Quarterly Activities Report for the Period Ended 30 September 2023

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to present its Quarterly Report and Cash Flow Report.

HIGHLIGHTS

• Daydream-2 well due to spud imminently
• Funding procured for Daydream-2: R&D, new equity and a debt facility
• Data Sharing Agreement signed with Santos
• Nomgon Pilot Project extended with successful drilling of Nomgon-10 well
• New CBM discoveries made in the Nomgon PSC

MANGAGING DIRECTOR’S REPORT TO SHAREHOLDERS FOR THE QUARTER

The last quarter was a period of intense activity for Elixir in both Queensland and Mongolia:

• Preparing for the now imminent spud of the Daydream-2 appraisal well – the highest impact well in Elixir’s history.
• Expanding the Nomgon Pilot Project and adding new CBM discoveries in the Nomgon PSC.
• Procuring multiple new forms of finance – qualifying for R&D cash rebates from the Federal Government, new equity and a debt facility (secured on the R&D rebate.

Share market conditions have been challenging in this period – not only for Elixir, but for the vast majority of growth orientated companies globally, due to multiple factors ranging from rising interest rate to growing geopolitical tensions. However, the successful delivery of real projects should still be rewarding for investors and in the rest of this financial year investors in Elixir are exposed to multiple opportunities for the significant de-risking of the Company’s gas resources.

In the last month major signs of growing support for the long term future for oil and gas emerged on multiple commercial fronts.

Arguably most significant were major corporate takeovers announced in the USA by that country’s two largest energy Super-Majors – Exxon’s acquisition of Pioneer Resources and Chevron’s takeover of Hess Corporation. The total deal value in these two transactions alone is more than A$200 billion.

It is not since the consolidation of Majors into Super-Majors in the 1990s that such a consolidation wave has hit the oil and gas sector – and there is now a widespread expectation that further mergers will follow in America and then this will spill out to the rest of the world.

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