCFRzWs3_zCb7ObSCqqtb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Future cash inflows</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">134,081,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">211,828,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts_iNI_di_msFNCFRzWs3_zCXW5gD5waS7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Future production costs(1)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(31,752,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(40,061,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_402_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts_iNI_di_msFNCFRzWs3_zMZ8oVZyELud" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Future development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,496,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(17,241,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense_iNI_di_msFNCFRzWs3_zxyjR7nxhbVk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Future income tax expenses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,746,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(39,262,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows_iTI_mtFNCFRzWs3_maSMODFzWnU_zR6TplO8JOi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Future net cash flows</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,087,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,264,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows_iNI_di_msSMODFzWnU_zKucRTUpMCk5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">10% annual discount for estimated timing of cash flows</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,997,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(60,184,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_403_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iTI_mtSMODFzWnU_zEKRwBpaBnJ" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the fiscal year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,090,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">55,080,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Production costs include crude oil and natural gas operations expense, production ad valorem taxes, transportation costs and G&A expense supporting the Company’s crude oil and natural gas operations.</td></tr> </table> 134081000 211828000 31752000 40061000 17496000 17241000 19746000 39262000 65087000 115264000 36997000 60184000 28090000 55080000

Average hydrocarbon prices are set forth in the table below. SCHEDULE OF AVERAGE HYDROCARBON PRICES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right">Average Price</td><td> </td><td> </td> <td colspan="2" style="text-align: right">Natural</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Crude Oil (Bbl)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Gas (Mcf)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Year ended September 30, 2022 (1)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--AverageHydrocarbonPrices_iI_c20220930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_zX4Y5wtx6xhe" style="width: 16%; text-align: right" title="Average Price">91.72</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_ecustom--AverageHydrocarbonPrices_iI_c20220930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zeJmtVfZJ5Dd" style="width: 16%; text-align: right" title="Average Price">5.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Year ended September 30, 2023 (1)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--AverageHydrocarbonPrices_iI_c20230930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_zY6IbQ4nJjH7" style="text-align: right" title="Average Price">78.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--AverageHydrocarbonPrices_iI_c20230930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zQgI4u1Px0R3" style="text-align: right" title="Average Price">3.42</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Year ended September 30, 2024 (1)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecustom--AverageHydrocarbonPrices_iI_c20240930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--OilReservesMember_fKDEp_ziA5XUtK1Yif" style="text-align: right" title="Average Price">78.64</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecustom--AverageHydrocarbonPrices_iI_c20240930__srt--ReserveQuantitiesByTypeOfReserveAxis__srt--NaturalGasReservesMember_fKDEp_zLNuChjB00th" style="text-align: right" title="Average Price">2.21</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.</td></tr> </table>

91.72 5.79 78.54 3.42 78.64 2.21 SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20231001__20240930_zKS8l317rv6e" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zRhrwcwI2tl6" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">12 Months Ended</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iS_zDWWo9niNvdi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Standardized measure of discounted future net cash flows at the beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">55,080,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">144,729,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_esrt--ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts_z972EE6B8KYa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Extensions, discoveries and improved recovery, less related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_esrt--DecreaseDueToSalesOfMineralsInPlace_iN_di_zZA7jkSpb0u7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales of minerals in place</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_esrt--IncreaseDueToPurchasesOfMineralsInPlace_zoEgsgbKIHD1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Purchase of minerals in place</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PreviouslyEstimatedDevelopmentCostIncurred_iN_di_zdTSKDrOM8fc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Revisions of previous quantity estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(25,208,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(103,529,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_esrt--NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts_zHtammLhAjl3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net changes in prices and production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,323,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(52,170,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther_z3avc7ElMmfg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accretion of discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,400,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,862,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_esrt--SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts_zczjvBeV4lo3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales of oil produced, net of production costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">80,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_esrt--IncreaseDecreaseInEstimatedFutureDevelopmentCosts_iN_di_zRy0sFEO6kn3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in future development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(107,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,173,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--IncreaseDecreaseInTimingOfFutureProduction_zwA0Mwlzi0K2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in timing of future production</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15,706,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,145,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_esrt--IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves_iN_di_z2oUR6NEwDY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net changes in income taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,874,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34,969,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iE_zpVJsRpXZibj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,090,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">55,080,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 55080000 144729000 25208000 103529000 -4323000 -52170000 7400000 19862000 80000 191000 107000 -27173000 -15706000 -16145000 -10874000 -34969000 28090000 55080000

690798

1513591

62263

44932

62263

44932

115155 146452

868216

1704975

75000 75000

10471137

10281248

11414353

12061223

3839324

3786909

160936

2802226

1365000

2250000

6802486

7562845

407948

392977

7210434

7955822

551503

14947150

7402555

5475316

-127413

-18018373

-16189652

4203919

4105401

11414353

12061223

123215

47651

3566

5464

126781

53115

428268

91435

1274526

683683

55719

21978

14971

9198

197207

1576277

806294

-1449496

-753179

22105

-3676

6000

295981

1026

-105349

-379225

1298

-1828721

-751881

-3.32

-1.36

551503

14947150

5475316

-127413

-16189652

4105401

1792002

135237

-1828721

551503

14947150

7402555

-127413

-18018373

4203919

551503

14947150

4549431

-127413

-12200376

7168792

551503

14947150

4549431

-127413

-12200376

7168792

-751881

551503

14947150

4549431

-127413

-12952257

6416911

551503

14947150

4549431

-127413

-12952257

6416911

-1828721

-751881

14971

9198

55719

21978

22105

-3676

197207

212490

-105349

135237

17331

-28981

-31297

-18986

273947

512020

-1306

-1236354

-155736

188040

70000

-188040

70000

601601

45000

10000

601601

35000

-822793

-50736

1513591

82736

690798

32000

1246

1026

57568 59788 2250000 1792002

1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 under the laws of British Columbia, Canada and maintains its head office at 1700 Post Oak Boulevard, 2 Blvd Place Suite 600, Houston Texas, 77056. Its registered office is located at 10th floor, 595 Howe Street, Vancouver, British Columbia, Canada, V6C 2T5. The Company is primarily engaged in the acquisition, development and production of oil and gas properties in the United States. The Company’s oil and gas interests are located in Texas and New Mexico, USA. The Company’s common shares are listed on the Canadian Securities Exchange (the “CSE”) under the symbol “OIL”.

2017-04-24

2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2025 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…) Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $18,018,373, has a working capital deficiency of $5,934,270 as of December 31, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing operations, which it has been unable to secure in sufficient amounts to date, and there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the three months ended December 31, 2024, the Company received additional debt subscription proceeds of $601,601 to complete a convertible debenture financing with total gross proceeds of $4,276,389. The $1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. New accounting standards In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2025 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 2. Significant Accounting Policies (cont’d…)

Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $18,018,373, has a working capital deficiency of $5,934,270 as of December 31, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing operations, which it has been unable to secure in sufficient amounts to date, and there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the three months ended December 31, 2024, the Company received additional debt subscription proceeds of $601,601 to complete a convertible debenture financing with total gross proceeds of $4,276,389. The $1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.

18018373

5934270

601601

4276389

1365000

2024-09-12

59788

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.

New accounting standards In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statements of Operations. As of December 31, 2024 and September 30, 2024, receivables from contracts with customers, included in trade and other receivables, were $<span id="xdx_904_eus-gaap--AccountsReceivableNetCurrent_iI_c20241231__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zFXEvnnPrUw" title="Receivables">45,420 and $<span id="xdx_902_eus-gaap--AccountsReceivableNetCurrent_iI_c20240930__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zsdZF1XLRrL1" title="Receivables">26,873, respectively. The following tables present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Three months ended December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_srt--StatementGeographicalAxis_stpr--TX_zqGgXFJSdWTa" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zMTX5pMXKJT7" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zS6Jxk6xMZBj" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_433_c20241001__20241231__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zAaubFnkt2K1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">123,215</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">123,215</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43A_c20241001__20241231__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zk2VbtuIsgg6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20241001__20241231_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zAlUu9rtihQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Three months ended December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_srt--StatementGeographicalAxis_stpr--TX_zYcmtlJkxN64" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_z0BitRqLgrb5" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zemwoliYG0Wl" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20231001__20231231__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_ztUHYK50QI0d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">29,624</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,027</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">47,651</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43A_c20231001__20231231__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zZtNB2qM5p1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20231001__20231231_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zzBpqgCUcbt8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,027</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,651</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

45420

26873

The following tables present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Three months ended December 31, 2024</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_srt--StatementGeographicalAxis_stpr--TX_zqGgXFJSdWTa" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_zMTX5pMXKJT7" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zS6Jxk6xMZBj" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_433_c20241001__20241231__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zAaubFnkt2K1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">123,215</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">123,215</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43A_c20241001__20241231__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zk2VbtuIsgg6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20241001__20241231_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zAlUu9rtihQb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">123,215</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Three months ended December 31, 2023</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_srt--StatementGeographicalAxis_stpr--TX_zYcmtlJkxN64" style="border-bottom: Black 1pt solid; text-align: right">Texas</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_srt--StatementGeographicalAxis_stpr--NM_z0BitRqLgrb5" style="border-bottom: Black 1pt solid; text-align: right">New Mexico</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zemwoliYG0Wl" style="border-bottom: Black 1pt solid; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20231001__20231231__srt--ProductOrServiceAxis__srt--CrudeOilMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_ztUHYK50QI0d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Crude oil</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">29,624</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,027</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">47,651</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43A_c20231001__20231231__srt--ProductOrServiceAxis__custom--NaturalGasMember_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zZtNB2qM5p1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Natural gas</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_438_c20231001__20231231_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_zzBpqgCUcbt8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Revenue from contracts with customers</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,624</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">18,027</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,651</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

123215

29624

18027

47651

29624

18027

47651

4. CONCENTRATION OF CREDIT RISK The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. Trade receivables included in the Company’s receivable balance are $<span id="xdx_909_eus-gaap--AccountsReceivableNetCurrent_iI_c20241231__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zadIBO0pCZ05" title="Receivables">45,420 as of December 31, 2024 (September 30, 2024 - $<span id="xdx_909_eus-gaap--AccountsReceivableNetCurrent_iI_c20240930__us-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__us-gaap--TradeAccountsReceivableMember_zOBtrmXOBzNj" title="Receivables">26,873). For the three months ended December 31, 2024 and 2023, the Company had one significant customer that accounted for approximately <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20241001__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zo806sWB15fl" title="Concentration risk percentage">100% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20231001__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--OneCustomerMember_zHLItBJ7xIEc" title="Concentration risk percentage">62%, respectively, of our total oil and natural gas revenues. The Company routinely assesses the financial strength of its customers. The non-trade receivable balance consists of goods and services tax (“GST”) recoverable of $16,843 (September 30, 2024 - $18,060). GST recoverable is due from the Canadian Government. It is management’s opinion that the Company is not exposed to significant credit risk. During the three months ended December 31, 2024, the Company recognized $nil (2023 - $9,587) in credit losses on its receivables. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

45420

26873

0.62

16843

18060

9587

5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_z23yu6MU2OR8" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240930_zzpZqP1GCeu3" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--OilAndGasPropertyFullCostMethodGross_iI_maOAGPFzkEd_zVxQriliw3xl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Oil and natural gas properties, at cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,846,097</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,600,489</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OilAndGasPropertyFullCostMethodDepletion_iNI_di_msOAGPFzkEd_zeU4dXN0p6y5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depletion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(384,829</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(330,036</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OilAndGasPropertyFullCostMethodNet_iTI_mtOAGPFzkEd_maPPAENzIKW_zo2rr78S2zJ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Oil and natural gas properties, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,461,268</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,270,453</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEOzS2v_zX943TrkjV4i" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other property and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_msPPAEOzS2v_z16f3Jdwl5aj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,636</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,710</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOtherNet_iTI_mtPPAEOzS2v_maPPAENzIKW_zejqOudiuRxa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other property and equipment, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,869</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,795</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzIKW_zVnef2tmQqCl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,471,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,281,248</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depletion and depreciation expense was $55,719 and $21,978 for the three-month periods ended December 31, 2024 and 2023, respectively.

Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_z23yu6MU2OR8" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20240930_zzpZqP1GCeu3" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_402_eus-gaap--OilAndGasPropertyFullCostMethodGross_iI_maOAGPFzkEd_zVxQriliw3xl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Oil and natural gas properties, at cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,846,097</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">10,600,489</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OilAndGasPropertyFullCostMethodDepletion_iNI_di_msOAGPFzkEd_zeU4dXN0p6y5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depletion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(384,829</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(330,036</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--OilAndGasPropertyFullCostMethodNet_iTI_mtOAGPFzkEd_maPPAENzIKW_zo2rr78S2zJ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Oil and natural gas properties, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,461,268</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,270,453</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEOzS2v_zX943TrkjV4i" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other property and equipment, at cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentOtherAccumulatedDepreciation_iNI_di_msPPAEOzS2v_z16f3Jdwl5aj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Less: accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,636</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(7,710</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOtherNet_iTI_mtPPAEOzS2v_maPPAENzIKW_zejqOudiuRxa" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other property and equipment, net</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,869</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,795</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzIKW_zVnef2tmQqCl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,471,137</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,281,248</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10846097

10600489

384829

330036

10461268

10270453

18505

8636

7710

9869

10795

10471137

10281248

55719

21978

6. LEASES The Company had an office lease agreement for its Dallas premises with a term ending in <span id="xdx_909_eus-gaap--LesseeOperatingLeaseDescription_c20241001__20241231__us-gaap--TypeOfArrangementAxis__custom--LeaseAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zxzrNXIBs2Zh" title="Lease term">November 2025. During the year ended September 30, 2024, the Company entered into a settlement agreement to terminate this lease. The termination resulted in a loss of $<span id="xdx_900_eus-gaap--GainLossOnTerminationOfLease_c20240701__20240930__us-gaap--TypeOfArrangementAxis__custom--LeaseAgreementMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficePremisesMember_zOZYQRnlZcuc" title="Loss on termination of lease">38,825 recognized in the three months ended September 30, 2024, consisting of the settlement payment and the write-off of the remaining right-of-use asset and lease liability associated with the terminated lease. During the year ended September 30, 2024, the Company paid $113,638 in lease payments and recognized $12,346 in accretion expense. For the three months ended December 31, 2023, the Company incurred $21,554 in operating lease expenses and $14,947 in variable lease expenses. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

November 2025

38825

113638

12346

21554

14947

7. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows: SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Asset retirement obligations, beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--AssetRetirementObligation_iS_c20241001__20241231_zbJjohjRgO43" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">392,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--AssetRetirementObligation_iS_c20231001__20240930_zjgCe2rSKZW5" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">260,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Obligations recognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AssetRetirementObligationsRecognized_c20241001__20241231_z6K3BRnUrRbf" style="text-align: right" title="Obligations recognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetRetirementObligationsRecognized_c20231001__20240930_zOMOM5llxKFh" style="text-align: right" title="Obligations recognized">27,859</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Obligations derecognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20241001__20241231_zkjZUEJiykY5" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20231001__20240930_zwu3NZqSiKXe" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revisions of estimates</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20241001__20241231_zWYCoeB7FSMa" style="text-align: right" title="Revisions of estimates">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20231001__20240930_zLl7w2c3SgOc" style="text-align: right" title="Revisions of estimates">68,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accretion expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AssetRetirementObligationAccretionExpense_c20241001__20241231_zguNndo49N51" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">14,971</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AssetRetirementObligationAccretionExpense_c20231001__20240930_ztqorEEhI13l" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">36,792</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AssetRetirementObligation_iE_c20241001__20241231_zmKlNHAcwdla" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">407,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetRetirementObligation_iE_c20231001__20240930_zQCBCArxcQg7" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">392,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the year ended September 30, 2024, the Company had a revision of estimates totaling $68,159 primarily due to changes in the timing of expected cash flows. Reclamation deposits As of December 31, 2024, the Company held reclamation deposits of $75,000 (September 30, 2024 - $75,000), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Asset retirement obligations, beginning of the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--AssetRetirementObligation_iS_c20241001__20241231_zbJjohjRgO43" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">392,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--AssetRetirementObligation_iS_c20231001__20240930_zjgCe2rSKZW5" style="width: 16%; text-align: right" title="Asset retirement obligations, beginning of the year">260,167</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Obligations recognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--AssetRetirementObligationsRecognized_c20241001__20241231_z6K3BRnUrRbf" style="text-align: right" title="Obligations recognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--AssetRetirementObligationsRecognized_c20231001__20240930_zOMOM5llxKFh" style="text-align: right" title="Obligations recognized">27,859</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Obligations derecognized</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20241001__20241231_zkjZUEJiykY5" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--AssetRetirementObligationsDerecognized_iN_di_c20231001__20240930_zwu3NZqSiKXe" style="text-align: right" title="Obligations derecognized">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Revisions of estimates</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20241001__20241231_zWYCoeB7FSMa" style="text-align: right" title="Revisions of estimates">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--AssetRetirementObligationRevisionOfEstimate_c20231001__20240930_zLl7w2c3SgOc" style="text-align: right" title="Revisions of estimates">68,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Accretion expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--AssetRetirementObligationAccretionExpense_c20241001__20241231_zguNndo49N51" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">14,971</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AssetRetirementObligationAccretionExpense_c20231001__20240930_ztqorEEhI13l" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion expense">36,792</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AssetRetirementObligation_iE_c20241001__20241231_zmKlNHAcwdla" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">407,948</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--AssetRetirementObligation_iE_c20231001__20240930_zQCBCArxcQg7" style="border-bottom: Black 2.5pt double; text-align: right" title="Asset retirement obligations, ending of the year">392,977</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

392977

260167

27859

68159

14971

36792

407948

392977

68159

75000 75000

8. DEBT Convertible debentures During the year ended September 30, 2024, the Company completed private placement financings of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zZUeRWIckMwc" title="Convertible debentures issued">1,365 convertible debenture units for gross proceeds of $1,365,000. Each unit is comprised of one senior secured convertible debenture in the principal amount of $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zkzF7ZWz1MRh" title="Principal amount">1,000 and <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zmqY5oabjnh4" title="Common share purchase warrants">294 common share purchase warrants as amended. Each warrant is exercisable for a period of <span id="xdx_908_ecustom--ClassOfWarrantOrRightExercisableTerm_dc_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zcQCnXYWSsz5" title="Warrant exercisable period">five years from the date of issuance for one common share of the Company at an exercise price of $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zotjvM8voG38" title="Exercise price of warrants or rights">4.08 per share. As a result, the Company issued convertible debentures with an aggregate principal amount of $1,365,000 and 401,310 Warrants. The Convertible Debentures were secured by the Company’s assets, bore simple interest at a rate of 10% per annum, and matured on September 12, 2024. These Convertible Debentures were convertible into common shares of the Company at a conversion price of $3.40 per share. Interest was payable on the maturity date or upon the repayment of all or a portion of the Convertible Debenture and could be settled in cash or shares at the same conversion price. As of September 30, 2024, the Company had recorded $50,008 in accrued interest on the Convertible Debentures. Of the <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zM8Dh6s9eshj" title="Convertible debentures issued">1,365 units issued, <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zyGLWSNxAS5f" title="Convertible debentures issued">500 units were originally comprised of one secured convertible debenture in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_z6aGI993EyC2" title="Principal amount">1,000 and <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zV46JvD0ekJb" title="Common share purchase warrants">1 common share purchase warrant. The number of warrants issued with these units was subsequently modified to <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_z7gBxgO9xe43" title="Warrants per unit">294 warrants per unit. No other terms of the debt or warrant were modified. This modification was assessed as a debt extinguishment. A loss of $<span id="xdx_909_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_di_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zb1gidJRFTcb" title="Debt extinguishment and loss">495,051 was recognized, consisting of $<span id="xdx_90A_ecustom--WarrantsIssuedValueForDebtAmendment_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zEJmLfq2Jdjb" title="Fair value of the amended warrants">494,219 representing the fair value of the amended warrants determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zJOrnmmyUfUe" title="Warrants and rights outstanding, measurement input">3.41%, an expected life of 5 years, annualized volatility of <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z1iptfdlV3pe" title="Warrants and rights outstanding, measurement input">128.69% and a dividend rate of <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zAl3BjEztqHc" title="Warrants and rights outstanding, measurement input">0%) and an unamortized discount of $<span id="xdx_90C_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputDiscountRateMember_zfnKVsEMLtoj" title="Unamortized discount of original warrants">832 on the original warrants. The Company allocated the proceeds received from the issuance of the convertible debentures and warrants between the debt and equity components based on their relative fair values at the issuance date. Due to the lack of an active market for the Company’s privately placed debt instruments and the absence of relevant observable inputs, the Company determined that a reliable estimate of the fair value of the convertible debentures could not be obtained. Accordingly, the face value of the debentures is considered to be a reasonable approximation of their fair value at the issuance date. The fair value of the warrants issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zhuIQlpe0z9d" title="Warrants and rights outstanding, measurement input">3.41%, an expected life of 5 years, annualized volatility of <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zRIWuDtbroyb" title="Warrants and rights outstanding, measurement input">128.69% and a dividend rate of <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20240930__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zZs1ODHFWDF4" title="Warrants and rights outstanding, measurement input">0%). $431,666 of the proceeds allocated to the warrants was recorded as additional paid-in capital with a corresponding debt discount being amortized over the term of the debt. As of September 30, 2024, the debt discount was fully amortized. In October 2024, the Company retired the outstanding debentures of $1,365,000 along with accrued interest of $59,788 in exchange for the new debenture units issued on November 1, 2024. The debenture holders also agreed to cancel a total of 401,310 warrants issued in connection with the debentures. This exchange was assessed as a debt extinguishment and a loss of $105,349 was recognized during the three months ended December 31, 2024. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 8. DEBT (cont’d…) On November 1, 2024, the Company completed a non-brokered private placement of convertible debenture units for gross proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfDebt_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zVLtQiQC3pEh" title="Proceeds from issuance of debt">4,276,389, of which $<span id="xdx_909_ecustom--ProceedsFromIssuanceOfSubscriptions_c20231001__20240930__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zBb1vMnGeWPh" title="Proceeds from subscription">2,250,000 was received as subscriptions as of September 30, 2024, and $1,424,788 was issued in exchange for the outstanding debentures in the principal amount of $1,365,000 and accrued interest of $59,788. Each debenture unit consists of one convertible debenture in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--OneConvertibleDebentureMember_zq8AqAFqxsSb" title="Principal amount">1,000 and <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--OneConvertibleDebentureMember_z7nOTjuhbahd" title="Common share purchase warrants">523 common share purchase warrants. Each warrant is exercisable for a period of <span id="xdx_90D_ecustom--ClassOfWarrantOrRightExercisableTerm_dc_c20241101__20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_z9rOe5gr6XT6" title="Warrant exercisable period">five years from the date of issuance for one common share of the Company at an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zXUXgrLpSCKb" title="Exercise price of warrants or rights">1.91 per share. As a result, the Company issued convertible debentures with an aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_zEzL9APFIG8b" title="Principal amount">4,276,389 and <span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziLXsCZl3aVa" title="Principal amount">2,236,551 Warrants. The Debentures are secured by the Company’s assets, mature one-year from the date of issuance, and bear simple interest at a rate of 10% per annum, payable on the maturity date or upon repayment of all or any portion of the Debenture. The Debentures are convertible into common shares of the Company at a conversion price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241101__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--DebtInstrumentAxis__custom--ConvertibleDebentureMember_z8iVcEG4uyA8" title="Exercise price of warrants or rights">1.91 per share. Interest is payable in cash or shares based on the same conversion price. The Company allocated the proceeds received from the issuance of the convertible debentures and warrants between the debt and equity components based on their relative fair values at the issuance date. Due to the lack of an active market for the Company’s privately placed debt instruments and the absence of relevant observable inputs, the Company determined that a reliable estimate of the fair value of the convertible debentures could not be obtained. Accordingly, the face value of the debentures is considered to be a reasonable approximation of their fair value at the issuance date. The fair value of the warrants issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dp_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zTOyxCUjK4k7" title="Warrants and rights outstanding, measurement input">3.06%, an expected life of 5 years, annualized volatility of <span id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zHTUpQt2VC3f" title="Warrants and rights outstanding, measurement input">125.14% and a dividend rate of <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zF6X0LhXfj93" title="Warrants and rights outstanding, measurement input">0%). $1,792,002 of the proceeds allocated to the warrants was recorded as additional paid-in capital with a corresponding debt discount being amortized over the term of the debt. As of December 31, 2024, the unamortized debt discount was $1,474,163. The table below summarizes the outstanding principal of the Company’s senior, secured convertible debentures. SCHEDULE OF SECURED CONVERTIBLE DEBENTURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zebn0wjkSrd1" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zkPoYtbNgy1j" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentCarryingAmount_iI_hus-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_zcck9Tjx8WR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_z5XsjJ0Gke4g" style="font-family: Times New Roman, Times, Serif" title="Interest rate">10% debentures due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20241001__20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_zUtZUUFRU132" title="Maturity period">September 12, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,365,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DebtInstrumentCarryingAmount_iI_hus-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zosaGlJ7sMl5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zIUc7Dlr9lWc" style="font-family: Times New Roman, Times, Serif" title="Interest rate">10% debentures due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentMaturityDateDescription_c20241001__20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zltJkl6USSX2" title="Maturity period">November 1, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,276,389</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentCarryingAmount_iI_zdvU37P31bF8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,276,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,365,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumNet_iI_zPN8Xbpznhsb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unamortized discount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,474,163</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LongTermNotesPayable_iI_zWVKiyLIaKQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Convertible debentures</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,802,226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,365,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Loans payable During the year ended September 30, 2024, the Company received a $45,000 loan from a former director of the Company. The loan is unsecured, non-interest bearing, and has no specific repayment terms. As of December 31, 2024, the full amount remained outstanding. On April 28, 2023, the Company issued a promissory note with a principal amount of $209,497 to a supplier to settle an outstanding trade payable. The promissory note is unsecured and bears interest at 6% per annum, originally payable on September 30, 2023. The promissory note was in default due to the Company’s failure to repay the principal amount by its maturity date. At December 31, 2024, the Company had an outstanding unpaid principal amount of $115,936 (September 30, 2024 - $115,936). PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

1365

1365000

1000

294

P5Y

4.08

1365000

401310

0.10

2024-09-12

3.40

50008

1365

500

1000

294

-495051

494219

0.0341

P5Y

1.2869

832

0.0341

P5Y

1.2869

431666

1365000

59788

401310

-105349

4276389

2250000

1424788

1365000

59788

1000

523

P5Y

1.91

4276389

2236551

0.10

1.91

0.0306

P5Y

125.14

1792002

1474163

The table below summarizes the outstanding principal of the Company’s senior, secured convertible debentures. SCHEDULE OF SECURED CONVERTIBLE DEBENTURES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zebn0wjkSrd1" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240930__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember_zkPoYtbNgy1j" style="border-bottom: Black 1pt solid; text-align: right">September 30, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_407_eus-gaap--DebtInstrumentCarryingAmount_iI_hus-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_zcck9Tjx8WR8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_z5XsjJ0Gke4g" style="font-family: Times New Roman, Times, Serif" title="Interest rate">10% debentures due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20241001__20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--SeptemberTwelveTwoThousandTwentyFourMember_zUtZUUFRU132" title="Maturity period">September 12, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,365,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DebtInstrumentCarryingAmount_iI_hus-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zosaGlJ7sMl5" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zIUc7Dlr9lWc" style="font-family: Times New Roman, Times, Serif" title="Interest rate">10% debentures due <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFQ1VSRUQgQ09OVkVSVElCTEUgREVCRU5UVVJFUyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_902_eus-gaap--DebtInstrumentMaturityDateDescription_c20241001__20241231__us-gaap--DebtInstrumentAxis__custom--SeniorSecuredConvertibleDebentureMember__us-gaap--AwardDateAxis__custom--NovermberOneTwoThousandTwentyFiveMember_zltJkl6USSX2" title="Maturity period">November 1, 2025</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,276,389</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentCarryingAmount_iI_zdvU37P31bF8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,276,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,365,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumNet_iI_zPN8Xbpznhsb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Unamortized discount</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,474,163</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LongTermNotesPayable_iI_zWVKiyLIaKQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Convertible debentures</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,802,226</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,365,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

0.10

September 12, 2024

1365000

0.10

November 1, 2025

4276389

1365000

-1474163

2802226

1365000

45000

209497

0.06

115936 115936

9. RELATED PARTY TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company entered into an employment agreement with Bradley Taillon, the Company’s Chief Executive Officer, on April 29, 2024, for an annual base salary of base salary of $250,000, which shall be reviewed by the Company annually. Subject to the discretion of the board of directors, <span id="xdx_907_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zHfxqJxqFVpb" title="Related party transaction description">Mr. Taillon is also eligible on an annual basis for a cash bonus of up to 100% of annual salary and additional performance bonuses ranging from $<span id="xdx_900_ecustom--AdditionalPerformanceBonuses_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember__srt--RangeAxis__srt--MinimumMember_zyIJw9A8Qsv4" title="Additional performance bonuses">50,000 to $<span id="xdx_90E_ecustom--AdditionalPerformanceBonuses_c20240429__20240429__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember__srt--RangeAxis__srt--MaximumMember_zCrYGRbre4rb" title="Management salary">750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater. Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary. During the three months ended December 31, 2024, the Company incurred management salary of $<span id="xdx_903_eus-gaap--SalariesWagesAndOfficersCompensation_c20241001__20241231__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_znMBYPeVlvZ5" title="Management salary">62,500 and a performance bonus of $<span id="xdx_904_ecustom--PerformanceBonus_c20241001__20241231__srt--TitleOfIndividualAxis__custom--BradleyTaillonMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zZfKHZdoyd08" title="Performance bonus">50,000 for Mr. Taillon. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On May 1, 2022, the Company entered into an employment agreement Gregory Montgomery, the Company’s Chief Financial Officer, for an annual base salary of $<span id="xdx_907_eus-gaap--OfficersCompensation_c20220501__20220501__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_z375lp3ZuJnh" title="Annual base salary">50,000, with no specified term. <span id="xdx_909_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20220501__20220501__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_z7mu8Qxq53Le" title="Description of officer annual bonus">Mr. Montgomery is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary. During the three months ended December 31, 2024, the Company incurred management salary of $<span id="xdx_906_eus-gaap--SalariesWagesAndOfficersCompensation_c20241001__20241231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zrkcouIyUeY2" title="Management salary">12,500 (2023 - $<span id="xdx_90B_eus-gaap--SalariesWagesAndOfficersCompensation_c20231001__20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zUNDS7rIkkVd" title="Management salary">12,500), to Mr. Montgomery, with no bonuses incurred in either period. </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company had an employment agreement with Mehran Ehsan, the former Chief Executive Officer of the Company, for an annual base salary of $<span id="xdx_901_eus-gaap--OfficersCompensation_c20241001__20241231__srt--TitleOfIndividualAxis__custom--MehranEhsanMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_z7ZEkPx866Ui" title="Annual base salary">250,000, with no specified term. <span id="xdx_909_eus-gaap--RelatedPartyTransactionDescriptionOfTransaction_c20241001__20241231__srt--TitleOfIndividualAxis__custom--MehranEhsanMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zRBPe5UuGDXi" title="Related party transaction description">Mr. Ehsan was also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. Further, the terms of this employment agreement provided that if Mr. Ehsan’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Ehsan was entitled to a severance payment equal to three years of base salary and a bonus equal to 20% of his annual base salary. Mr. Ehsan resigned as President and CEO of the Company on April 29, 2024. On May 15, 2024, the Company amended the employment agreement to change his role to Vice President of Business Development. All other terms and conditions of the employment agreement remained the same. On August 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $100,000 by October 31, 2024 (subsequently paid); ii) six equal monthly payments of $7,500 starting October 1, 2024; and iii) the transfer of ownership of a Company vehicle with a fair value of $35,155. The settlement amount of $145,000 was accrued as of September 30, 2024. During the three months ended December 31, 2023, the Company incurred management salary of $<span id="xdx_90E_eus-gaap--SalariesWagesAndOfficersCompensation_c20231001__20231231__srt--TitleOfIndividualAxis__custom--MehranEhsanMember__us-gaap--TypeOfArrangementAxis__custom--EmployeeAgreementMember_zxLyDJ0XbDfl" title="Management salary">62,500, for Mr. Ehsan, with no bonuses incurred in the period.</td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

250000

50000 750000

Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary.

62500

50000

Mr. Montgomery is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary.

12500

250000

Mr. Ehsan was also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors.

0.20

100000

7500

35155

145000

62500

10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three-month periods ended December 31, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241001__20241231_z5HLkvycom71" style="border-bottom: Black 1pt solid; text-align: right">Three months ended December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231001__20231231_zTy6rGIYnMIi" style="border-bottom: Black 1pt solid; text-align: right">Three months ended December 31, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zR13rwN5JKH9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(1,828,721</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(751,881</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.32</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.36</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> As of December 31, 2024, 69,167 (2023 - 16,980) stock options and 2,511,904 (2023 - 275,353) warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive.

The calculation of basic and diluted loss per share for the three-month periods ended December 31, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241001__20241231_z5HLkvycom71" style="border-bottom: Black 1pt solid; text-align: right">Three months ended December 31, 2024</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20231001__20231231_zTy6rGIYnMIi" style="border-bottom: Black 1pt solid; text-align: right">Three months ended December 31, 2023</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zR13rwN5JKH9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(1,828,721</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(751,881</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">551,503</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted loss per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3.32</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1.36</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-1828721

-751881

551503

-3.32

-1.36

69167

16980

2511904

275353

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) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 11. EQUITY (cont’d…) Share-based payments (cont’d…) Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20231001__20240930_zxRXcvbUBUOb" style="width: 16%; text-align: right" title="Number of options, Beginning balance">20,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20231001__20240930_zU4I4j1Vw10k" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">54.23</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20231001__20240930_zc1jYTLdKdXf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Cancelled">(10,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20231001__20240930_zEMUKXsz8ex3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">55.24</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Number of options, Beginning balance"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Weighted Average Exercise Price, Beginning balance"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Beginning balance"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20241001__20241231_zCEah6Iakvc1" style="font-family: Times New Roman, Times, Serif" title="Number of options, Beginning balance">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Beginning balance"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241001__20241231_zwCaUuRangX6" style="font-family: Times New Roman, Times, Serif" title="Weighted Average Exercise Price, Beginning balance">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20241001__20241231_zEajq2YkUoZ3" style="text-align: right" title="Number of options, Granted">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241001__20241231_zfLwWXojs6Z3" style="text-align: right" title="Weighted Average Exercise Price, Granted">2.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20241001__20241231_zsnFVf9Zf5M3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Cancelled">(5,938</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20241001__20241231_zkPoD7GZjLNb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">61.01</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance, December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Beginning balance"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20241001__20241231_zWzaRqZtMcgf" style="font-family: Times New Roman, Times, Serif" title="Number of options, Ending balance">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Beginning balance"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20241001__20241231_zYSeHU4Gf0t5" style="font-family: Times New Roman, Times, Serif" title="Weighted Average Exercise Price, Ending balance">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Number of options, Beginning balance"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Weighted Average Exercise Price, Beginning balance"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20241231_zjLKZkkFx52f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Exercisable">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20241001__20241231_z4ITjfB2kg59" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The aggregate intrinsic value of options outstanding and exercisable as at December 31, 2024 was $<span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iI_dxL_c20241231_zdJk5oC82GMa" title="Aggregate intrinsic value of warrants outstanding::XDX::-">nil (September 30, 2024 - $<span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding_iI_dxL_c20240930_zAKimrluUWdl" title="Aggregate intrinsic value of warrants outstanding::XDX::-">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 <span id="xdx_90E_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dtY_c20241001__20241231_zWGwzSFC3crd" title="Weighted average remaining contractual life">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: SCHEDULE OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_z0XrnkjND1B3" style="width: 18%; text-align: right" title="Number of options">417</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zkoiza9chV47" style="width: 18%; text-align: right" title="Exercise price">84.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zeZpUeAgEwPi" style="font-family: Times New Roman, Times, Serif" title="Issuance date">December 4, 2017</td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zldxmAFPCPD" style="font-family: Times New Roman, Times, Serif" title="Expiry date">December 4, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zBR7rjdMT3ki" style="text-align: right" title="Number of options">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_z2bP2dijFqza" style="text-align: right" title="Exercise price">9.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zdFccB5Hfvp6" style="font-family: Times New Roman, Times, Serif" title="Issuance date">March 16, 2020</td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zo0MmH0XM7Zf" style="font-family: Times New Roman, Times, Serif" title="Expiry date">March 16, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_z4WHYEFVRkw6" style="text-align: right" title="Number of options">2,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zniws76ZDpyk" style="text-align: right" title="Exercise price">40.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zlQDDE4BVYL9" style="font-family: Times New Roman, Times, Serif" title="Issuance date">October 6, 2021</td><td> </td> <td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zpxo8FF5ksg" style="font-family: Times New Roman, Times, Serif" title="Expiry date">October 6, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zqcx8ZWu8V4e" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options">65,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zIk198B938K3" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">2.44</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zUv32vDQT8bh" style="font-family: Times New Roman, Times, Serif" title="Issuance date">October 2, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90F_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zminZUqEKjK" style="font-family: Times New Roman, Times, Serif" title="Expiry date">October 2, 2034</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231_zIneC9QRubZd" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table> PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> 11. EQUITY (cont’d…) Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20231001__20240930_zJVNTBKteJGi" style="width: 16%; text-align: right" title="Number of Warrants, Beginning balance">279,746</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20231001__20240930_zw3Zijpo3JI5" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">39.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20231001__20240930_zf4etG5EphTe" style="text-align: right" title="Number of Warrants, Granted">401,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20231001__20240930_zJAFb20ohT1b" style="text-align: right" title="Weighted Average Exercise Price, Granted">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20231001__20240930_z163bc0Rd3ji" style="text-align: right" title="Number of Warrants, Cancelled">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20231001__20240930_zmKBYgvWCQx5" style="text-align: right" title="Weighted Average Exercise Price, Cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Expired</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20231001__20240930_zjjboURd6lNb" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Expired">(4,393</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredWeightedAverageGrantDateFairValue_c20231001__20240930_zdl009NNRuP7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">95.90</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20241001__20241231_zAXDeVVfZOYc" style="text-align: right" title="Number of Warrants, Beginning balance">676,663</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20241001__20241231_zWPf4IcuFU4g" style="text-align: right" title="Weighted Average Exercise Price, Beginning balance">18.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20241001__20241231_z5g1IqA0SZUa" style="text-align: right" title="Number of Warrants, Granted">2,236,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20241001__20241231_zqG0cfQHI7W5" style="text-align: right" title="Weighted Average Exercise Price, Granted">1.91</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cancelled</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20241001__20241231_z9fTf7jRGZFk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Cancelled">(401,310</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20241001__20241231_zJHWW1SrGcC7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2024</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20241001__20241231_zbM96XKrIsW8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Ending balance">2,511,904</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iE_c20241001__20241231_zHQB61JA5dWj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Ending balance">5.92</td><td style="text-align: left"> </td></tr> </table> As December 31, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zVBQ2WwGcq29" style="width: 18%; text-align: right" title="Number of Warrants">149,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zTHoqaqNoEOh" style="width: 18%; text-align: right" title="Exercise Price">50.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zqlX0rdNl2Hi" style="font-family: Times New Roman, Times, Serif" title="Issuance date">March 29, 2022</td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zk2xoxQE4Rd7" style="font-family: Times New Roman, Times, Serif" title="Expiry date">March 29, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zXDzipL3djZe" style="text-align: right" title="Number of Warrants">73,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_z6Yyu0Q5v6b4" style="text-align: right" title="Exercise Price">18.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_z2WkV24YTTml" style="font-family: Times New Roman, Times, Serif" title="Issuance date">June 30, 2023</td><td> </td> <td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zrnxtVVSxKH5" style="font-family: Times New Roman, Times, Serif" title="Expiry date">June 30, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_ziPBIcUdYz4l" style="text-align: right" title="Number of Warrants">52,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zHOx2UcKwgw5" style="text-align: right" title="Exercise Price">33.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zV9TjM2IHo0k" style="font-family: Times New Roman, Times, Serif" title="Issuance date">September 30, 2021</td><td> </td> <td style="text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zl0OxAAt73R" style="font-family: Times New Roman, Times, Serif" title="Expiry date">September 30, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zcA1eKHBE1ra" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants">2,236,551</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zc1k2heLlQxa" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">1.91</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zUvnHPJY09Hc" style="font-family: Times New Roman, Times, Serif" title="Issuance date">November 1, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zCsqDlM4Ud98" style="font-family: Times New Roman, Times, Serif" title="Expiry date">November 1, 2034</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231_zsnOT0GtWO6l" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants">2,511,904</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> </table>

551503

0.20

Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20231001__20240930_zxRXcvbUBUOb" style="width: 16%; text-align: right" title="Number of options, Beginning balance">20,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20231001__20240930_zU4I4j1Vw10k" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">54.23</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20231001__20240930_zc1jYTLdKdXf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Cancelled">(10,208</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20231001__20240930_zEMUKXsz8ex3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">55.24</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Number of options, Beginning balance"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Weighted Average Exercise Price, Beginning balance"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance, September 30, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Beginning balance"><span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20241001__20241231_zCEah6Iakvc1" style="font-family: Times New Roman, Times, Serif" title="Number of options, Beginning balance">10,105</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Beginning balance"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241001__20241231_zwCaUuRangX6" style="font-family: Times New Roman, Times, Serif" title="Weighted Average Exercise Price, Beginning balance">53.21</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20241001__20241231_zEajq2YkUoZ3" style="text-align: right" title="Number of options, Granted">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241001__20241231_zfLwWXojs6Z3" style="text-align: right" title="Weighted Average Exercise Price, Granted">2.44</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20241001__20241231_zsnFVf9Zf5M3" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options, Cancelled">(5,938</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_c20241001__20241231_zkPoD7GZjLNb" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">61.01</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance, December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Beginning balance"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20241001__20241231_zWzaRqZtMcgf" style="font-family: Times New Roman, Times, Serif" title="Number of options, Ending balance">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Beginning balance"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20241001__20241231_zYSeHU4Gf0t5" style="font-family: Times New Roman, Times, Serif" title="Weighted Average Exercise Price, Ending balance">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Number of options, Beginning balance"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Weighted Average Exercise Price, Beginning balance"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20241231_zjLKZkkFx52f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of options, Exercisable">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20241001__20241231_z4ITjfB2kg59" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Exercisable">4.41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

20313

54.23

10208

55.24

10105

53.21

65000

2.44

5938

61.01

69167

4.41

69167

4.41

2.44

P9Y6M10D

135237

0.0280

P5Y

1.2602

As December 31, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Options</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_z0XrnkjND1B3" style="width: 18%; text-align: right" title="Number of options">417</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zkoiza9chV47" style="width: 18%; text-align: right" title="Exercise price">84.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zeZpUeAgEwPi" style="font-family: Times New Roman, Times, Serif" title="Issuance date">December 4, 2017</td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionOneMember_zldxmAFPCPD" style="font-family: Times New Roman, Times, Serif" title="Expiry date">December 4, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zBR7rjdMT3ki" style="text-align: right" title="Number of options">1,250</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_z2bP2dijFqza" style="text-align: right" title="Exercise price">9.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zdFccB5Hfvp6" style="font-family: Times New Roman, Times, Serif" title="Issuance date">March 16, 2020</td><td> </td> <td style="text-align: right"><span id="xdx_907_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionTwoMember_zo0MmH0XM7Zf" style="font-family: Times New Roman, Times, Serif" title="Expiry date">March 16, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_z4WHYEFVRkw6" style="text-align: right" title="Number of options">2,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zniws76ZDpyk" style="text-align: right" title="Exercise price">40.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zlQDDE4BVYL9" style="font-family: Times New Roman, Times, Serif" title="Issuance date">October 6, 2021</td><td> </td> <td style="text-align: right"><span id="xdx_908_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionThreeMember_zpxo8FF5ksg" style="font-family: Times New Roman, Times, Serif" title="Expiry date">October 6, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zqcx8ZWu8V4e" style="border-bottom: Black 1pt solid; text-align: right" title="Number of options">65,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zIk198B938K3" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">2.44</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zUv32vDQT8bh" style="font-family: Times New Roman, Times, Serif" title="Issuance date">October 2, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90F_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--DerivativeInstrumentRiskAxis__custom--StockOptionFourMember_zminZUqEKjK" style="font-family: Times New Roman, Times, Serif" title="Expiry date">October 2, 2034</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231_zIneC9QRubZd" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options">69,167</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; padding-bottom: 2.5pt"> </td></tr> </table>

417

84.00

2017-12-04 2027-12-04

1250

9.00

2020-03-16 2030-03-16

2500

40.32

2021-10-06 2031-10-06

65000

2.44

2024-10-02 2034-10-02

69167

Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted Average Exercise Price</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Balance, September 30, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20231001__20240930_zJVNTBKteJGi" style="width: 16%; text-align: right" title="Number of Warrants, Beginning balance">279,746</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20231001__20240930_zw3Zijpo3JI5" style="width: 16%; text-align: right" title="Weighted Average Exercise Price, Beginning balance">39.79</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20231001__20240930_zf4etG5EphTe" style="text-align: right" title="Number of Warrants, Granted">401,810</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20231001__20240930_zJAFb20ohT1b" style="text-align: right" title="Weighted Average Exercise Price, Granted">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20231001__20240930_z163bc0Rd3ji" style="text-align: right" title="Number of Warrants, Cancelled">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20231001__20240930_zmKBYgvWCQx5" style="text-align: right" title="Weighted Average Exercise Price, Cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Expired</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20231001__20240930_zjjboURd6lNb" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Expired">(4,393</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpiredWeightedAverageGrantDateFairValue_c20231001__20240930_zdl009NNRuP7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Expired">95.90</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, September 30, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20241001__20241231_zAXDeVVfZOYc" style="text-align: right" title="Number of Warrants, Beginning balance">676,663</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iS_c20241001__20241231_zWPf4IcuFU4g" style="text-align: right" title="Weighted Average Exercise Price, Beginning balance">18.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20241001__20241231_z5g1IqA0SZUa" style="text-align: right" title="Number of Warrants, Granted">2,236,551</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedWeightedAverageGrantDateFairValue_c20241001__20241231_zqG0cfQHI7W5" style="text-align: right" title="Weighted Average Exercise Price, Granted">1.91</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Cancelled</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_iN_di_c20241001__20241231_z9fTf7jRGZFk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Cancelled">(401,310</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsCancelledWeightedAverageGrantDateFairValue_c20241001__20241231_zJHWW1SrGcC7" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Cancelled">4.08</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance, December 31, 2024</td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20241001__20241231_zbM96XKrIsW8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Ending balance">2,511,904</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iE_c20241001__20241231_zHQB61JA5dWj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted Average Exercise Price, Ending balance">5.92</td><td style="text-align: left"> </td></tr> </table>

279746

39.79

401810

4.08

500

4.08

4393

95.90

676663

18.25

2236551

1.91

401310

4.08

2511904

5.92

As December 31, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of Warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Issuance Date</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">Expiry Date</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td style="text-align: justify"> </td><td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zVBQ2WwGcq29" style="width: 18%; text-align: right" title="Number of Warrants">149,447</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zTHoqaqNoEOh" style="width: 18%; text-align: right" title="Exercise Price">50.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zqlX0rdNl2Hi" style="font-family: Times New Roman, Times, Serif" title="Issuance date">March 29, 2022</td><td style="width: 2%"> </td> <td style="width: 27%; text-align: right"><span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantOneMember_zk2xoxQE4Rd7" style="font-family: Times New Roman, Times, Serif" title="Expiry date">March 29, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zXDzipL3djZe" style="text-align: right" title="Number of Warrants">73,823</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_z6Yyu0Q5v6b4" style="text-align: right" title="Exercise Price">18.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_z2WkV24YTTml" style="font-family: Times New Roman, Times, Serif" title="Issuance date">June 30, 2023</td><td> </td> <td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantTwoMember_zrnxtVVSxKH5" style="font-family: Times New Roman, Times, Serif" title="Expiry date">June 30, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_ziPBIcUdYz4l" style="text-align: right" title="Number of Warrants">52,083</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zHOx2UcKwgw5" style="text-align: right" title="Exercise Price">33.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zV9TjM2IHo0k" style="font-family: Times New Roman, Times, Serif" title="Issuance date">September 30, 2021</td><td> </td> <td style="text-align: right"><span id="xdx_906_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantThreeMember_zl0OxAAt73R" style="font-family: Times New Roman, Times, Serif" title="Expiry date">September 30, 2031</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zcA1eKHBE1ra" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants">2,236,551</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageGrantDateFairValue_iI_c20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zc1k2heLlQxa" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">1.91</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zUvnHPJY09Hc" style="font-family: Times New Roman, Times, Serif" title="Issuance date">November 1, 2024</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_900_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate_dd_c20241001__20241231__us-gaap--ClassOfWarrantOrRightAxis__custom--WarrantFourMember_zCsqDlM4Ud98" style="font-family: Times New Roman, Times, Serif" title="Expiry date">November 1, 2034</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_c20241231_zsnOT0GtWO6l" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants">2,511,904</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"> </td></tr> </table>

149447

50.40 2022-03-29 2027-03-29

73823

18.00 2023-06-30 2028-06-30

52083

33.60 2021-09-30 2031-09-30

2236551

1.91 2024-11-01 2034-11-01

2511904

12. SEGMENT INFORMATION Operating segments The Company operates in a single reportable segment – the acquisition, development and production of oil and gas properties in the United States.

13. CONTINGENCIES The Company from time to time may be involved with disputes, claims and litigation related to the conduct of its business. The Company had $594,656 in claims from certain trade vendors for non-payment, of which $571,703 have been accrued as of December 31, 2024. The Company plans to continue engaging with these claimants faithfully and is working on potential settlements for all outstanding claims.

594656

571703

The number of shares has been restated to reflect the 4:1 reverse stock split effective on October 23, 2023 (Note 1). All historical share and per share amounts reflected in this report have been adjusted to reflect the reverse stock split. The number of shares has been restated to reflect the 4:1 reverse stock split effective on October 23, 2023 (Note 1). All historical share and per share amounts reflected in this report have been adjusted to reflect the reverse stock split. The number of shares has been restated to reflect the 4:1 reverse stock split effective on October 23, 2023 (Note 1). All historical share and per share amounts reflected in this report have been adjusted to reflect the reverse stock split. Production costs include crude oil and natural gas operations expense, production ad valorem taxes, transportation costs and G&A expense supporting the Company’s crude oil and natural gas operations. Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.