2 Icon Energy Annual Report 2025 Dear Shareholder The past year has been an important period for Icon Energy as we continued to advance ATP 855. Despite challenges in the regulatory environment, the Company has made significant progress in preparing for the future development of this conventional gas resource. On 30 August 2024, Icon submitted its Production Lease (PL) application over the entire area of ATP 855. This application was prepared in full compliance with the new regulations which banned fracking in the Nappamerri Trough of the Cooper Basin. The application was restricted to the conventional gas component. On 6 February 2025, we received a Notice of Proposed Grant for PL-1144. The successful grant of PL-1144 will allow Icon to move forward with development and unlock the potential of this high-quality gas project. Our focus remains on developing the most promising gas resources within PL-1144, which we believe offers a significant and lasting opportunity to create value for the Company, its shareholders and Australia. This gas is required as the best transitional energy source in our quest for zero or low carbon free energy. Icon’s shares will remain suspended on the ASX until we have secured a Joint Venture partner and sufficient finance for the first phase of the development drilling program. The Company plans to lift the suspension on the trading of it’s securities before 9 January 2026. If the suspension is not lifted by this date, the securities will be delisted. Icon will continue its operations as an unlisted public entity until the finance and all approvals are finalised and reapply for the shares to be re-instated to quotation on the ASX trading Board. However, Icon is striving to have the suspension lifted before the end of this year. The Board is optimistic about the future and confident in the long-term potential of PL-1144. We thank our shareholders for their continued support and trust. Yours faithfully, Raymond James Chairman Chairman's Letter to Shareholders
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