R&D Funding Program Update

• Elixir executes debt facility with Endpoints Capital for up to $10M
• Facility to fund eligible R&D costs for Lorelle-3 appraisal well
• Facility enables Elixir to access 80% of estimated FY26 R&D tax refund

Elixir Energy Limited (ASX: EXR) has executed definitive documentation with Endpoints Capital for a debt facility to provide forward funding for the eligible R&D cost component of the Lorelle-3 appraisal well in ATP2056 within Queensland's Taroom Trough. The Lorelle-3 appraisal program was previously awarded an Advance Finding through Elixir's application to AusIndustry under the Federal Government's Research and Development Tax Incentive for the three-year period between FY26 - FY28. This will enable eligible costs associated with the Lorelle-3 qualifying activities that cover the drilling, coring, logging, analysis, completion and testing of the well for up to a 48.5% refund under this program through the company's tax return process. Endpoints Capital have made available to Elixir a debt facility of up to $10 million that will enable Elixir to access up to 80% of its estimated FY26 R&D tax refund in advance, in order to manage its working capital during a period of significant operational activity prior to receiving its tax refund. The facility has a drawdown fee of 1% and interest rate of 15.75% that is capitalised until the repayment of the loan. The loan is secured against the company's FY26 R&D refund with no attaching warrants, options or equity instruments and must be repaid the earlier of 28 February 2027 or receipt of the R&D refund.