Elixir Energy (EXR) H2 2026 earnings summary

Executive summary

• Achieved significant progress on the Taroom Trough Strategic Plan, with successful drilling and flow testing of key wells (Lorelle-3, Lorelle-3H, Diona-1) and acquisition of new seismic data.

• Secured $19 million Queensland Government support for fuel security, with $11.9 million allocated to Taroom Trough development.

• Omega Oil and Gas acquired a 19.43% stake, supporting a $16.6 million capital raise and advancing Phase 2 of the strategic plan.

• Fully exited Mongolian assets, focusing operations on Australian gas exploration.

Financial highlights

• Net loss from continuing operations before tax was $3.7 million, a significant improvement from the prior year's $41.2 million loss, mainly due to the prior year’s $38 million Mongolian asset impairment.

• Group cash at year-end was $8.4 million, up from $6.6 million, with $16.2 million raised through share issues, $3.9 million from R&D tax incentive, and $7 million in loan drawdowns.

• $22.5 million spent on Taroom Trough appraisal activities.

• Booked 662 BCFe of new net 2C Contingent Gas Resources in ATP2057 and 189 BCFe in ATP2077-B, increasing total Taroom Trough 2C Contingent Resources by 32% to ~3.5 TCFe.

Outlook and guidance

• Strategic review underway to maximize value from the Taroom Trough position, with further well testing and potential reserves definition planned.

• Additional $5 million raised post-year-end to support ongoing well testing and strategic initiatives.

• Expected receipt of ~$12 million R&D tax incentive refund in late 2026, to be applied toward debt repayment.