HYDROCARBON DYNAMICS LIMITED(HCD)

The company will virtually hold its annual general meeting on 21 May 2026 at 4.30pm (Melbourne time).

Securities of companies suspended over three months will be removed from the official list if they fail to meet 1 or 2 year deadlines, effective from the next trading day after deadlines.

Notice to shareholders of Public Offer Dear Shareholder, We write to you as the registered holder of fully paid ordinary shares in Hydrocarbon Dynamics Limited (to be renamed "˜Great Bear Exploration Ltd') (HCD or the Company). You may have read about the Company's plans to acquire the Great Bear copper, gold, silver and uranium project in Canada on the ASX announcements platform or in HCD's recent Notice of Meeting. Associated with the acquisition, the Company is undertaking a Public Offer to issue 325,000,000 (post consolidation) shares at an issue price of 0.2 cents (post consolidation) per new share to raise up to $6,500,000 (before costs). Note capitalised terms used, but not defined in this letter, have the meaning ascribed to them in the Prospectus dated 1 April 2024 (Prospectus). The Company is seeking to raise funds in order to fund exploration of the Great Bear Project, meet the expenses of the Proposed Acquisition and the Offers, and meet working capital, corporate and general administration costs. The Company has stated that it would like to give existing shareholders priority to participate in the Public Offer. How to access the Public Offer 1. Applications for Shares under the Public Offer must be made by using the online Application Form at https://apply.automic.com.au/HCD and paying the application monies electronically. 2. Request a paper copy of the Prospectus and Application Form by contacting Automic Registry Services via telephone on 1300 288 664 (within Australia) or +61 2 9698 5414 (outside Australia) or email at corporate.actions@automicgroup.com.au. Applications for Shares under the Public Offer must be for a minimum of $2,000 worth of Shares (100,000 Shares) and thereafter in multiples of $500 worth of Shares (25,000 Shares) and payment for the Shares must be made in full at the issue price of $0.02 per Share. Funds must be received by no later than 5pm (AWST) on Friday, 8th May 2026. By completing the online Application Form, each applicant under the Public Offer will be taken to have declared that all details and statements made by them are complete and accurate and that they have personally received the online Application Form together with a complete and unaltered copy of the Prospectus. If an online Application Form is not completed correctly or if the accompanying payment is the wrong amount, the Company may, in its discretion, still treat the Application Form as valid. The Company's decision to treat an application as valid, or how to construe, amend or complete it, will be final. The Company reserves the right to close the Public Offer early. The Company will not be printing / dispatching hard copies of the Prospectus.

The company releases its Corporate Presentation.

The company has a binding agreement to acquire the Great Bear Project from White Cliff Minerals, pending shareholder approvals on 28 April 2026, including a waiver for performance rights.

The company releases its prospectus for an offer of 275,000,000 shares at an issue price of $0.02 per share to raise $5,500,000. Oversubscriptions of up to an additional 50,000,000 shares at $0.02 per share to raise up to an additional $1,000,000 may be accepted.

The company lodges its notice of security consolidation or split.

The company will hold a general meeting of shareholders at 11am (Sydney time) on 28th April 2026 at Peloton Capital, Level 8, 2 Bligh Street Sydney, New South Wales.

The company has received a repeat Purchase Order worth approximately A$215,000 for HCD Multi-Flow from Kinetic Chemicals Pty Ltd. The product will be utilized by an Australian operator for winter seasonal paraffin control treatments.

The company lodges its annual financial report 2025.

The company releases a notice of proposed issue of securities.

HCD has entered into a conditional binding agreement with White Cliff Minerals Ltd to acquire the Great Bear Copper-Gold-Silver-Uranium Project, located in the Northwest Territories, Canada. The transaction is subject to satisfaction (or waiver) of a number of conditions precedent, including HCD obtaining shareholder approval for the transaction, completion of technical and legal due diligence, and ASX conditional approval for HCD to be re-admitted to the official list of ASX. ASX has advised that HCD will be required to re-comply with Chapters 1 and 2 of the ASX Listing Rules as part of the transaction. HCD intends to raise a minimum of $5.5 million under a public offering as part of the transaction. HCD also intends to undertake a consolidation of its issued capital on a 1:10 basis as part of the transaction. HCD proposes to change its name to "˜Great Bear Exploration Ltd' to reflect the new direction and activities of the Company.

The company releases its notice of cessation of securities.

Unlisted options expired February 2026.

The company lodges its quarterly activities/appendix 5B cash flow report.

The company's securities are suspended from quotation under Listing Rule 17.2 at HCD's request, pending an announcement, remaining suspended until either the end of their requested period or the announcement release.

name changed from Indago Energy Limited