Icon Energy Limited Annual Report 2022

26 ATP 594 Cooper-Eromanga Basin Queensland • This tenement has expired and is in the process of being relinquished. Corporate • Icon Energy held the Company’s 2021 Annual General Meeting on 15 December 2021 with all resolutions adopted. EVENTS AFTER THE BALANCE DATE A total of 13,243,677 listed options were exercised after the 30 June 2022 but before the expiry date of 12 September 2022 raising a total of $662,183.35. There has not arisen any other item, transaction, or event of a material or unusual nature likely in the opinion of the Directors, to affect substantially the operations or state of affairs of the Consolidated Entity in subsequent financial years. CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS Reference to corporate strategies and future development is to be included in the Chairman’s Report in the Annual Report. The group will continue to pursue farm-out parties for the further development of its tenement. FINANCIAL POSITION The consolidated loss after tax for the Company and its controlled entities for the financial year ended 30 June 2022 was $1,468,076 (2021: $6,919,302 loss). On 29 September 2021, Icon issued a placement of 60,000,000 ordinary shares at $0.01 per ordinary share to raise $600,000 before costs. On 12 January 2022, 97,150,302 shares were issued at $0.01 per ordinary share to raise $971,503 before costs according to the Rights Issue Offer. The Rights Issue also included a listed bonus option for every share taken up at $0.05 per share expiring on 12 September 2022. Directors' Report for the year ended 30 June 2022 22 Icon Energy Annual Report 2022