Diona-1 Update

• Diona-1 well met primary objectives confirming recoverable gas and condensate resource
• Overpressured system and low impurity hydrocarbon composition observed
• Inclusion of Diona sub-block in Taroom Trough portfolio increases acreage by 184 km²

Elixir Energy Ltd has announced successful results from the Diona-1 vertical exploration well, confirming the presence of an overpressured and recoverable Permian gas and condensate resource. The well has met its primary objectives, with the majority of the Diona sub-block now considered part of the Taroom Trough. The Joint Venture will progress an independently certified Contingent Resource booking. The well remains in the flowback and cleanup phase, with approximately 45% of the total injected fluid recovered. The company is exploring artificial lift mechanisms to accelerate fluid recovery and increase gas production.

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Elixir Energy plans to model horizontal drilling applications and pursue an independently certified Contingent Resource.