Whitebark Energy Limited (Whitebark) has issued its Second Supplementary Bidder’s Statement, updating shareholders on its off-market takeover offer for King Energy Limited (King). As of March 5, 2025, Whitebark has secured 80.36% voting power in King, surpassing the 50% threshold. The offer period has been extended until 5:00pm (Perth time) on March 24, 2025. The statement emphasizes that accepting the offer involves risks, and Whitebark Securities should be considered highly speculative. Key risks include the conditional nature of the offer, potential fluctuations in the value of Whitebark Securities, and Whitebark’s ‘going concern’ qualification in its annual report. Whitebark Directors believe that upon the successful completion of the Offers and the Placement, Whitebark will have sufficient funds to adequately meet Whitebark’s current exploration commitments and short-term working capital requirements. The Combined Group may be required to raise additional funds in the future in the event exploration costs exceed its estimates. However, if shareholder approval is not obtained, there may be a heightened risk that the Combined Group may not be able to provide the necessary assurances as part of its usual operations and developments, which could result in the Combined Group’s activities and future projects being delayed or indefinitely postponed. The implied value of a King Share is $0.0010136443 per King Share, based on Whitebark’s share price of $0.006 on March 6, 2025. The King Directors continue to unanimously recommend that King Securityholders accept the relevant Offers made to them, and have agreed to accept the offers in respect of their own holdings, in the absence of a Superior Proposal.