EQUITY

6 Months Ended

Mar. 31, 2025

Equity [Abstract]

EQUITY

11. EQUITY

Common stock

The Company has authorized an unlimited number of common shares with no par value. At March 31, 2025 and September 30, 2024, the Company had 551,503 common shares issued and outstanding.

There were no share issuance transactions during the three and six months ended March 31, 2025 and 2024.

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

SIX MONTHS ENDED MARCH 31, 2025

(UNAUDITED)

11. EQUITY (cont’d…)

Share-based payments (cont’d…)

Stock option transactions are summarized as follows:

	Number of options			Weighted Average Exercise Price
Balance, September 30, 2023		20,313		$	54.23
Cancelled		(10,208	)		55.24
Balance, September 30, 2024		10,105		$	53.21
Granted		65,000			2.44
Cancelled		(5,938	)		61.01
Balance, March 31, 2025		69,167		$	4.41
Exercisable at March 31, 2025		69,167		$	4.41

The aggregate intrinsic value of options outstanding and exercisable as at March 31, 2025 was $nil (September 30, 2024 - $nil).

The options outstanding as of March 31, 2025 have exercise prices in the range of $2.44 to $84 and a weighted average remaining contractual life of 9.28 years.

During the three and six months ended March 31, 2025, the Company recognized share-based payment expense of $nil and $135,237, 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%). During the three and six months ended March 31, 2024, the Company recognized $nil share-based payment expense.

As March 31, 2025, the following stock options were outstanding:

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

PERMEX PETROLEUM CORPORATION

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED MARCH 31, 2025

(UNAUDITED)

11. EQUITY (cont’d…)

Warrants

Warrant transactions are summarized as follows:

	Number of Warrants			Weighted Average Exercise Price
Balance, September 30, 2023		279,746		$	39.79
Granted		401,810			4.08
Cancelled		(500	)		4.08
Expired		(4,393	)		95.90
Balance, September 30, 2024		676,663		$	18.25
Granted		2,236,551			1.91
Cancelled		(401,310	)		4.08
Balance, March 31, 2025		2,511,904		$	5.92

As March 31, 2025, the following warrants were outstanding:

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