Quarterly Activities Report and Appendix 5B – September 2024

Report Highlights:

• Elixir Energy Ltd. (ASX: EXR) successfully stimulated and flow-tested its Daydream-2 well, marking a significant milestone with gas production from multiple zones, including deep coals for the first time in Queensland’s Taroom Trough. Additionally, the formal award of ATP 2077 has added 173 Bcf of contingent resources to Elixir’s Grandis Gas Project, expanding its foothold in the Australian gas sector and enhancing future production potential.
• Elixir’s financial position remains robust, with a net cash balance of AUD 10.0M (USD 6.5M) at the end of the quarter. This strength is bolstered by a recent capital raise of AUD 6.25M (USD 4.1M) completed in July, alongside an anticipated R&D tax credit receivable of AUD 10.7M (USD 6.9M) related to the Daydream-2 program. Total exploration expenditure for the quarter reached AUD 6.8M (USD 4.4M), reflecting Elixir’s continued investment in its core Australian assets.
• In Mongolia, Elixir made steady progress on its Nomgon pilot project, focusing on de-watering coal seams to lower reservoir pressure and prepare for sustained gas production. Meanwhile, Elixir is actively reviewing its renewable energy assets to potentially support cleaner energy supply for local mining operations and the broader regional grid, aligning with Mongolia’s increasing demand for sustainable energy solutions.