Elixir Energy (EXR) H2 2025 earnings summary

Executive summary

• Transitioned from exploration to strategic development, focusing on the Taroom Trough gas assets in Queensland, Australia.

• Exited Mongolia operations, streamlining focus and capital allocation to Australian assets.

• Secured farm-in agreements with Santos and Xstate Resources, expanding resource base and reducing capital requirements.

• Appointed new CEO and COO to drive operational execution and reserves booking.

Financial highlights

• Net loss before tax of $41.2 million for FY25, compared to a $1.5 million loss in FY24, primarily due to a $38.4 million impairment of Mongolian assets.

• Cash balance at 30 June 2025 was $6.6 million, down from $7.7 million the previous year.

• Raised $13.4 million through share placements and SPPs during the year.

• Received $7.9 million in R&D tax incentive refunds.

• Spent $10.5 million on tight gas appraisal in Queensland.

Outlook and guidance

• Focused on executing a three-phase strategic plan to mature 2C contingent resources and convert over 150 BCF to 2P reserves by end of 2027.

• Phase 1 drilling campaign in the Taroom Trough scheduled for late 2025.

• Retains flexibility to scale with partnerships and is positioned to benefit from strong gas market demand and high prices.