Icon Energy Limited Annual Report 2022


Contents 2 Chairman's Letter 4 Review of Operations 7 Sustainability Report 8 Corporate Governance Statement 17 Board of Directors 18 Management Team 19 Financial Report 20 Directors' Report 26 Remuneration Report – Audited 32 Auditor's Independence Declaration 33 Independent Auditor's Report 36 Directors' Declaration 37 Consolidated Statement of Profit or Loss and Other Comprehensive Income 38 Consolidated Statement of Financial Position 39 Consolidated Statement of Changes in Equity 40 Consolidated Statement of Cash Flows 41 Notes to the Consolidated Financial Statements 60 Additional Shareholder Information 61 Corporate Directory

Icon Energy Annual Report 2022 1 Notice of Annual General Meeting 2022 Annual General Meeting Wednesday, 30 November 2022 at 11.00am The meeting will take place virtually. A formal Notice of Meeting can be found on the ASX platform or Company’s website at www.iconenergy.com Competent Persons Statement The hydrocarbon resource estimates in this report have been reviewed by Douglas Barrenger, business owner and Director of FMB Holdings Pty Ltd ATF FMB Unit Trust trading as Fluid Energy Consultants. Mr Barrenger has over 38 years of experience in petroleum geology and is a member of the Society of Petroleum Engineers. Mr Barrenger agrees with the inclusion of the information in this report relating to hydrocarbon Contingent and Prospective Resources in the form and context in which it appears. The Contingent and Prospective Resource estimates contained in this report are in accordance with the standard definitions set out by the Society of Petroleum Engineers, Petroleum Resource Management System. ABN 61 058 454 569 Icon Energy Annual Report 2022 1

2 Icon Energy Annual Report 2022 Chairman's Letter Dear Shareholder Over the 2021-2022 financial year, Icon has continued to work on its plans for the commercialisation of its most prospective tenement being ATP 855. In the meantime, Icon has also increased its focus on ATP 855 by its decisions to relinquish areas considered less prospective. The process of planning has suffered delays not only due to the continuing effects of Covid arising from inability to conduct face-to-face meetings and inspections due to lockouts and travel restrictions but also due to weather. You will be aware of the significant rain events which have affected south-west Queensland over the last year and closed public roads from time to time but which have made it more difficult and frequently impossible to drive off-road to the operation sites. I am pleased to report that Icon has made significant progress in the development of its seismic program for ATP855 which is anticipated to enhance the identification of the most highly prospective drilling sites. The program is anticipated to commence in March or April 2023 subject to the La Nina weather event which was recently declared. That seismic program is an exciting development and further details can be found in the Operations Report section. Icon’s plans for ATP855 had been made more exciting by recent developments in relation to the gas markets. The Australian Energy Regulator (AER) on 29 September 2022 released its State of the Energy Market 2022 report. The AER reported that over late 2021 and particularly since April 2022, gas prices in East Coast gas markets have rose to and persisted at record highs. The AER noted that Southern gas production is continuing to deplete reserves. Icon hopes that the increase in gas prices will be more attractive to investors. Icon plans to produce methane gas and hydrogen from the discoveries made in ATP 855 while achieving zero carbon. Up to 28 Trillion Feet (TCF) of Gas has been classified by Degolyer and McNaughton as the most likely gas resource in the tenement with 1.57 TCF classified as 2C Contingent based on the gas flows from the wells on tests. Icon Energy at the end of the financial year held a cash and bank balance of $1,845,450. That was the result of Icon’s investors faith in its plans which was demonstrated by the successful capital raisings in the financial year. Firstly there was a placement of 60 million ordinary shares at $0.01 per share which raised $600,000 before expenses. Secondly, to ensure that Icon’s existing shareholders could participate in a capital raising, there was a Rights Issue offer whereby existing shareholders could subscribe for shares again at the same price of one cent per ordinary share. That rights issue raised $971,503 before costs. Each of the shareholders participating in that rights issue were also issued with an option to subscribe for further shares exercisable before 12 September 2022. A number of shareholders did exercise their options to subscribe for more shares. The most significant subscription was that by Mr Raymond James and his associates who subscribed for $630,783 worth of shares out of the $662,821 for which subscriptions were received. Mr Stephen Barry Chairman and Non-executive Director of Icon Energy Limited.

Icon’s main focus remains on obtaining funding for its projects, with the immediate priority being ATP 855. Icon continues to pursue potential venturers to farmout its 100 percent working interest in ATP855. Throughout the past year Icon has conserved its cash while pursuing its capital raisings. The Non-executive Directors’ fees have remained the same since they determined to reduce their director’s fees by 20% effective 1 January 2018. No staff bonuses were paid and the Performance Rights Plan (bonus scheme) which lapsed in November 2017 was not renewed. I would like to thank Icon’s team for their dedicated efforts over the past year. I am hopeful that Icon’s planned new activity will be reflected in a better price for Icon’s quoted securities soon. S M Barry Chairman Seismic nodes long right side of track Icon Energy Annual Report 2022 3

Review of Operations KEPPEL SEISMIC SURVEY AREA 1 Icon Energy announced on 19 June 2014, that DeGolyer and MacNaughton, a well-respected and qualified international petroleum reserve and resource evaluation company, estimated that the Unconventional Prospective Raw Natural Gas Resource was 28.5 (P50) Tcf. Unconventional Prospective Resources are defined as those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered unconventional accumulations by application of future development projects. Unconventional Prospective Resources may exist in petroleum accumulations that are pervasive throughout a large potential production area and would not be significantly affected by hydrodynamic influences (also called continuous-type deposits). The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. These Unconventional Prospective Resources are based on probabilistic estimates for each target formation and these have been statistically aggregated. 4 Icon Energy Annual Report 2022 ATP 855 LOCATION OF GAS ASSETS ATP 855 is located in the Cooper Basin, southwestern Queensland, onshore Australia and is composed of eight Prospective Commercial Areas (PCAs) covering a surface area of 1,679 km2 (400,000,000 acres). The ATP 855 tenement has a Recoverable Prospective Gas Resource in excess of 28 Trillion Cubic feet (TCF)1 in the Permian section of the Nappamerri Trough. Since 1970 the Cooper Basin has produced over 6 TCF and is still producing over 68 BCF of sales gas per year. Icon’s gas production modelling indicates that using assumed gas production rates, ATP 855 could significantly increase gas production in the Cooper Basin. But first Icon must prove the commerciality of the gas deposit with further drilling. 25km 0km 5km Nappa Merry Innamincka Tallalia Challum Hervey -1 Etty -1 Keppel-1 Halifax-1 Redland-1 Geo rey-1 Gas Discovery Raw Gas pipeline Sales Gas pipeline Seismic Adventure Highway Gas Field Oil Field QLD. S.A. Cooper-Eromanga Basin ATP 855 Road PCA 172 PCA 175 PCA 173 PCA 174 PCA 177 PCA 178 PCA 179 PCA 176

Icon Energy Annual Report 2022 5 In the past year it has not been possible to conduct field operations in the tenement. It is now planned for the first half of 2023. This delay was caused by La Nina weather, COVID delays and availability of seismic equipment. The first available slot to commence the seismic survey was in late November 2022 but this was unsuitable as it was only a short time before Xmas break and the forecast onset of La Nina wet weather through to flooding rains until the first quarter of 2023. A seismic contract has been signed with Terrex who operates seismic surveys in the Cooper Basin to commence a 300 square kilometer 3D survey called the Keppel Seismic survey. Following the survey, it is planned to drill two deep wells with the first being a twin of Keppel No. 1 and the second well to follow at a site to be located by the new survey. Dennis Cooke managed an industrially-sponsored research group at Adelaide University that studied tight gas in the Cooper Basin. He has proposed a new seismic method for Icon to identify fractures and velocity inversions in ATP 855 using seismic data. A 300 square kilometer 3D Seismic survey has been laid out by Michael Giles our consulting geophysicist. The survey is designed to locate fractured or broken rock similar to that encountered in Keppel No.1. This discovery of naturally fractured rock has clearly indicated that major fracturing can occur at this this depth where super abnormal pressures have been penetrated. For technical reasons, Keppel No. 1 could not be tested but flowed gas from a very high pressured, fractured zone. The hypothesis now proposed is that these naturally fractured zones in the Permian rocks are saturated with high pressure gas. We have been able to demonstrate that attribute and velocity processing can probably identify these fracture zones using new seismic data information to image these fracture haloes. The old seismic data was not processed or recorded in an optimal way to identify these zones. We are not 100% certain that the new method will work but it must now be tested with new seismic and drilling of new wells. Other areas of the Nappamerri Trough in the Cooper Basin have successfully produced gas from similar fracture zones. If the method is confirmed by the drill bit then the need to frack the formations might be avoided all together or at least minimised. This discovery could be a significant boost in saving time and money. The high temperatures and pressures in the Nappamerri Trough would then no longer be an impediment to the production of gas, but a very favourable occurrence in the Nappamerri Trough. Icon has been encouraged by the reprocessing of selected older seismic data that this new approach should work but remains to be tested. Icon has been frustrated by Covid and weather delays, but a clear window must be available to layout the 30,000 seismic recording nodes over 300 Square Kilometers and if significant weather or other delays occur, then the nodes must be picked up and then relaid when the weather improves. The picture below shows a field technician calibrating a nodal station in preparation for seismic recording. No cables are required for connection to the recording truck using this wireless recording. To minimise surface damage, the seismic vibrator trucks, shown below, are equipped with very large tyres which are designed to travel over the sand and very rough ground found in the Stoney Desert of southwest Queensland. They do not need roads to be bull dozed or graded for their operations. In ATP 855 the desert is mostly free of bushes and has very few trees which are easily avoided. This crew operated by Terrex was our first choice for use in this tenement. Once the vehicles have left the area, the surface very quickly returns to normal without lasting traces on the ground.

Review of Operations continued 6 Icon Energy Annual Report 2022 PRODUCTION MODEL PROPOSED for use in ATP855 PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 South Australia No activities took place in the tenements during the financial year by the Joint Venturers. Post 30 June 2022 Icon relinquished its 33.33% interest in the post-Permian section of the remaining PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 in South Australia back to Beach Energy. ATP 594 COOPER BASIN This tenement has expired and Icon is finalizing the return of its interest to the State as no further exploration opportunity could be identified in this high risk area that justified the drilling of a well following an extensive seismic survey. PEP 170 (PEP 172 AND 173 PENDING), GIPPSLAND BASIN, VICTORIA Icon decided not to accept the offer to renew PEP 172 and 173 and advised the Victorian government of that decision. Icon applied to surrender PEP 170 and consent was given on 16 August 2022. PRODUCTION MODEL PROPOSED for use in ATP855 This production model has been d by Air Liquide in the United State unique in that it utilizes the s pressures found in the Na Trough. These pressures found deep wells drilled in ATP 855 produced at such high pressure carbon dioxide gas associated methane gas can be separated high pressures which maintain th dioxide gas in a liquid phase thus the sequestration of the Carbo back into the ground wihout the recompression. This will incr efficiency of the disposal pro reduce separation costs consider A production model is being developed to separate the methane and carbon dioxide gases by utilising the super normal high pre s res found in the gas reservoirs. These pressures found in all six eep wells drilled in ATP 855 can be produced at s ch high pressures that the carbon dioxide gas associated with the methane gas can be separated using the high pressures which maintain the carbon dioxide gas in a liquid phase thus enabling the sequestration of the Carbon dioxide back into the ground without the need for recompression. This will increase the efficiency of the disposal process and reduce separation costs considerably.

Icon Energy Annual Report 2022 7 At Icon Energy, we believe that sustainability is about working safely, effectively and harmoniously with the community and the environment. At all times Icon endeavours to work efficiently to minimise the company’s impact on the environment, while also looking to benefit the communities in which we operate. Icon’s activities have not varied significantly in the past year. Our major operational activity in the field has been a safety monitoring operation of the suspended discovery wells which remain suspended. Icon Energy takes the time to plan, assess, monitor and rehabilitate all projects responsibly. Icon respects the environment and acknowledges that the care and planning that the company puts into all projects will protect and maintain ecosystems and honour the livelihood of the people that Icon works with and within the wider community. Wherever the opportunity arises, Icon Energy seeks to employ fellow stakeholders and the local community. Icon Energy’s operational health and safety personnel and operations staff are required to complete all the necessary accreditation to ensure that all personnel remain fully compliant with the oil and gas industry’s stringent health, safety and environmental policies and procedures. WORKING TO BENEFIT ALL COMMUNITIES AND CULTURES Icon Energy’s community engagement is focused on maintaining long-term, collaborative and trusting relationships amongst the communities in which the company operates. Icon Energy respects all cultures and people, seeking to foster their prosperity, quality of life and their relationship with the land, climate and water resources. Icon Energy is committed to upholding its strong relationships, built up over the past 25 years, with our fellow landholders. Where we operate, we ensure that all landholders and traditional owners are consulted and their needs considered prior to conducting any activities. OPERATING SAFELY Icon Energy has a comprehensive Safety Management System in place and is committed to the safety of its staff, contractors and joint venture partners. Icon’s safety strategies and culture is focused on maintaining a safe and incident free work place as our highest priority. Icon always has, and always will continue to work with its staff, contractors and partners to raise safety awareness and promote positive safety behaviour in the field. Icon Energy has a strong focus on the pre-qualification, training and management of its contractors, which has contributed to no safety incidents being recorded during the year. Icon Energy appreciates the efforts made by its contractors, associates and employees, for their contribution in maintaining our excellent safety record. ENVIRONMENTAL MANAGEMENT Icon has established a policy which is aimed at zero emissions by 2050 in line with the general global consensus to be compliant by this date. Icon has developed several new strategies to reduce carbon emissions with gas production from ATP 855 in the Cooper Basin. Air Liquide in the USA has indicated the feasibility of utilizing the high production pressures in the separation of our production gases using a cryocap technology to separate the carbon dioxide from methane. This technique is commonly used in oil refineries, so it is tried and tested. We have to deal with higher pressures than normally used but this turns out to represent another advantage in the separation process. Icon is positioning the methane production to be able to make hydrogen but presently the market for hydrogen is uncertain. Methane has many advantages over other methods of making hydrogen and should be in demand in future years. Icon Energy understands its responsibility and is committed to ensuring that all of Icon’s operations have minimal impact on the environment. As part of Icon’s planning, operations and rehabilitation activities, the company will continually monitor environmental performance to strict criteria. Icon Energy is proud to report that, once again, the company has maintained a zero environmental incidents record. Environmental planning and research are conducted at the beginning of every Icon Energy Project and environmental management measures are employed, checked, maintained and recorded. Icon Energy operates with care and respect under its strict Environmental Authorities to ensure the natural environments in which the company operates are preserved for the future. Sustainability Report

Corporate Governance Statement 8 Icon Energy Annual Report 2022 business. The Board would monitor the decisions and actions of the Managing Director to ensure that progress is being made towards the corporate objectives, within the authority it has delegated. The Board would also oversee the performance of the Company through its Board Committees. The Managing Director would be required to report on progress being made by the Company to the Board and key stakeholders. The Board and its Committees would determine the nature and form of information required from the Managing Director, employees or external parties, including the external auditor. Openness and trust are encouraged between individual members of the Board and the Managing Director and other employees. This allows Directors to achieve a better understanding of the business. The Managing Director and other Senior Executives are employed under written employment agreements, which set out the terms of their appointment. In the absence of the Managing Director, the Board takes up the responsibilities of managing the company. ROLE OF MANAGEMENT Through the Managing Director, the Board has delegated the following key functions to senior executives: − The recommendation of Icon Energy’s business, operational and corporate strategy to the Board for approval and following their approval, implementation; − The day to day responsibility for complying with all laws and regulations relevant to Icon Energy’s operations and business activities; − The achievement of the corporate objectives set by the Board; − The development and implementation of the Company’s policies and procedures (including risk management and internal control processes); and − The engagement of suitable staff and contractors so as to effectively discharge the Company’s obligations and various strategic, operational and business objectives. BOARD COMPOSITION The principles applied to the composition of the Board are: − Due diligence conducted prior to the appointment of each Directors has ensured that the Company’s Board is comprised of Directors who have a broad cross-section of experience in the petroleum exploration/production industry both in Australia and overseas, have general management and business development experience or legal or financial experience; Solid Foundations for Management and Oversight This statement outlines Icon Energy’s Corporate Governance practices that were in place during the financial year. Role of the Board The Board of Directors of Icon Energy is responsible for the overall corporate governance of the group and oversees the Company’s business and management for the benefit of shareholders and sets out to achieve this objective by: − Establishing corporate governance and ethical standards; − Setting objectives and goals; − Appointing and where appropriate, removing the Managing Director and monitoring the Managing Director’s performance; − Appointing and where appropriate, removing the Company Secretary and monitoring the Company Secretary’s performance: − Reviewing and ratifying systems of risk management and internal control, codes of conduct and legal compliance; − Reviewing and ensuring the appropriate composition of the Board; − Approving and monitoring the progress of major capital expenditure, capital management and acquisitions and divestitures; − Approving and monitoring financial and other reporting. The Board has specifically reserved for its decision, the following matters: − The appointment of the Managing Director; − Approval of the structure of the direct reports to the Managing Director; − Approval of the overall strategy; − Approval of annual budgets of the business; − Delegation of authority; − Formal determinations that are required by Icon Energy’s constitutional documents, by statute or by other external regulation. The Board maintains the right to make changes to the matters reserved for its decision, subject to the limitations imposed by the constitutional documents and the law. In particular, if the Board has given authority to the Managing Director to achieve the corporate objectives, the Managing Director has the right to make decisions and take actions which, in the Managing Director’s judgment, are reasonable and are within the authority given by the Board. The Managing Director would continue to be responsible to the Board for the delegated authority and for the performance of the

Icon Energy Annual Report 2022 9 − The expertise of the Board encompasses the establishment of management strategy and monitoring achievement of these strategies; − The Chairman of the Board is a Non-executive Director. The Chairman has the casting vote in all Board decisions; − The Board comprises of Non-executive Directors. Currently the Board comprises of three Non- executive Directors and has no executive Directors; − If a Board vacancy exists or where the Board considers that an additional Director is required, that appointment would be made from persons who possess the appropriate expertise, skills and sufficient time as determined by the Board. The Remuneration, Nominations and Succession Committee reviews the composition of the Board on a regular basis and conducts a skills gap analysis as part of the exercise to ensure the Board has the right balance of requisite skills and experience; − In accordance with ASX listing rules and individual Director Service Agreements with the Company, no Director, except the Managing Director, shall hold office for a period in excess of three years, or past the third Annual General Meeting following the Director’s appointment, whichever is the longer, without submitting themselves for re-election. At every Annual General Meeting one third of the Directors, or if their number is not a multiple of three, then the number nearest to but not exceeding one third shall retire from office and be eligible for reelection. All relevant information in relation to the reelection of a Director to be determined at an Annual General Meeting is set out in the Notice of Meeting and Explanatory Statements for all shareholders; − In accordance with the Constitution of the Company, the Board comprises of at least three Directors; − As at 30 June 2022 all three were Fellows of the Australia Institute of Company Directors and participated in information sessions throughout the year. The Board has adopted a Board Skills Matrix that sets out the mix of skills, knowledge, experience, personal attributes, and other criteria that the Board currently has and those that the board is looking to achieve in its Board membership. The Board has completed a formal assessment of each of its directors against the Skills Matrix. The Board Skill Matrix below demonstrates the collective skills and experience of the Directors in the office at the end of 2022. Skill area Directors Board and executive experience ✓ Strategy ✓ Financial/accounting ✓ Risk management and compliance ✓ Corporate governance ✓ Legal ✓ Capital management ✓ Information technology ✓ HSE and sustainability ✓ Industry experience ✓ Public policy and government relations ✓ The Directors believe that the Board collectively currently has the appropriate skills and knowledge required to effectively govern and direct a company of this size. The skills mix in the matrix and board diversity will be under review regularly as part of the continual board review process. The Board encourages the Directors to continue their education and training by attending external training and education to maintain the skills and knowledge needed to perform their roles as Directors effectively. The Company Secretary is accountable directly to the Board, through the chair, on all matters to do with the proper functioning of the Board. A copy of the Company’s Board Charter and the Role of Management can be found in the Corporate Governance Section of the Company’s website. INDEPENDENCE OF NON-EXECUTIVE DIRECTORS The Board considers an Independent Director to be a Non- executive Director who meets the criteria for independence included in the Australian Securities Exchange’s (ASX) Corporate Governance Council’s CorporateGovernancePrinciples andRecommendations (ASX Principles). The Board has determined that Messrs Stephen Barry and Dr Keith Hilless meet the definition of an “independent director” as set out in the ASX Principles. Therefore, the Board is chaired by and comprises a majority of independent Non-executive Directors. Directors must declare if any conflict of interest arises at the Board meetings. The Director does not participate in any Board discussion or vote in relation to a matter where a material personal interest arises in respect of that matter unless the Corporations Act 2001 prescribes to do otherwise.

Corporate Governance Statement continued 10 Icon Energy Annual Report 2022 INDEPENDENT PROFESSIONAL ADVICE The Directors are entitled to seek independent professional advice at the Company’s expense if required in the performance of their duties. The Directors are entitled to direct access to employees and Company advisers as may be required. BOARD COMMITTEES Two Committees of the Board have been formed to consider and make recommendations to the Board on important areas of decision making. These Committees are the Audit and Risk Management Committee and the Remuneration, Nominations and Succession Committee. Additional committees may be formed if the Board sees a need for them. InOctober 2022, all Non-executive Directors were invited to stand for appointment or reappointment for each Committee. Members of the two standing Committees were appointed on 4 October 2022 as follows: Audit and Risk Management Committee Keith Hilless AM (Chairman, Non-executive Director), Stephen Barry (Non-executive Director) Remuneration, Nominations and Succession Committee Stephen Barry (Chairman, Non-executive Director), Keith Hilless AM (Non-executive Director) BOARD AND COMMITTEE MEMBERS AND MEETINGS The current Icon Energy Board of Directors consists of three Non-executive Directors, two of whom are independent Directors. The Audit and Risk Management Committee now comprises two independent Nonexecutive Directors having experience and expertise in financial matters. The Chairman of the Audit and Risk Committee is Dr Keith Hilless, an independent Nonexecutive Director. The Remuneration, Nominations and Succession Committee consists of two independent Non-executive Directors, due to the small size of the Company. The Company Chairman is also the Chairman of the Remuneration, Nominations and Succession Committee. Details of the number of Board and Committee meetings held during the reporting period and their attendees are set out in the Directors’ Report. In addition, details of the qualifications and experience of each Board and Committee member are set out in the Directors’ Report. The period of office held by each Director is also set out in the Directors’ Report. AUDIT AND RISK MANAGEMENT COMMITTEE The purpose of the Committee is to assist the Board in its oversight of: − The effectiveness of the systems of financial risk management, governance and internal control; − The integrity of the Group’s financial reporting; − The integrity of the external audit process, including appointment, performance and independence of the external auditor; and − Identification of potential risks and the review of the Company’s risk management system. The Committee’s role is to report to the Board and provide appropriate advice and recommendations on matters relevant to its Charter in order to facilitate decision making by the Board. The Audit and Risk Management Committee has in place a formal charter which defines the Committee’s function, composition, mode of operation, authority and responsibilities. The Managing Director, Chief Financial Officer and External Auditor are invited to attend Committee meetings, at the discretion of the Committee. The Company does not have an internal audit function. The Audit and Risk Management Committee performs the review of the effectiveness of the Company’s risk management framework including internal controls annually. It last conducted review of the key identified risks for the Company on 22 October 2021 and will review these risks again in October 2022. The Charter of the Audit and Risk Management Committee can be found in the Corporate Governance section on the Company’s website. REMUNERATION, NOMINATIONS AND SUCCESSION COMMITTEE While larger companies may allocate the responsibilities for remuneration, nominations and succession to separate Committees, the Board has determined that a company of Icon Energy’s size is better served by having one Committee with responsibility for all of these functions. The Committee meets at least once in each reporting year. The Remuneration, Nominations and Succession Committee reviews and makes recommendations to the Board on the following matters: − The appointment and performance of the Managing Director; − The remuneration structure for theManagingDirector and other senior employees of the Company; − The Company’s recruitment, retention and termination policies and procedures for senior management;

Icon Energy Annual Report 2022 11 − Staff and executive incentive schemes; − Board performance assessment and skills analysis; − Board and management succession planning; and − Staff superannuation arrangements. The charter of the Remuneration, Nomination and Succession Committee can be found in the Corporate Governance Section on the Company’s website. BOARD AND SENIOR EXECUTIVE REMUNERATION Remuneration levels and terms of employment for Executive Directors and Senior Executives are formalised in individual Service Agreements. Details of the structure of and amounts paid to Non- executive Directors, executive Directors and other Senior Executives are contained in the Remuneration Report which forms part of the Directors’ Report. The Remuneration Report also describes the nature of the relationship between the performance of Icon Energy and remuneration paid to Senior Executives. The Remuneration, Nomination and Succession Committee reviews the Company’s remuneration strategy and framework on an annual basis. PERFORMANCE EVALUATION A formal performance evaluation of the Board, each Committee of the Board, the Chairman and individual Directors was last completed on 30 August 2022. As part of that review, the Board reviewed its composition, skills and application of those skills, as well as Board procedures and practices to ensure it has the necessary skills andmechanisms to pursue the Company’s strategic objectives. The Senior Executives participate in annual performance reviews. Performance is measured against key performance indicators relevant to the Company’s strategic, operational and business objectives and to each of the Senior Executive’s specific roles. A performance evaluation for the senior executives was undertaken for the current reporting period in accordance with the process set by the Remuneration, Nomination and Succession Committee and as approved by the Board. A summary of the performance evaluation process can be viewed in the Corporate Governance section of the Company’s website. DIVERSITY A key goal of the Board and Management is to contribute positively to the success of the Company by promoting a high performance culture that draws on the diverse and relevant experience, skills, expertise, perspectives and the unique personal attributes of its Board members and employees. As an employer, we are committed to managing diversity by reflecting our Company values of respect, integrity, honesty and personal commitment in maintaining and valuing the differences a diverse workforce brings. The Company applies its Diversity Policy to all Icon Energy Limited’s Directors and employees, including contractors and consultants acting on the Company’s behalf. The Policy covers and includes the recruitment and selection process, terms and conditions of employment including pay, promotion, work assignment, and training as well as any other aspect of employment. Key principles of the Diversity Policy include: − We treat all employees, prospective employees, partners, contractors, consultants and suppliers fairly and equally; − We promote a corporate culture that values diversity and tolerates differences; − We recruit employees and Directors impartially from a diverse field of suitably qualified candidates; − Our recruitment process is designed to ensure that the best people are chosen for the right positions; and − We provide learning and development strategies and opportunities to develop skills and experience of employees for career advancement. Details of the Policy are set out under the Corporate Governance section on the Company’s website. Company – wide assessment at 30/06/2022 Board Management Employees Born in Australia 100% – – Born Overseas – 100% 100% Male 100% – – Female – 100% 100% Aged 21 to 30 years – – – Aged 31 to 40 years – 100% 100% Aged 41 to 50 years – – – Aged over 50 years 100% – –

continued 12 Icon Energy Annual Report 2022 Corporate Governance Statement The Diversity Policy includes a commitment to promoting gender diversity each year. The 2021/22 objectives were measured as follows: 2021-2022 Diversity Objectives Results To support and promote the Company’s Diversity Policy In Place To ensure that candidate lists for permanent employee positions are recognisably diverse by age, sex or ethnicity In Place To consider diversity when reviewing Board succession plans with the aim to improve gender representation and diversity In Place To increase the representation of women in senior management roles by ensuring that any interview process includes male and female candidates to be interviewed for a senior executive position Achieved To ensure the voluntary turnover in female employees is no greater than organisation turnover levels Achieved 2022 – 2023 Diversity Objectives To support and promote the Company’s Diversity Policy, including, the identification of additional suitably qualified external female candidates. To ensure that candidate lists for permanent employee positions are recognisably diverse by age, sex or ethnicity. To consider diversity when reviewing Board succession plans with the aim to improve gender representation and diversity. To increase the representation of women in senior management roles by ensuring that any interview process includes male and female candidates to be interviewed for a senior executive position. To ensure the voluntary turnover in female employees is no greater than organisation turnover levels. A copy of the Company’s Diversity Policy can be found in the Corporate Governance Section of the Company’s website. ETHICAL STANDARDS The aim of the Company is to ensure that all Directors, managers and employees act with integrity and promote ethical and responsible behaviour which will enhance the reputation and performance of the Group. The Company has an approved Code of Conduct and Ethics which describes Icon Energy’s values, as well as other policies and procedures in place incorporated into an ethical framework on which the Company bases its decisions – as individuals and as a corporate entity. A copy of these Policies and all corporate governance information can be found in the Corporate Governance Section on the Company’s website. CODE OF CONDUCT AND ETHICS The standard of behaviour required of Icon Energy’s Directors and employees, as well as of contractors engaged to perform work on behalf of the Company requires: − Them to act in the best interest of the Company and create value for the Company’s shareholders and stakeholders; − Them to act honestly and with integrity and fairness in all dealings with each other and third parties; − Compliance with all laws and regulations which govern the Group and its operations; − Avoidance or management of conflicts of interest. The Company has a process in place for Directors, employees and third parties to report potential breaches of the Code of Conduct and Ethics. The Code is periodically reviewed to check that it is operating effectively and whether any changes are required to the code CODE OF CONDUCT Further general principles of conduct under the Company’s Code of Conduct and Ethics, include: − Ethical and responsible business practices; − Sustainable development considerations and principles integrated into Company decision making; − Fostering economic growth and business development, generate Government revenue, provide commercial returns to the industry and contribute to the wealth generated by Australia’s natural resource base; − Health, safety, environmental and community risk management strategies that are based on sound science, transparency and effective communication; − Continuously seeking opportunities to improve health, safety and environmental performance in addressing risks posed by our operations to employees, contractors, the public and the environment; − Contributing to the conservation of biodiversity and protection of the environment through responsible management of our operations and their impacts; − Fostering economic and social development of the communities in which we operate;

Icon Energy Annual Report 2022 13 − Respecting and protecting human rights and dignity at our operations and deal fairly with employees and others; − Openly and effectively engaging and reporting with our communities; − Directors and Executives of the Company shall notify the Chairman or Managing Director before trading in the Company’s shares and shall not trade in the shares other than in accordance with the Company’s Share Trading Policy. OTHER KEY POLICIES In addition to theCompany’s Code of Conduct andEthics, Icon has a Whistleblower Policy which contains written guidelines and procedures by which all employees can confidentially report improper conduct for investigation without fear of discrimination and harassment. Icon encourages its staff to speak up on matters or conduct that concerns them. Icon also has an Anti-Bribery and Corruption Policy as it is committed to acting in full compliance with the letter of the law, including regulations with regards to anticorruption and bribery issues and act ethically, honestly, responsibly, and diligently. This Policy sets out the requirements for the management of gifts and benefits. The Board or/and Audit and Risk Management Committee is/are informed if any material incident reported under the Whistleblower Policy and/or AntiBribery and Corruption Policy. Code of Conduct and Ethics, Whistleblower Policy and Anti-Bribery and Corruption Policy can be found in the Corporate Governance Section on the Company’s website. TRADING IN THE COMPANY’S SECURITIES BY DIRECTORS AND EMPLOYEES The Board has a formal policy regarding trading in the securities of the Company by Directors and employees. The Company’s Share Trading Policy provides for specified periods in which share trading is permitted (known as “Trading Windows”) and blackout periods when trading is not permitted. Normally all Icon Energy personnel not in possession of unpublished price-sensitive information may only buy, sell or otherwise deal in Icon Energy’s securities during Trading Windows. Normally a Trading Window is opened for a three week period commencing after: − The announcement of the half yearly financial results; − The announcement of the annual financial results; − The announcement of the Quarterly Reports for the March and September quarters; − The holding of Icon Energy’s Annual General Meeting; − The Company issues a prospectus or a cleansing statement; or − As the Board otherwise determines. Under the Policy, Directors and Employees who wish to trade in the Company’s securities must seek prior clearance in writing from the Chairman (in the case of Directors) and the Managing Director (for the Chairman, Secretary or employees). The provisions of the Corporations Act 2001 and the Listing Rules of the ASX require advice to the ASX of any transactions by the Directors in the securities of the Company. IDENTIFICATION OF SIGNIFICANT BUSINESS RISK The Board receives comprehensive monthly management reports which enables Directors to identify emerging risk factors and monitor management’s response to these risks. MANAGEMENT OF ENTERPRISE AND OPERATIONAL RISK The Board has the responsibility for setting the Company’s Risk Management Policy. The Board of Directors, in conjunction with senior executives, is responsible for the development, implementation and management of Icon Energy’s risk management and internal control framework. The Board of Directors also monitors the management of these functions, including as to the manner in which the Group’s material operational and business risks are being effectively managed. Under its charter, the Audit and Risk Management Committee is responsible for: − Monitoring the establishment and implementation by management of the Company’s risk management system; − Monitoring the effectiveness of the systems of financial risk management, governance and internal control; − Endorsing a Risk Management Policy which describes the manner in which both risk and the opportunity are identified, assessed, monitored and managed, including how: − Significant decisions affecting and changes to the business are subject to risk assessment; − Any operational incidents are to be analysed in order to learn from them and successes reviewed in order to repeat them; − All acquisitions and divestments of assets are subject to assessment and management; − Risks and associated control systems are regularly reviewed; and − Performance against risk management plans is monitored and reported upon to the Board. The Board monitors the effectiveness of the Company’s management of material operational and business risks. The Board has also received a declaration under Section 295A of the Corporations Act 2001, that the financial records of the entity have been properly maintained

continued Corporate Governance Statement 14 Icon Energy Annual Report 2022 and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. The Company does not have any material risk exposure to environmental or social risks. The Company’s Enterprise-wide Risk Management Policy and Crisis Management Policy which encapsulates the Company’s management of material business risks, including economic, environmental, social sustainability and operational risks, can be found in the Corporate Governance section of the Company’s website. CONTINUOUS DISCLOSURE The Board has in place a Disclosure and Communications Policy that is available under the Corporate Governance section on the Company’s website. The Disclosure and Communications Policy defines the legal and regulatory obligations, materiality guidelines and reporting process, and is designed to ensure compliance with the continuous and periodic disclosure obligations under the Corporations Act 2001 and ASX Listing Rules. Responsibility for meeting ASX disclosure requirements and accountability for compliance rests primarily with the Company Secretary. The Company conducts regular briefings with all staff to ensure they understand the Company’s continuous disclosure obligations, and their role in fulfilling them. The Board reviews continuous disclosure matters, if any, at each Board meeting. Copies of Icon Energy Limited’s releases to the ASX, investor presentations and Annual Reports are available on the Company’s website. The Company has an effective system to review and approve public documents that are not reviewed or audited by its external auditors. Copies of market sensitive announcements are circulated to the Board for approval prior to lodgment. The Company ensures that any new and substantive investor or analyst presentation is released on the ASX Markets Announcements Platform ahead of the presentation. SHAREHOLDER COMMUNICATION The Disclosure and Communications Policy sets out the manner in which Icon Energy promotes communication with shareholders and other key stakeholders. The Board of Directors ensures that shareholders are fully informed as to any significant Group developments which are generally communicated through: − Continuous disclosure to the ASX; − Email broadcast of all ASX announcements to all email alert subscribers from the Company’s website; − Company’s website information updates on all activities; − Annual reports to shareholders; − Half-yearly financial reports lodged with the ASX; − Quarterly reports; − Notices of shareholder meetings and explanatory notes. Copies of the above documents are published on the Company’s website: www.iconenergy.com. Shareholders are encouraged to contact the Company’s office if they have any questions on the Company’s affairs and participate in the Annual General Meeting by attending, asking questions of the Company’s Directors and exercising their vote. In 2021, the Annual General Meeting was held virtually again due to the ongoing impact of COVID-19 pandemic. Shareholders were not able to attend the meeting in person, however, they were given an opportunity to attend virtually and ask questions of the Company’s Directors online and cast their votes. In addition. the Company’s external auditors attend the Annual General Meeting each year and any security holder questions are invited by the Chair to be asked at the meeting. The Company has adopted a process that every future resolution at an Annual General Meeting be decided by poll. A copy of the Disclosure and Communications Policy can be found in the Corporate Governance Section of the Company’s website. Information about Icon Energy Limited and its governance is available on the Company’s website, at www. i conene rgy. com/ i rm/content /co rpo r ate - governance.aspx?RID=319 The Company has provided the security holders with the option to receive communications from, and send communications to, the Company and its share registry electronically. ASX CORPORATE GOVERNANCE COUNCIL PRINCIPLES AND RECOMMENDATIONS The ASX Corporate Governance Council has recognised that its corporate governance principles and recommendations do not represent a “one size fits all” solution. Icon Energy has considered and, where appropriate, applied the ASX Corporate Governance Recommendations. The following table shows that Icon Energy has adopted all of the ASX Corporate Governance Recommendations, with the exception of Recommendations 2.1(a)(1), 4.1(a)(1), 7.1(a)(1), 8.1(a)(1), which recommend that Committees have at least three members. The Board of Directors has formed the view that it is more practical for a Company the size of Icon Energy to have a Committee of at least two independent Directors, rather than three Directors.

Icon Energy Annual Report 2022 15 2022 CORPORATE GOVERNANCE CHECKLIST Icon Energy’s corporate governance policies conform to the applicable Principles and Recommendations (being those under ASX’s 4th edition of Corporate Governance Principles and Recommendations released on 27 February 2019 and took effect from 1 January 2020). A summary of our disclosure against the Principles and Recommendations is set out below: Corporate Governance Council Recommendation Does Icon Energy follow the recommendation? Principle 1 - Lay solid foundations for management and oversight 1.1 Disclose a board charter setting out roles and responsibilities of board and management ✓ 1.2 Undertake appropriate checks before appointing or electing a person as director ✓ 1.3 Written agreement with each director and senior executive ✓ 1.4 Company Secretary accountable directly to Board ✓ 1.5 Diversity Policy disclosures reported ✓ 1.6 Board performance evaluation undertaken ✓ 1.7 Senior executive performance evaluation undertaken ✓ Principle 2 – Structure the board to be effective and add value 2.1 Nomination committee requirements met X 2.2 Board skills matrix disclosed ✓ 2.3 Director Independence and tenure disclosed ✓ 2.4 Majority of the board are independent directors ✓ 2.5 Chair of the board is an independent director and not the same person as the CEO ✓ 2.6 Director induction and ongoing training program ✓ Principle 3 – Instill a culture of acting lawfully, ethically and responsibly 3.1 Articulate and disclose its values ✓ 3.2 Code of conduct available on website ✓ 3.3 Disclose a whistleblower policy ✓ 3.4 Disclose anti-bribery and corruption policy ✓ Principle 4 – Safeguard integrity in corporate reporting 4.1 Audit committee requirements met X 4.2 CEO and CFO Declaration was received by the Board and the financial statements comply ✓ 4.3 Periodic reports and material announcements ✓ Principle 5 – Make timely and balanced disclosure