Icon Energy Annual Report 2025 37 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2025 • • • There were no other related party transactions during the year ended 30 June 2025 or 30 June 2024. Lodgement of invalid surrender notice Other Matters 30 June 2025 30 June 2024 a) Financial position $ $ Assets Current assets 1,286,327 1,462,235 Non-current assets 5,356 5,321 Total assets 1,291,683 1,467,556 Liabilities Current liabilities 5,354,675 5,137,414 Non-current liabilities 448,216 445,389 Total liabilities 5,802,891 5,582,803 Net Assets (4,511,208) (4,115,247) Equity Issued capital 104,716,869 104,116,869 Contributed capital 224,894 142,673 Accumulated losses (109,452,971) (108,374,789) Total equity (4,511,208) (4,115,247) b) Financial performance Loss for the year (1,078,182) (1,118,597) Other comprehensive income - - Total comprehensive income (1,078,182) (1,118,597) Carrying amount included in current liabilities - - d) Contingent liabilities of the parent entity Contingent liabilties are disclosed in note 19. The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements. Refer to Note 22 for a summary of the material accounting policy information relating to the Consolidated Entity. NOTE 21 - PARENT ENTITY INFORMATION On 8 August 2025 the Department of Natural Resources and Mines, Manufacturing and Regional and Rural Development requested the Company to provide additional information with respect to the PL-1144 application. The Company has requested an extension to be able to provide the necessary information by 16 December 2025. NOTE 20 - EVENTS AFTER BALANCE DATE NOTE 18 - RELATED PARTY TRANSACTIONS Transactions with Directors and Director Related Entities are disclosed in note 4. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The parent entity did not have any contractual commitments for the acquisition of property, plant or equipment as at 30 June 2025 or 30 June 2024. There were no other after balance sheet date events at the date of signing. There are no other contingent liabilties as at 30 June 2025 (30 June 2024: Nil). NOTE 19 - CONTINGENT LIABILITIES Interests in subsidiaries are disclosed in note 15. c) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries Following the expiration of Authority to Prospect (ATP) 594 on 16 April 2021, the Company received a notice under section 258 of the Environmental Protection Act 1994 (Qld) requiring the surrender of the related Environmental Authority. On 1 August 2023, the Company submitted a surrender application to the Department of Environment and Science (DES). However, on 11 August 2023, DES issued a non-statutory “invalid application” notice, as the submission did not meet the legislative requirements under sections 262 (Requirements for surrender application) and 264 (Requirements for final rehabilitation report) of the EP Act. As at 30 June 2025, a valid surrender application has not yet been submitted. Accordingly, it is not practicable to estimate the timing or financial effect of any potential rehabilitation obligations or administrative penalties that may arise in connection with this matter. The Company is working towards addressing the compliance issues.
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