Elixir Energy Ltd.

Release Highlights:

• Elixir Energy Ltd. (ASX: EXR) is pleased to announce the appointment of Kingsley Rudeforth as its new Chief Operating Officer, a role created to enhance operational and technical execution of the company’s strategic plan in Queensland’s Taroom Trough.
• Mr. Rudeforth brings more than 15 years of experience across leading energy companies including Strike Energy, BP, and ConocoPhillips, and will officially commence his role on June 5th, 2025.
• His appointment includes eligibility for short-term incentives and a significant package of performance rights and options tied to share price milestones, designed to align his interests with long-term shareholder value creation.

Release Highlights:

• Elixir Energy Ltd. (ASX: ATX) is pleased to announce the launch of its comprehensive three-phase strategic plan in May 2025, which is centered on the advancement of its highly prospective Taroom Trough acreage in Queensland. The plan prioritizes the secure long-term retention of over 2,000 km² of acreage, aims to prove the existence of commercially viable gas reserves in targeted areas, and seeks to establish early production initiatives to deliver initial cashflows while maintaining a disciplined, phased approach to development.
• As part of its operational execution, Elixir Energy successfully drilled and tested the Daydream-2 vertical well, which initially flowed over 2.8 million standard cubic feet of gas per day before encountering formation damage due to avoidable testing adjustments. The company subsequently prepared for Phase 1 activities including the fully funded drilling of the Diona-1 well, additional 2D seismic acquisition, and the drilling of the Lorelle-3 well to further delineate key reservoir targets.
• Looking forward, Elixir’s strategic objective is to leverage its dominant acreage position adjacent to Shell’s major development activities and close proximity to the Wallumbilla Gas Hub to accelerate its path toward production. The company aims to convert more than 150 BCF of 2C contingent gas resources into independently certified 2P reserves and commence initial gas production by the end of 2027, reinforcing its role as a disciplined fast-follower in the rapidly maturing Taroom Trough resource play.

Report Highlights:

• In Q1 2025, Elixir Energy Ltd. (ASX: ATX) significantly expanded its footprint in the Taroom Trough by executing farm-in agreements with a Santos subsidiary for permits ATP 2056 and ATP 2057, where it will earn a 50% working interest upon completion of work programs involving drilling and seismic acquisition; this added approximately 1.2 TCFe of net 2C Contingent Resources and elevated Elixir to the position of largest net acreage holder in the basin, consolidating its strategic access to infrastructure near the Wallumbilla Gas Hub.
• In February 2025, the company completed a capital raise of USD 4.6MM / AUD 7MM via a placement to institutional and sophisticated investors at 3.5 cents per share, and concurrently launched a Share Purchase Plan open through 29 April 2025 aiming to raise up to an additional USD 1.3MM / AUD 2MM; during the same period, Elixir announced a farm-out of the Diona sub-block in ATP 2077 to XState Resources, who will fund the cost of drilling an exploration well, allowing Elixir to retain 100% of the remaining permit blocks while meeting regulatory retention requirements.
• The company also executed agreements to farm out its Mongolian coal seam gas and renewables assets into joint ventures where the incoming partner assumes all future funding and liabilities, and includes mutual options for potential monetization of up to USD 30MM / AUD 46MM; shortly after quarter-end, Elixir appointed Stuart Nicholls (formerly of Strike Energy) as Chief Executive Officer and Managing Director effective 14 April 2025, succeeding founding CEO Neil Young.

Release Highlights:

• Elixir Energy Ltd. (ASX: EXR) remains committed to its operations in Mongolia, where it has spent over a decade advancing the coal seam gas-focused Nomgon Project, which continues to be a key part of the company’s portfolio alongside its Australian assets​.
• The company has built a substantial resource base within the Taroom Trough in Queensland and is now preparing for the development phase of the Grandis Project, leveraging recent successful flow tests from the Daydream-2 well to help meet long-term gas demand​.
• As part of this next stage, Stuart Nicholls has been appointed CEO and Managing Director, bringing extensive experience in energy sector leadership and a mandate to fast-track commercial progress, while retiring CEO Neil Young will stay on as an advisor to ensure smooth transition.

Release Highlights:

• Elixir Energy has successfully completed a farmout of the Diona Sub-Block within ATP 2077, securing a full carry on the Diona-1 exploration well and a cash payment through a 51% interest transfer to Xstate Resources, which will also serve as operator.
• The Diona-1 well is scheduled to spud in Q3 2025 with all permitting and design finalized, targeting multiple stacked reservoirs across a low-risk geological structure directly adjacent to gas infrastructure and the Waggamba Gas Export Pipeline.
• Elixir retains a 49% interest in the Diona Sub-Block and 100% ownership of the Taroom Trough blocks A and B, with follow-up opportunities expected from seismic reprocessing and potential additional drilling later in 2025.

Release Highlights:

• Elixir Energy Ltd. (ASX: EXR) will hold its General Meeting (GM) on Wednesday, April 23rd, 2025 at 11:00AM Adelaide time (11:30 am Sydney time) at Level 1, 60 Hindmarsh Square Adelaide SA 5000, with shareholders encouraged to submit a proxy form in advance and attend in person or via a Zoom link to be provided through the Company Announcements page on Elixir’s website.
• Elixir Energy seeks shareholder approval for the issuance of up to 57,142,857 shares and approximately 28,571,429 options under a Share Purchase Plan (SPP) at USD 0.022 / AUD 0.035 per share, targeting gross proceeds of up to USD 1.26M / AUD 2M, with options exercisable at USD 0.075 / AUD 0.12 until 17 October 2026; funds raised will support the drilling of an appraisal well in ATP 2056 and its associated costs.
• The company also seeks ratification of the prior issue of 199,468,467 shares at USD 0.022 / AUD 0.035 each and 99,734,223 free-attaching options issued on 17 February 2025 under a USD 4.43M / AUD 7M placement; ratification will restore the company’s ability to issue up to 15% of its issued capital under ASX Listing Rule 7.1, with funds allocated to appraisal well drilling and offer costs.