• Queensland Department of Natural Resources and Mines has provided pre-approval for Xstate to acquire 51% of ATP 2077 (Diona sub-block)
• Acquisition expected to complete on 28 August 2025
• Drilling to commence within a fortnight of shares re-instating to ASX quotation

Xstate Resources Limited (ASX:XST) has announced that the Queensland Department of Natural Resources and Mines has provided Elixir Energy Limited, the current holder of Authority to Prospect (ATP) 2077, an indication for approval for the transfer of 51% of ATP 2077 (Diona sub-block) to Xstate. This pre-approval is subject only to the provision of a duly executed and stamped transfer form. The Company confirms that the stamp duty has been paid, and the transfer form will be executed on the completion of the acquisition of 51% of ATP 2077, currently scheduled for Thursday, 28 August 2025. Managing Director of Xstate Resources Limited, Andrew Bald, commented that this is another step towards getting the Company's shares re-instated to quotation on the ASX. Once the shares are trading again, the Company expects to be drilling and have early results by the end of September.

Once the shares are re-instated to ASX quotation, the Company expects to be drilling the Diona project and have early results by the end of September 2025.