2 Icon Energy Annual Report 2024 Dear Shareholder The Petroleum industry has been through an extraordinary year since October 2023. Most oil and gas companies have experienced turmoil and uncertainty in conducting business in a climate of extreme political ideology. Our State and Federal governments in Australia have passed new laws and regulations that have affected the industry adversely. Icon decided to focus on development of gas discovered in ATP 855 (Keppel Gas Project) as this has been the most promising discovery and is a very valuable asset in Australia. Unfortunately, there are numerous changes to the regulations and Icon is working within these new regulations. In October 2022 Icon’s ATP 855 required renewal for a further term of twelve years. The Department of Resources refused to accept the application. Icon had invested over $65 million on this tenement and appealed the ruling in the Queensland Supreme Court. This appeal was upheld in Icon’s favor in October 2023. The Queensland government has now legislated that new petroleum activities in the Lake Eyre Basin (LEB), covering 30 percent of Queensland, are forbidden. However, the Government provided an opportunity for those parties already holding Authorities to Prospect (ATP) to submit an application for a Production Lease (PL) by 30th August 2024. Icon prepared this application in a short period of 28 days and submitted it for the whole area of ATP 855 (Keppel Gas Project) on 30th August 2024. The government has accepted our application to apply for a PL and Icon is confident that it meets all the requirements of the new regulations. We thank them for this opportunity to submit a PL application. On 26th October the Queensland State Government election will be held with some uncertainty around the outcome of the Election. Icon shares are currently suspended from quotation on the ASX because of the uncertainty of the decision for the renewal of ATP 855. Icon is confident that we can overcome current challenges and have the suspension lifted. Icon will continue to release periodic disclosures to ensure that the market is fully informed under Listing Rule 3.13.1B while under suspension. Your Board of Directors remain committed to delivering value to our Shareholders. Thank you for your continuous support and trust in our future. Raymond James Chairman Chairman's Letter to Shareholders
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