Nomgon Operations Update

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an operations update on the work currently underway in its 100% owned Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC) in the South Gobi Basin, Mongolia.

HIGHLIGHTS

• Nomgon Pilot Plant water production at maximum levels
• Field reservoir pressure steadily decreasing towards gas desorption level
• Gas desorption breakthrough anticipated before the end of the year

The Mongolian Pilot Plant has produced over 73,000 barrels of water since its inception, and the current daily water production is now stable at ~280 barrels of water per day, the highest level the field has seen from the Nomgon-9 and Nomgon-10 producing wells.

The CBM field is now seeing steady reservoir pressure decrease at around 5 psi per month. Presuming this trend continues, the field should begin to see gas desorption breakthrough before the end of 2024.

Production operations are focused on water, and the Operators refrain from flaring the small volumes of gas from the annulus to keep the system stable.

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