Warrant Conversion Notice

Please see attached a notice pertaining to the conversion of 180,000 unquoted warrants in Black Pearl Group Limited (NZX:BPG) (Warrants) in accordance with the Warrant Terms of Issue. A total of 2,320,000 Warrants remains to be converted. Each Warrant can be exercised at any point on or before the expiry date, being 25 May 2028, at an exercise price of $0.01 per Warrant. Each Warrant converts to one ordinary share in BPG (Share) upon exercise. End CA:00418083 For:BPG Type:ADMIN Time:2023-09-12 14:03:20