Coelacanth Energy Inc. (TSXV: CEI,OTC:CEIEF) (‘Coelacanth’ or the ‘Company’) is pleased to announce its financial and operating results for the three and nine months ended September 30, 2025. All dollar figures are Canadian dollars unless otherwise noted.

HIGHLIGHTS

• Increased oil and natural gas sales 381% to $11.4 million in Q3 2025 from $2.4 million in Q3 2024.

• Subsequent to September 30, 2025, entered into a $80.0 million credit facility with current lender to replace its previous credit facilities.

(1) See ‘Non-GAAP and Other Financial Measures’ section.

(1) See ‘Oil and Gas Terms’ section.
(2) See ‘Product Types’ section.
(3) See ‘Non-GAAP and Other Financial Measures’ section.

Selected financial and operational information outlined in this news release should be read in conjunction with Coelacanth’s unaudited condensed interim financial statements and related Management’s Discussion and Analysis (‘MD&A’) for the three and nine months ended September 30, 2025, which are available for review under the Company’s profile on SEDAR+ at https://www.sedarplus.ca.

OPERATIONS UPDATE

Coelacanth is continuing to work through its business plan of delineating and developing its large Montney resource base at Two Rivers that encompasses over 150 contiguous sections of Montney land tenure.

We are currently drilling three additional development wells on the 5-19 pad and will systematically bring on production from these wells plus prior drilled wells on the pad from now through early February.

Future development will consist of continued drilling in the vicinity of the 5-19 pad while significant step-outs will be incorporated into the capital budget to accelerate the delineation of the resource both aerially through the land base and vertically through the various Montney zones present on the land base.

We look forward to reporting on future developments as they arise.

OIL AND GAS TERMS

The Company uses the following frequently recurring oil and gas industry terms in the news release:

Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

NON-GAAP AND OTHER FINANCIAL MEASURES

This news release refers to certain measures that are not determined in accordance with IFRS (or ‘GAAP’). These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of the Company’s performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company’s ongoing operating performance, and the measures provide increased transparency to better analyze the Company’s performance against prior periods on a comparable basis.

Non-GAAP Financial Measures

Adjusted funds flow (used)
Management uses adjusted funds flow (used) to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow (used) is a non-GAAP financial measure and has been defined by the Company as cash flow from (used in) operating activities excluding the change in non-cash working capital related to operating activities, movements in restricted cash deposits and expenditures on decommissioning obligations. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such may not be useful for evaluating the Company’s cash flows. Adjusted funds flow (used) is reconciled from cash flow from (used in) operating activities as follows:

Net transportation expenses
Management considers net transportation expenses an important measure as it demonstrates the cost of utilized transportation related to the Company’s production. Net transportation expenses is calculated as transportation expenses less unutilized transportation and is calculated as follows:

Operating netback
Management considers operating netback an important measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated as oil and natural gas sales less royalties, operating expenses, and net transportation expenses and is calculated as follows:

Capital expenditures
Coelacanth utilizes capital expenditures as a measure of capital investment on property, plant, and equipment, exploration and evaluation assets and property acquisitions compared to its annual budgeted capital expenditures. Capital expenditures are calculated as follows:

Capital Management Measures

Adjusted working capital (deficiency)
Management uses adjusted working capital (deficiency) as a measure to assess the Company’s financial position. Adjusted working capital (deficiency) is calculated as current assets and restricted cash deposits less current liabilities, excluding the current portion of decommissioning obligations.

Non-GAAP Financial Ratios

Adjusted Funds Flow (Used) per Share
Adjusted funds flow (used) per share is a non-GAAP financial ratio, calculated using adjusted funds flow (used) and the same weighted average basic and diluted shares used in calculating net loss per share.

Net transportation expenses per boe
The Company utilizes net transportation expenses per boe to assess the per unit cost of utilized transportation related to the Company’s production. Net transportation expenses per boe is calculated as net transportation expenses divided by total production for the applicable period.

Operating netback per boe
The Company utilizes operating netback per boe to assess the operating performance of its petroleum and natural gas assets on a per unit of production basis. Operating netback per boe is calculated as operating netback divided by total production for the applicable period.

Supplementary Financial Measures

The supplementary financial measures used in this news release (primarily average sales price per product type and certain per boe and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.

PRODUCT TYPES

The Company uses the following references to sales volumes in the news release:

Natural gas refers to shale gas
Oil and condensate refers to condensate and tight oil combined
Other NGLs refers to butane, propane and ethane combined
Oil and NGLs refers to tight oil and NGLs combined
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent.

The following is a complete breakdown of sales volumes for applicable periods by specific product types of shale gas, tight oil, and NGLs:

FORWARD-LOOKING INFORMATION

This document contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘believe’, ‘intends’, ‘forecast’, ‘plans’, ‘guidance’ and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company’s oil and condensate, other NGLs, and natural gas production, capital programs, and adjusted working capital. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, and the availability and cost of labour and services.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs, and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty, and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Coelacanth is an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275291

• Drilling continues to expand Kossou’s mineralised footprint, supporting the geological model and future resource definition work
• Drilling confirms strong continuity at the Jagger Zone, a key gold target of Kossou’s emerging resource base
• Additional strike extension at the Road Cut Zone highlights the scalability of mineralisation along the Contact Zone Fault

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Kobo Resources Inc. (‘ Kobo’ or the ‘ Company ‘) ( TSX.V: KRI ) is pleased to announce results of a further 12 boreholes from its ongoing diamond drill program at the 100%-owned Kossou Gold Project (‘ Kossou ‘) in Côte d’Ivoire, West Africa. The latest 12 boreholes total 2,755 metres (‘ m ‘) of drilling, bringing cumulative diamond drilling at Kossou to 26,267 m and total drilling completed to 32,154 m.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251120011105/en/

Diamond Drill Results – Highlights:

Jagger Zone:

• KDD0110
  • 6.0 m at 1.81 g/t Au from surface
  • 6.0 m at 1.77 g/t Au from 10.0 m
  • 8.0 m at 2.82 g/t Au from 148.0 m
• KDD0111
  • 7.0 m at 1.66 g/t Au from 44.0 m
  • 9.0 m at 3.60 g/t Au from 119.0 m, including 6.45 m at 4.74 g/t Au
• KDD0113
  • 8.0 m at 2.54 g/t Au from 188.0 m

Road Cut Zone:

• KDD0112
  • 5.0 m at 3.42 g/t from 120.0 m, including 2.0 m at 7.13 g/t Au
• KDD0118
  • 4.0 m at 3.47 g/t Au from 222.0 m

Edward Gosselin, CEO and Director of Kobo commented: ‘The latest results at Jagger and Road Cut Zone give us further confidence in the interpretation and modelling of the principal mineralised shears at Kossou. These results continue to strengthen the resource potential we are currently defining on the Jagger and Road Cut Zone targets.’

He continued: ‘We continue with our aggressive exploration campaign in the district, currently evaluating encouraging gold showings in new areas along the western parts of the Kossou permit, which we expect to generate drill targets, along with newly discovered artisanal workings at the Kadie Zone. With less than 25% of the licence systematically explored, we strongly believe our successful approach to date supports significant potential for additional discoveries and expansion of the resource base at Kossou.’

Jagger Zone Highlights

Well mineralised intersections are reported at the Jagger Zone between JZ500 and JZ600 (Jagger Structure 6) near surface, confirming the interpreted structural controls to gold mineralisation along the Jagger Shear Zone. See Figure 1 for a simplified geology map and drill hole locations.

Mineralisation grading 8.0 m at 2.82 g/t Au (KDD0110) (see Figure 3), 9.0 m at 3.60 g/t Au (KDD0111) (see Figure 2) and 7.0 m at 1.36 g/t Au ( KDD0115) was reported in Structure 6 at Jagger Zone in these boreholes. The mineralisation in KDD0110 is comparable to the mineralised intersection reported previously on the same drill section (borehole KDD0028 grading 8.0 m at 3.72 g/t Au ).

A broad mineralised zone grading 26.0 m at 0.60 g/t Au (Figure 3) was also intersected in the upper 25.0 m oxidised zone near surface in KDD0110 in central parts of the shear zone.

Road Cut Zone Highlights

Drilling at the Road Cut Zone has focused on two main targets identified to date. The main shear intersected previously on RCZ800, together with mineralisation associated with the Contact Zone Fault and the shears in close proximity of this first order fault. See Figure 4 for simplified geology map and drill hole locations.

Borehole KDD0112 on Section RCZ400 intersected 5.0 m at 3.42 g/t Au associated with the northern strike continuation of the artisanal mine shear zone (see Figure 5). Anomalous grades (0.20-0.25 g/t Au) were also reported along Contact Zone Fault on this section. Borehole KDD0114 on RCZ350 intersected mineralisation grading 4.0m at 0.96 g/t Au confirming the quartz veining and alteration along the Contact Zone Fault to the north of that previously reported.

Encouraging gold intersections have also been reported along the one of the main shears within the mafic package associated with a well-defined shear on RCZ800 . All 3 boreholes in the area intersected the well-developed shear zone. The best intersection was in borehole KDD0118 on RCZ825 (4.0 m at 3.47 g/t Au) , with more anomalous intercepts in KDD0121 on RCZ750 (2.0 m at 2.27 g/t Au and 3.0 m at 1.34 g/t Au) and KDD0116 on RCZ800 (4.0 m at 0.80 g/t Au).

Table 1: Summary of Significant Diamond Drill Hole Results

An accurate dip and strike and controls of mineralisation are unconfirmed and mineralised zones are reported as downhole lengths. Drill holes are planned to intersect mineralised zones perpendicular to interpreted targets. All intercepts reported are downhole distances, true widths are unknown.

Sampling, QA/QC, and Analytical Procedures

Drill core was logged and sampled by Kobo personnel at site. Drill cores were sawn in half, with one half remaining in the core box and the other half secured into new plastic sample bags with sample number tickets. Core samples are drilled using HQ core barrels to below the level of oxidation and then reduced to NQ core barrels for the remainder of the bore hole. Samples are transported to the SGS Côte d’Ivoire facility in Yamoussoukro by Kobo personnel where the entire sample was prepared for analysis (prep code PRP86/PRP94). Sample splits of 50 grams were then analysed for gold using 50g Fire Assay as per SGS Geochem Method FAA505. QA/QC procedures for the drill program include insertion of a certificated standards every 20 samples, a blank every 20 samples and a duplicate sample every 20 samples. All QAQC control samples returned values within acceptable limits.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Paul Sarjeant, P.Geo., who is a Qualified Persons as defined in National Instrument 43-101. Mr. Sarjeant is the President and Chief Operating Officer and Director of Kobo.

About Kobo Resources Inc.

Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in Côte d’Ivoire, one of West Africa’s most prolific and developing gold districts, hosting several multi-million-ounce gold mines. The Company’s 100%-owned Kossou Gold Project is located approximately 20 km northwest of the capital city of Yamoussoukro and is directly adjacent to one of the region’s largest gold mines with established processing facilities.

With over 26,200 metres of diamond drilling, nearly 5,900 metres of reverse circulation (RC) drilling, and 5,900 metres of trenching completed since 2023, Kobo has made significant progress in defining the scale and prospectivity of its Kossou’s Gold Project. Exploration has focused on multiple high-priority targets within a 9+ km strike length of highly prospective gold-in-soil geochemical anomalies, with drilling confirming extensive mineralisation at the Jagger, Road Cut, and Kadie Zones. The latest phase of drilling has further refined structural controls on gold mineralisation, setting the stage for the next phase of systematic exploration and resource development.

Beyond Kossou, the Company is advancing exploration at its Kotobi Permit and is actively expanding its land position in Côte d’Ivoire with prospective ground, aligning with its strategic vision for long-term growth in-country. Kobo remains committed to identifying and developing new opportunities to enhance its exploration portfolio within highly prospective gold regions of West Africa. Kobo offers investors the exciting combination of high-quality gold prospects led by an experienced leadership team with in-country experience. Kobo’s common shares trade on the TSX Venture Exchange under the symbol ‘KRI’. For more information, please visit www.koboresources.com .

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Cautionary Statement on Forward-looking Information:

This news release contains ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as ‘expects’, or ‘does not expect’, ‘is expected’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Kobo assumes no obligation and/or liability to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251120011105/en/

For further information:
Edward Gosselin
Chief Executive Officer and Director
1-418-609-3587
ir@kobores.com

Twitter: @KoboResources | LinkedIn: Kobo Resources Inc.