• $16.6 million capital raising via placement to Omega Oil & Gas and Nero Resource Fund
• Funds to accelerate Phase 2 of Elixir's strategic plan, including drilling and testing of Lorelle-3 horizontal well
• Omega to hold 19.43% stake in Elixir post-placement

Elixir Energy Ltd has announced a strategic capital raising of up to ~$16.6 million via a two-tranche placement. The first tranche of $13.936 million will be issued to Omega Oil & Gas Limited, while the second tranche of $2.68 million will be issued to Nero Resource Fund and Omega. The placement will be priced at $0.041 per share. Following the placement, Omega will hold a 19.43% stake in Elixir. The capital raising will fund the acceleration of Phase 2 of Elixir's strategic plan, including the drilling and testing of the Lorelle-3 horizontal well in the Taroom Trough. The Lorelle-3 well is expected to provide valuable data to demonstrate the commerciality of the Tinowon 'Dunk' Sands and potentially lead to the booking of reserves. Elixir's board has worked to protect the medium-term value for existing shareholders, including through Omega's rights being subject to maintaining a minimum shareholding and Omega's agreement to a 12-month standstill on change of control transactions. The capital raising will also strengthen Elixir's market position and provide resilience to market conditions throughout 2026.

The capital raising will allow Elixir to accelerate the objectives of Phase 2 of its strategic plan by over 12 months, including the drilling and testing of the Lorelle-3 horizontal well to demonstrate the commerciality of the Tinowon 'Dunk' Sands and potentially lead to the booking of reserves.