Quarterly Activities/Appendix 5B Cash Flow Report

• Completed Static Gradient Survey at Diona-1 with fluid level at 2,325m TVD
• Selected as preferred tenderer for ATP2087 block in Queensland
• Cash balance decreased to A$0.676m, with receivables expected in the next quarter

Xstate Resources Limited (ASX:XST) has released its Quarterly Activities Report for the quarter ending 30 September 2026. During the quarter, the company conducted a Static Gradient Survey (SGS) at Diona-1, which revealed a fluid level of approximately 2,325 meters True Vertical Depth (TVD), more than 1,800 meters below the level recorded during previous flowback operations. The wellbore above this depth was gas filled. The maximum downhole pressure recorded was 4,139psi at 2,411m TVD. Logistics and timing of the resumption of flowback and flow testing at Diona-1 remain under review. On 2 October 2026, Xstate announced that the joint venture comprising Xstate, Amplitude Energy Limited, Beetaloo Energy Limited and Eastern States Energy Pty Ltd had been selected as preferred tenderer for block PLR2026-1-7, referred to as ATP2087, under the Queensland Government's 2026 public land release. Each participant is to hold a 25% interest, subject to grant of the permit. ATP2087 is located on the eastern margin of the Taroom Trough, where other operators have recently reported exploration results. The Joint Venture plans to assess the acreage's coal seam gas potential early in the proposed work program. The Joint Venture expects work on ATP2087 to commence in early 2027.