New Risk • 17h
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$24.2m market cap, or US$17.2m). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Edouard Andre Denis Etienvre was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 20
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.427 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.427 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 162,962,963
Price\Range: AUD 0.027
Discount Per Security: AUD 0.00162
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,000,000
Price\Range: AUD 0.027
Discount Per Security: AUD 0.00162
Transaction Features: Subsequent Direct Listing New Risk • May 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.6m free cash flow). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$25.9m market cap, or US$18.7m). Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Edouard Andre Denis Etienvre was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 17
ADX Energy Ltd, Annual General Meeting, May 19, 2026 ADX Energy Ltd, Annual General Meeting, May 19, 2026. Location: level 1, 168 stirling highway, nedlands, western australia, Australia Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Edouard Andre Denis Etienvre was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 13
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 3.62 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 3.62 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 134,615,385
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,615,385
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director Edouard Andre Denis Etienvre was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to AU$0.023. The fair value is estimated to be AU$0.029, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.2%. Announcement • Apr 17
ADX Energy Ltd, Annual General Meeting, May 22, 2025 ADX Energy Ltd, Annual General Meeting, May 22, 2025. Location: held at the office of, level 1, 168 stirling highway, nedlands, western australia, Australia New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Market cap is less than US$10m (AU$15.0m market cap, or US$9.51m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$21m). Reported Earnings • Sep 19
First half 2024 earnings released: AU$0.007 loss per share (vs AU$0.006 loss in 1H 2023) First half 2024 results: AU$0.007 loss per share (further deteriorated from AU$0.006 loss in 1H 2023). Revenue: AU$4.97m (down 29% from 1H 2023). Net loss: AU$3.28m (loss widened 43% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. New Risk • Sep 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$21m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$21m). Market cap is less than US$100m (AU$59.7m market cap, or US$40.0m). Announcement • May 30
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 13.5 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 13.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,561,903
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,866,668
Price\Range: AUD 0.105
Transaction Features: Subsequent Direct Listing New Risk • May 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (33% average weekly change). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$49.4m market cap, or US$32.8m). Announcement • May 02
ADX Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 13.5 million. ADX Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 13.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,428,572
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 23
ADX Energy Ltd, Annual General Meeting, May 22, 2024 ADX Energy Ltd, Annual General Meeting, May 22, 2024, at 16:00 W. Australia Standard Time. Location: LEVEL 1, 168 STIRLING HIGHWAY Nedlands Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 31 December 2023 together with the declaration of the directors, the Directors' report, the Remuneration Report and the Auditor's report; to consider adoption of Remuneration Report; to consider re-election of Paul Fink as a Director; to consider re-election of Edouard Etienvre as a Director; to consider election of John Begg as a Director; to consider issue of Director Options in Lieu of Consulting Fees Ian Tchacos; to consider issue of Director Options in Lieu of Consulting Fees Paul Fink; to consider issue of Shares to Director Ian Tchacos; to consider issue of Shares to Director Paul Fink; to consider issue of Shares to Director Edouard Etienvre; and to consider other matters. Reported Earnings • Mar 29
Full year 2023 earnings released: AU$0.011 loss per share (vs AU$0.007 loss in FY 2022) Full year 2023 results: AU$0.011 loss per share (further deteriorated from AU$0.007 loss in FY 2022). Revenue: AU$13.2m (down 8.8% from FY 2022). Net loss: AU$4.06m (loss widened 76% from FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Mar 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 31% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 14% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$98.6m market cap, or US$64.8m). Announcement • Jan 18
ADX Energy Ltd. Announces Medical Leave of Absence by Its CEO, Paul Fink ADX Energy Ltd. announced that the Company's Chief Executive Officer, Mr. Paul Fink has requested a period of leave to recover from a medical condition which limits his ability to continue his duties at this time. The Board of ADX supports Paul taking the necessary time to focus on his health and looks forward to welcoming him back in the near future. Announcement • Dec 11
ADX Energy Ltd. Announces Anshof-2 Appraisal Well Update Drilling Operations Report No 5 ADX Energy Ltd. announced that Wireline logging results indicate a much larger high quality reservoir intersection at or near the field oil water contact. The shallower than predicted oil water contact is compensated by the flattening of the structure increasing up-dip volume and the existence of a much thicker reservoir intersection which has been confirmed to extend across the field. ADX and its partner MND have decided to suspend the well with the intention of side tracking the well to an up-dip location after the drilling of the ADX Welchau-1 well. Key points: The Anshof-2 well has intersected the predicted Eocene oil reservoir section at a depth of approximately 2160 metres measured depth (MD), approximately 40 to 50 metres higher than prognosis in terms of vertical depth. The well wasdirectionally drilled in 8 inch hole to a total measured depth of 2321 metres with a final inclination of approximately 73 (i.e. near horizontal). The well has been evaluated with electric wireline logs. Preliminary petrophysical analysis of the Eocene sands confirms at least 12 metres net vertical thickness of high quality reservoir with a porosity of approximately 20%, significantly surpassing the reservoir quality and thickness found in the Anshof-3 discovery well located to the West that has demonstrated strong production performance. The calculated oil saturation across the interval is approximately 34% and as a result the well will not be completed as an oil producer at this bottom hole location but suspended for deviation to a yet to be finalised up-dip location. Oil shows (fluorescence and good chloroform test reaction) at the top of the Eocene section indicate that higher oil saturations can be expected slightly further up-dip from the Anshof-2 bottom hole location. While the oil saturation at the Anshof-2 top hole location is clearly less than expected, ADX' interpretation is that the well has penetrated the Eocene reservoir close to the oil water contact (OWC). The presence of a thick very high-quality reservoir section in line with ADX' P10 (upside) case pre drill maps and the fact that Anshof oil field structure isatter and larger due to the Eocene sands being encountered 40 to 50 metres higher thannosis is expected to compensate for the shallower than expected OWC depth at this location, i.e. a larger crestal volume with greater net reservoir thickness (approx. 5 times that encountered at the Anshof-3 discover and production well). The suspension of the Anshof-2 well allows the time to evaluate an optimal well location which is sufficiently up-dip from the current bottom hole location with an intersection of a similar or greater thickness of high-quality reservoir sandstones. The drilling of a side track from the bottom of 9 inch casing provides significant cost savings for the planned sidetrack development well. Eocene oil production wells in the basin with similar high quality sand intersections as encountered in Anshof-2 have produced at rates of approximately 1,000 barrels per day. The Anshof-2 appraisal well is located in the ADX-AT-II licence in Upper Austria. The well was spudded at 10:00 am Central European Time (CET) on the 13th of November 2023. ADX is the operator and has a 60% economic interest in the well. The RED Drilling & Services GmbH (RED) E-202 drilling rig is expected to be released on the 12th December 2023 following completion of suspension operations. Announcement • Nov 29
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.8 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.004
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 18
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.001 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$7.04m (up 5.8% from 1H 2022). Net loss: AU$2.30m (loss widened 145% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Jun 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.3m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (AU$25.3m market cap, or US$17.3m). Reported Earnings • Mar 31
Full year 2022 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in FY 2021) Full year 2022 results: AU$0.001 loss per share (improved from AU$0.002 loss in FY 2021). Revenue: AU$14.5m (up 50% from FY 2021). Net loss: AU$2.30m (loss narrowed 45% from FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Edouard Etienvre was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 15
First half 2022 earnings released: EPS: AU$0 (vs AU$0.001 loss in 1H 2021) First half 2022 results: EPS: AU$0 (improved from AU$0.001 loss in 1H 2021). Revenue: AU$6.66m (up 48% from 1H 2021). Net loss: AU$940.5k (loss narrowed 50% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Apr 02
Full year 2021 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in FY 2020) Full year 2021 results: AU$0.002 loss per share (up from AU$0.003 loss in FY 2020). Revenue: AU$9.64m (up 41% from FY 2020). Net loss: AU$4.17m (loss narrowed 2.5% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Sep 15
First half 2021 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: AU$4.49m (up 22% from 1H 2020). Net loss: AU$1.88m (loss narrowed 15% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. 
