Lion’s near-term focus is the East Seram PSC in Indonesia, including the planned Bula Karang-1 exploration well in 2026. The project is structured to limit capital exposure while preserving meaningful upside, and benefits from proximity to established production and infrastructure. Lion sees East Seram as its principal near-term value driver.

Lion previously progressed development of a green hydrogen project at the Port of Brisbane. In the current market environment, the Company has moderated development activity and is reviewing capital allocation priorities.

The project remains a long-term option, supported by early-stage permitting and site position, and may be revisited should market conditions and funding structures improve.