Cradle Resources Limited has entered into a binding agreement to acquire Volt Geothermal Pty Ltd. (Volt) and Within Energy Pty Ltd. (Within), with geothermal assets in Queensland and South Australia. As part of the transition into the energy sector, the Company will appoint Mr. Matt Kay as Managing Director. Matt Kay, an equity holder in both Volt and Within and the former Managing Director of Beach Energy Limited.

The Company will look to strengthen the Board over time and as part of regularly reviewing the skills and experience of each director to ensure it is appropriate to the Company's size and complexity. Mr. Matt Kay BEc, MBA, FCPA, GAICD is a seasoned energy industry executive with more than 30 years of experience. Most recently he was the Managing Director of Beach Energy.

Matt had oversight of more than 500 staff working across 10 locations in Australia and New Zealand with an annual capital expenditure of approximately $1 billion. Despite the growth during his tenure, Matt drove material sustained improvements in Beach's HSE performance and a commitment to Net Zero Emissions targets. Matt is also a former member of the APPEA (Australian Petroleum Production and Exploration Association) board and was chair of the Executive Committee.

Matt has extensive experience in dealing with government policy and relationships through to Prime Minister /President level. Prior to Beach Energy, Matt was the Executive General Manager of strategy and commercial at Oil Search, where he led the strategy, commercial, supply chain, economics, marketing, M&A and legal functions. Prior to Oil Search, Matt worked at Woodside Energy for over a decade in various leadership roles including Vice President of Corporate Development and also General Manager of Production Planning overseeing 80 production professionals including the operations reservoir management, HSE, operations finance, operations HR, engineering optimisation of LNG, domestic gas and oil production facilities and product shipping and offtake.