Icon Energy Limited Annual Report 2023

2 Icon Energy Annual Report 2023 Dear Shareholder On behalf of the Board of Directors, I wish to present to you Icon’s annual report for the financial year ended 30 June 2023. I would like to address you on some developments within the company. Following the conclusion of the initial 12-year term of ATP 855, Icon re-applied for renewal of this gas tenement in the Cooper. The Queensland Department of Resources has declined to receive or process the renewal application on the grounds that Icon did not meet the financial capability criteria. Icon lodged an appeal in the Queensland Supreme Court challenging this decision. A Court Hearing was held on 5 September 2023, and her justice reserved her decision to be brought down at a later date. Icon will advise the market of the result of this decision as soon as the judgement is released. In terms of corporate governance, I was appointed by the board as Chairman on 6 October 2023. On 31 March 2023, Jeff Marvin was appointed as a non-executive director of Icon and Managing Director on 6 October 2023. Furthermore, on 8 September 2023, Peter Wilson joined the board as a non-executive director. Both Jeff and Peter bring considerable experience in exploration and development across a broad range of hydrocarbon and mineral assets. Details of the qualification and experience of Jeff and Peter can be found in the Directors’ Report. I would like to acknowledge the departure of Stephen Barry, who has served as Chairman and non-executive director since the inception of the Company. His contribution to the Company has been marked by his qualities of integrity, honesty and reliability. Additionally, I wish to recognise the retirement of Keith Hilless as a non-executive director at the 2022 Annual General Meeting. Keith chose not to seek re-election. Keith had been a valuable director for over a decade, having joined the board of the Company after retiring as the Queensland Commissioner of Electric Power. His contributions to the Company have been significant. We wish both Stephen and Keith all the best for their future. In conclusion, I would like to emphasize the Board’s dedication to addressing the challenges we face and look forward to working together for a brighter future of the Company. Raymond James Chairman Chairman's Letter to Shareholders