PEARL DIVER MARKET UPDATE

Blackpearl | Level 1 60 Cuba Street
Wellington 6011 | New Zealand
hello@blackpearlgroup.com | +64 480 39390




PEARL DIVER MARKET UPDATE

Black Pearl Group Limited (“BPG” and the “Company”) is pleased to provide the market with
an update on Pearl Diver’s performance for May. This update serves to fulfil our regulatory
obligation of keeping the market informed before we directly communicate the Service’s
performance to our Shareholders through our email newsletter.

Pearl Diver is billed on a recurring monthly basis (annuity revenue). As the customer base
grows through new sign-ups, each additional subscriber contributes to the overall revenue.
This recurring billing model generates regular, predictable, and compounding revenue.

BPG is pleased to announce that it closed out May with a final figure of $339,536 in new
annual recurring revenue (ARR). This is new ARR in addition to existing recurring ARR.

A notable achievement in May was the significant improvement made to the provisioning
process for Pearl Diver. By automating internal implementation processes, the time required
to onboard new customers has been reduced by 62.5% from April. This played a pivotal role
in contributing to the overall success of the month, with our Customer Success Team
converting 99% of the provisioning queue before the month concluded.

Streamlined provisioning positions the Company favourably for full self-service operations
and opens new avenues for partner distribution opportunities.


For and on behalf of the board,
Karen Cargill
Chief Financial Officer
For further information, please contact:
karen.cargill@blackpearlmail.com | +64 21 135 5183