Permex Petroleum Announces Price Adjustment for Previously Announced Private Placement Page 1

Vancouver, British Columbia–(Newsfile Corp. – September 18, 2024) – Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) (“Permex” or the “Pursue“) is pleased to announce today, following its press release dated September 9, 2024, that the Company has closed its previously announced non-brokered private placement (the “Offer“) of up to 18,635 convertible bonds of the Company (each a “Unit“). Each Unit consists of one Convertible Bond (a “Bond“) with a nominal value of $1,000 and 523 (previously 245) warrants to purchase common shares (each a “Warranty“). Each Warrant is redeemable for one common share of the Company for a period of five years from the date of issuance (a “share“) at an exercise price of $1.91 (previously $4.90).

The bonds mature (the “Due date“) one year from the date of issue. The notes will bear interest at a simple rate of 10%, payable on the maturity date or on the date on which the note is redeemed in whole or in part. Interest will be paid in cash or shares based on an exchange rate of US$1.91 (previously US$4.08) (the “Exchange rate“), subject to the Canadian Securities Exchange (the “Exchange“) Permit.