Elixir Energy (EXR) Q2 2026 TU earnings summary

Executive summary

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

• The Lorelle-3 appraisal well qualified for a federal R&D tax incentive, with up to a 48.5% refund on eligible costs, and drilling operations have commenced.

• 2C Contingent Resources in the Taroom Trough increased by 189 BCFe, bringing the total to approximately 2.8 TCFe.

• Renewal of ATP2044 and declaration of a Potential Commercial Area (PCA356) over 100% of the permit secures the license for 15 years.

• Ended the quarter with ~$21 million in cash, with an additional $2.68 million inflow post-quarter from the placement's second tranche.

Financial highlights

• Raised ~$16.6 million in new capital, including $14.6 million from Omega and $2 million from Nero Resource Fund.

• Received a $3.86 million R&D tax refund during the quarter.

• Cash and cash equivalents at quarter end were $20.6 million, up from $5.4 million at the start of the quarter.

• Net cash from operating activities was an outflow of $811,000 for the quarter.

• Net cash from investing activities was an inflow of $2.05 million, mainly due to the R&D tax refund.

• Net cash from financing activities was an inflow of $13.9 million.

Outlook and guidance

• The company is well funded to deliver both Phase 1 (Retention) and Phase 2 (Reserve Definition) of its strategic plan, including expanded drilling and testing programs.

• Anticipates completion and testing of the Diona-1 well in the coming quarter, which could be materially impactful.

• The Lorelle-3 well is expected to be a high-impact well for 2026, with a horizontal sidetrack and multi-stage stimulation planned.