Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Chris Newton was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Chris Newton was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 19
Lion Energy Limited, Annual General Meeting, May 26, 2026 Lion Energy Limited, Annual General Meeting, May 26, 2026. Announcement • Mar 17
Lion Energy Limited, Annual General Meeting, May 27, 2025 Lion Energy Limited, Annual General Meeting, May 27, 2025. Reported Earnings • Sep 18
First half 2024 earnings released: US$0.002 loss per share (vs US$0.002 loss in 1H 2023) First half 2024 results: US$0.002 loss per share (in line with 1H 2023). Revenue: US$273.1k (down 10% from 1H 2023). Net loss: US$661.5k (loss narrowed 37% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Apr 26
Lion Energy Limited, Annual General Meeting, May 27, 2024 Lion Energy Limited, Annual General Meeting, May 27, 2024, at 10:00 W. Australia Standard Time. Location: Suite 1, 295 Rokeby Road Subiaco Subiaco Western Australia Australia Agenda: To consider the Annual Report of the Company and its controlled entities for the financial year ended 31 December 2023; to consider Remuneration Report; to consider Re-election of Directors; to consider and Approve of 10% Placement Facility; to consider Ratification of issue of Consultant Shares; and to consider other business matters. New Risk • Mar 30
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: -US$4.5m 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 (-US$4.5m free cash flow). Earnings have declined by 25% per year over the past 5 years. Revenue is less than US$1m (US$670k revenue). Market cap is less than US$10m (AU$13.1m market cap, or US$8.55m). Minor Risk Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Reported Earnings • Mar 30
Full year 2023 earnings released: US$0.003 loss per share (vs US$0.006 loss in FY 2022) Full year 2023 results: US$0.003 loss per share (improved from US$0.006 loss in FY 2022). Revenue: US$670.2k (down 38% from FY 2022). Net loss: US$1.41m (loss narrowed 48% from FY 2022). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Nov 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor 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 Revenue is less than US$1m (US$689k revenue). Market cap is less than US$10m (AU$7.87m market cap, or US$5.16m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$3.9m). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Reported Earnings • Sep 16
First half 2023 earnings released: US$0.002 loss per share (vs US$0.004 loss in 1H 2022) First half 2023 results: US$0.002 loss per share (improved from US$0.004 loss in 1H 2022). Revenue: US$304.1k (down 56% from 1H 2022). Net loss: US$1.04m (loss narrowed 42% from 1H 2022). New Risk • Sep 13
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: -US$3.9m 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 Share price has been highly volatile over the past 3 months (21% average weekly change). Revenue is less than US$1m (US$689k revenue). Market cap is less than US$10m (AU$9.44m market cap, or US$6.06m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-US$3.9m). Announcement • Aug 01
Lion Energy Limited Announces Change of Company Secretary Lion Energy Limited advises the appointment of Mr. Rowan Harland as Company Secretary, replacing Mr. Arron Canicais following his resignation as Company Secretary. The Company would like to thank Mr. Canicais for his contribution to the Company over the past 7 years and wishes him the very best for the next stage of his career. Mr. Harland is a corporate advisor at SmallCap Corporate, a boutique corporate advisory firm specialising in providing company secretarial, CFO and transaction management services involving both listed and unlisted companies. Mr. Harland is also the Company Secretary of MGC Pharmaceuticals Limited. Mr. Harland will be responsible for communication with the ASX in relation to listing rule matters, pursuantto Listing Rule 12.6. Reported Earnings • Mar 31
Full year 2022 earnings released: US$0.006 loss per share (vs US$0.007 loss in FY 2021) Full year 2022 results: US$0.006 loss per share. Revenue: US$1.07m (up 13% from FY 2021). Net loss: US$2.72m (loss widened 49% from FY 2021). Announcement • Feb 17
Lion Energy Limited Provides an Update on the Testing of the Lofin-2 Gas Well as Part of the Ongoing Evaluation of the 1.5 Tcf (2C) Lofin Gas Discovery in the Seram (Non-Bula) Production Sharing Contract Lion Energy Limited provided an update on the testing of the Lofin-2 gas well as part of the ongoing evaluation of the 1.5 TCF (2C) Lofin gas discovery in the Seram (Non-Bula) Production Sharing Contract ("PSC"). Lion has a 2.5% participating interest in the PSC. Following the initial 2-3 day shut-in period, which commenced on 13 February 2023, to monitor pressure build-up, the well will be re-opened for the multi rate flow test period. This will be followed by a more extended shut-in period to monitor pressure build up and help confirm reservoir volumes. Lion will continue to keep the market informed on the ongoing test results. The objective of the Lofin-2 testing operations is to isolate the deep-water leg in the well and determine the reservoir hydrocarbon fluid characteristics and the deliverability of the target Manusela limestone. The test string was run in the Lofin-2 wellbore on 4 February and the testing tool opened for an initial clean up period on 8th February. Gas to surface was achieved following controlled flow back of the water cushion/completion fluid. Rates of up to 14.8 mmscfgd were recorded on the 80/64" choke with 800 psi well head pressure (WHP). The final test before first shut-in period was at a 16/64" choke with a rate recorded of 11.53 mmscfgd/58.6 bcpd (API:37), less than 1 bwpd (representing completion fluid) with 4150 psi WHP. Only 3% CO2 was recorded in the gas. Tested interval was at 15155' measured depth (MD) - 16656'MD/4619-5077m MD. The discovery well, Lofin-1, was drilled in 2012 and provided encouragement for further appraisal drilling following flow rates reaching 15.7 MMscfD. The well measured depth of 4,427m (4,410m TVD) was however constrained by mechanical issues and therefore an appraisal well was planned. The appraisal well Lofin-2 was drilled in 2015 to a measured depth of 5,861m (5,791m TVD) and confirmed a significant gas discovery, with a reservoir section of up to 1,300m. The Lofin Field is a thrust faulted four-way dip anticline located 50-km west of the producing Oseil oil field. The field is mapped on 1990 and 2008 vintage 2D seismic lines and is approximately 4km wide and 10km in length. While Lion has a 2.5% interest in the Seram (Non-Bula) PSC portion of the Lofin discovery, part of the field is mapped to extend into the East Seram PSC in which Lion has a 60% interest. The reservoir is the fractured carbonate of the Jurassic/Triassic age Manusela formation which is the reservoir in the nearby producing Oseil oilfield. Announcement • Jan 31
Lion Energy Limited Advise That Field Operations on the Exciting Onshore Seismic Survey, in the East Seram PSC, Have Been Successfully Completed Lion Energy Limited is pleased to advise that field operations on the exciting onshore seismic survey, in the East Seram PSC, have been successfully completed. Lion, via a wholly owned subsidiary, is operator of the survey with a total of 194km of data recorded with no lost time incidents. The program covered prospects and leads with combined (unrisked) Best Estimate Prospective Resource1 of 675 mmboe. Lion has a 60% interest in the East Seram PSC, with joint venture partner OPIC having a 40% interest. The survey was approximately 80% funded by OPIC under previously announced farm-in arrangements. The completion of the survey is a major milestone for Lion's exploration efforts in the East Seram PSC. The new data is designed to mature some of the large leads and prospects to drillable status. As previously advised, recording of the seismic data commenced in the northwest onshore Kobi area in late October and was completed in this area in early December. When operations moved to the more operationally challenging Tanah Baru and MA-7 Prospect areas in the southeast of the East Seram block, a second helicopter was mobilised in late November. Operations proceeded well with the seismic recording in the southeast area and the recording activities for the entire survey completed post quarter-end on 8 January 2023. The complementary Gravity Data survey acquisition (1000 stations) was completed on 7 December. Processing of the data by BGP in their Jakarta processing centre commenced in late November 2022 and is due for completion by Second Quarter 2023. In total, approximately 194 km of line data was recorded during the survey which includes 14 km of recorded line tails without shot holes. Initial field processed results are positive with overall good data quality, representing a significant improvement on previous seismic surveys in the area. Due to an issue with land access approval in an isolated area in the Tanah Baru prospect, a decision was made by Lion management in late December not to record one of the seismic lines (line 115). This decision was supported by the Indonesian regulator SKK Migas. Lion is, however, confident that there remains sufficient data to mature the Tanah Baru prospect. In addition to the two new lines (lines 116 and 117) and the new Gravity Data acquired, there is existing 2008 vintage seismic to aid the interpretation. Board Change • Jan 09
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Member of Lion H2 Advisory Board Ken Farrell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Member of Lion H2 Advisory Board Ken Farrell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 14
First half 2022 earnings released: US$0.004 loss per share (vs US$0.006 loss in 1H 2021) First half 2022 results: US$0.004 loss per share. Revenue: US$688.3k (up US$658.3k from 1H 2021). Net loss: US$1.78m (loss widened 35% from 1H 2021). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Member of Lion H2 Advisory Board Ken Farrell was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: US$0.007 loss per share (vs US$0.004 loss in FY 2020) Full year 2021 results: US$0.007 loss per share (down from US$0.004 loss in FY 2020). Revenue: US$945.9k (up 1.2% from FY 2020). Net loss: US$1.83m (loss widened 145% from FY 2020). Reported Earnings • Sep 15
First half 2021 earnings released: US$0.006 loss per share (vs US$0.003 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: US$30.0k (down 90% from 1H 2020). Net loss: US$1.33m (loss widened 112% from 1H 2020). 
