Icon Energy Annual Report 2025 7 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS ATP 855 / PL-1144 Cooper-Eromanga Basin Queensland − Following the Supreme Court of Queensland’s 2023 decision to overturn the Department of Resources’ refusal to process the application to renew ATP 855, Icon Energy’s renewal application remained under assessment by the Department throughout the financial year. The Company continued to maintain all statutory rights and obligations under the Petroleum and Gas (Production and Safety) Act 2004 while the renewal remained under review. The company will provide an update once the renewal outcome is finalised. − On 30 August 2024, Icon Energy lodged a PL-1144 over the entire area of ATP 855 due to an amendment to the Regional Planning Interests Regulations 2014 (RPI Regulations) made on 1st August 2024. − In February 2025, the Department of Resources issued a Notice of Proposed Grant for PL-1144. This represented a significant step forward in the Company’s efforts to progress into the production phase, pending final regulatory approvals. Corporate − Icon Energy held the 2024 Annual General Meeting on 29 November 2024 with all resolutions adopted. − The Board continued to operate without a separate executive management team during the period, with all strategic and operational responsibilities retained by the Directors. − The Company secured working capital during the year via a $900,000 three-tranche funding arrangement with Paradise Marine Pty Ltd, a related party entity. This included a debt conversion, share subscription, and an interest-free loan with an equity conversion option. − Icon shares remained suspended from quotation on the ASX during the year. The company continued to release periodic disclosures to ensure that the market is fully informed under Listing Rule 3.1-3.1B while under suspension. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS − The Company expects a decision from the Queensland Department of Resources on the grant of PL-1144 over the ATP 855 permit area. This follows the Notice of Proposed Grant issued in February 2025. − If PL-1144 is granted, the Company plans to commence the staged implementation of its Initial Development Plan (IDP), including drilling two initial wells and conducting 3D seismic surveys. − The development focus will remain on conventional gas resources discovered in naturally fractured reservoirs within the Keppel Gasfield, which do not require hydraulic fracturing. − The Company will explore farm-in opportunities and other potential strategic partnerships to support the development of PL-1144 and reduce funding risk. − While ATP 855 remains under assessment, the Company remains suspended from trading on the ASX. Icon will continue to meet its disclosure obligations under Listing Rule 3.1 and 3.1B, and will apply for reinstatement once the material uncertainty relating to ATP 855 is resolved. − Corporate operations will continue to be managed directly by the Board, with cost control measures maintained and external service providers engaged as required. − The financial outlook remains contingent on the outcome of the Petroleum Lease application and the Company’s ability to secure external funding. The Board is confident that, with the successful grant of PL-1144 and progress of development activities, the Company will be positioned to deliver long-term shareholder value and progress toward future revenue generation.
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