Elixir Energy (EXR) Investor Update summary

Strategic transaction and capital raise

• Two-tranche placement to raise up to AUD 16.6 million at AUD 0.041 per share, with Omega Oil and Gas acquiring 19.43% and Nero Resource Fund investing AUD 2 million in tranche two.

• Pro forma market capitalization estimated at AUD 75 million, with approximately 1.8 billion shares on issue post-transaction.

• Pro forma cash position will be over AUD 25 million, with an additional AUD 9.7 million expected as a refund from the Larelle 3 drilling campaign, providing a capital budget of up to AUD 35.3 million.

• New shares will rank equally with existing shares; financial and legal advisers engaged.

• Omega’s investment validates the scale and quality of Taroom Trough assets and brings in capital at minimal dilution.

Shareholder structure and governance

• Omega will become a major, long-term shareholder with rights to board seats and technical committee participation, conditional on maintaining a minimum holding.

• Participation rights in future capital raises ensure Omega remains a supportive, stable investor.

• New board structure includes two Omega nominees and experienced industry professionals, enhancing governance and strategic alignment.

• Omega agrees to a 12-month standstill and must support board recommendations on change of control, unless submitting a superior proposal.

• Existing shareholders remain the majority owners, with management committed to representing their interests.

Strategic plan and operational update

• New capital enables execution of phase two of the strategic plan, targeting conversion of 2.8 TCF of resources to reserves.

• Focus on securing 100% of Taroom Trough acreage, meeting work commitments, and converting acreage to commercial areas.

• Funding supports Phase 1 and 2 objectives: drilling, testing, and reserves definition in ATP2056, ATP2057, and ATP2077.

• Strategic plan milestones include drilling, testing, and production tie-in activities through 2026.

• Recent success at Dione 1 well opens opportunities for fracking tests and potential near-term cash flow.