Elixir Energy (EXR) Investor Update summary

Strategic focus and asset overview

• Holds the largest acreage in Queensland's Taroom Trough, exceeding 2,000 km², with diversified gas, condensate, and oil plays, and joint ventures with Santos.

• The acreage is adjacent to the Wallumbilla Gas Hub and major pipelines, offering direct access to East Coast Gas and LNG markets, with 25 mtpa of LNG capacity at Gladstone.

• Gas quality meets or exceeds pipeline specifications, enabling low development costs, minimal processing, and rapid integration into existing networks.

• The Taroom Trough is a multi-TCF resource area, validated by successful neighboring operators like Shell and Omega.

• Independently certified 2C contingent gas resources total 2.6 TCFe, with additional resources from deep dry coal testing.

Market context and validation

• East Coast Australia faces a significant energy crisis, with gas reserves projected to fall below 50% of market needs by 2030 and high prices expected through 2036.

• Shell's active development and investment in the region validate the resource potential and strategic approach.

• Neighboring wells have demonstrated high flow rates and liquids production, supporting commercial viability.

• Elixir's permits are strategically located adjacent to Shell's operations, enhancing value through external activity.

• Elevated gas prices are expected to persist, creating strong market incentives for new supply.

Operational and strategic plan

• A three-phase strategy aims for first gas production by end-2027, targeting conversion of 150 BCF of 2C resources to 2P reserves.

• Phase one focuses on securing 15-year tenure via drilling and seismic commitments, including Diona-1 and Lorelle-3 wells.

• Phase two centers on Block A, adjacent to Shell, with plans for vertical and horizontal wells and increased seismic data.

• Daydream-2 vertical well achieved material gas flows, with 2.8 MMscfd from all sandstones and coals, and 2.1 MMscfd from Lorelle sandstone alone.

• The company is fully funded for phase one, with AUD 10.6 million in cash and receivables as of April 2025.