Board Change • May 21
No independent directors 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. No highly experienced directors. No independent directors (3 non-independent directors). MD & Director Andrew Bald was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Tillkännagivande • May 01
Xstate Resources Limited, Annual General Meeting, May 29, 2026 Xstate Resources Limited, Annual General Meeting, May 29, 2026. Location: at unit 14, 210 bagot road, subiaco wa 6008 Australia Tillkännagivande • Apr 23
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.69 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.69 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,439,396
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,772,726
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Tillkännagivande • Apr 22
Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.692145 million. Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.692145 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,439,396
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,837,726
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Tillkännagivande • Dec 17
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.823599 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.823599 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,707,129
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,092,826
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Transaction Features: Subsequent Direct Listing Tillkännagivande • Dec 11
Sacgasco CA, Inc. completed the acquisition of Xstate USA Corporation from Xstate Resources Limited (ASX:XST). Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 8, 2025. A cash consideration of $0.1 million will be paid by Sacgasco CA, Inc. As part of consideration, an undisclosed value is paid towards common equity and $0.1 million is paid towards forgiveness of unpaid cash calls of XGas LLC.
Sacgasco CA, Inc. completed the acquisition of Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 10, 2025. Tillkännagivande • Dec 08
Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST). Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 8, 2025. A cash consideration of $0.1 million will be paid by Sacgasco CA, Inc. As part of consideration, an undisclosed value is paid towards common equity and $0.1 million is paid towards forgiveness of unpaid cash calls of XGas LLC. Tillkännagivande • Oct 31
Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.823599 million. Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.823599 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,707,129
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,092,826
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Transaction Features: Subsequent Direct Listing Tillkännagivande • Sep 16
Xstate Resources Limited (ASX:XST) completed the acquisition of 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR). Xstate Resources Limited (ASX:XST) agreed to acquire 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR) for AUD 0.25 million on April 4, 2025.
The transaction is subject to approval of offer by acquirer shareholders, consummation of due diligence investigation and consummation of private placement OF AUD 2.5 million. The expected completion of the transaction is September 1, 2025. On July 28, 2025, the transaction has been approved by the shareholders of Xstate Resources Limited. As of August 21, 2025, the transaction was approved by Queensland Department of Natural Resources and Mines. As of August 20, 2025, the expected completion of the transaction is August 28, 2025. As of September 3, 2025, the expected completion of the transaction is September 4, 2025.
Xstate Resources Limited (ASX:XST) completed the acquisition of 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR) on September 15, 2025. Tillkännagivande • Sep 12
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.144 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.144 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 107,200,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012 Tillkännagivande • Jun 04
Kathari Energia GmbH reached an agreement to acquire 20% stake in Anshof Field Area in Austria from Xstate Resources Limited (ASX:XST) for €0.55 million. Kathari Energia GmbH reached an agreement to acquire 20% stake in Anshof Field Area in Austria from Xstate Resources Limited (ASX:XST) for €0.55 million on June 4, 2025. Following completion of the transaction, ADX’s economic interest in the Anshof Field Area Partnership increases from 50% to 70%. ADX will hold a 70% interest in Anshof-3 and a 60% interest in Anshof-2A production wells, increasing ADX’s share of oil production from the Anshof Field Area from 58 BOPD to 72 BOPD. . The transfer of interest is subject to the consent of MND Austria a.s. (MND), ADX’ remaining partner in the Anshof Field Area. Tillkännagivande • Apr 11
Xstate Resources Limited, Annual General Meeting, May 14, 2025 Xstate Resources Limited, Annual General Meeting, May 14, 2025. Location: at level 1, 31 cliff street, fremantle, wa 6160, Australia New Risk • Sep 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 436% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (436% accrual ratio). Market cap is less than US$10m (€1.75m market cap, or US$1.94m). Minor Risk Revenue is less than US$5m (AU$4.2m revenue, or US$2.8m). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: AU$0.004 (vs AU$0.011 loss in FY 2022) Full year 2023 results: EPS: AU$0.004 (up from AU$0.011 loss in FY 2022). Revenue: AU$7.82m (down 61% from FY 2022). Net income: AU$1.40m (up AU$4.88m from FY 2022). Profit margin: 18% (up from net loss in FY 2022). Tillkännagivande • Mar 29
Xstate Resources Limited, Annual General Meeting, Apr 29, 2024 Xstate Resources Limited, Annual General Meeting, Apr 29, 2024, at 10:00 W. Australia Standard Time. Location: Level 1, 31 Cliff Street, Fremantle Fremantle Western Australia Australia Reported Earnings • Sep 18
First half 2023 earnings released: AU$0.002 loss per share (vs AU$0.008 loss in 1H 2022) First half 2023 results: AU$0.002 loss per share (improved from AU$0.008 loss in 1H 2022). Revenue: AU$3.98m (down 62% from 1H 2022). Net loss: AU$505.2k (loss narrowed 80% from 1H 2022). New Risk • Sep 14
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$567k 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$567k free cash flow). Share price has been highly volatile over the past 3 months (87% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (€2.12m market cap, or US$2.27m). Board Change • May 30
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. 3 non-independent directors. Non- Executive Director Andrew Bald was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
