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ASX:STX FY26 FULL YEAR RESULTS Delivering a secure energy future 29 Sept 2026 ASX:STX
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DISCLAIMER AND IMPORTANT NOTICES Summary information This presentation contains summary information and statements about StrikeEnergy Limited (ASX:STX) (Strike), its subsidiaries and their respective activities, which is current as at the date of this presentation (unless otherwiseindicated). The information in this presentation is general in nature and does not purport to be exhaustive. For example, this presentation does not purport to contain all of the information that investors may require in evaluating a possible investment in Strike . It has been prepared by Strike with due care but no representation or warranty, express or implied, is provided by Strike in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation. This presentation should be read in conjunction with Strike’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the ASX website (at www.asx.com.au) and the Strike website (at www.strikeenergy.com.au). No person other than Strike has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. Strike, to the maximum extent permitted by law, expressly excludes and disclaims all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it. Strike does not make any representations or warranties (express or implied) to you about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). Not an offer, and not investment or financial product advice This presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This presentationhas not been lodged with the Australian Securities and Investments Commission. This presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Strike, or any other financial products or securities, in any place or jurisdiction. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this document have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US statesecurities laws. This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice) or a recommendation toacquire any securities of Strike. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Any investment decision, should be made based solely upon appropriate due diligence and other inquiries. Before making anyinvestment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal,financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Strike is not licensed to provide financial product advice in respect of an investment in securities, and do not purport to give advice of any nature. An investment in any listed company, including Strike, is subject to risks of loss of income and capital. Past performance Past performance metrics and figures, as well as pro forma financial information, included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indicationof Strike’s views on Strike's future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Strike, including in relation to the historical trading price of shares, production, reserves and resources, costs and other historical financial information cannot be relied upon as an indicator of (andprovide no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Investment risk As noted above, an investment in shares in Strike is subject to investment and other known and unknown risks, some of which are beyond the control of Strike. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Strike in the future. Strike doesnot guarantee any particular rate of return or the performance of Strike, nor guarantee the repayment of capital from Strike, or anyparticular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties andcontingencies which may affect future operations of Strike, and the impact that different future outcomes may have on Strike. Refer to the risk factors starting on page 31 of the 2025 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. 2
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1.Market capitalisation based on a closing share price of $0.110 as at 28 September 2026. 2. Refer to slide 18 for important information relating to reserves and resources estimates. ASX-listed energy company (ASX: STX) focused on Perth Basin gas. Producing, development and exploration portfolio providing multiple value drivers. Exposure to the WA domestic gas market. Market Cap $414m1 Shares on issue 3.6b STRIKE AT A GLANCE 3 A leading independent energy company delivering reliable domestic gas and flexible power generation to Western Australia Material reserves and resources base underpinning future growth. Refreshed Leadership Nev Power Chair Jill Hoffmann Non-executive director Stephen Bizzell Non-executive director Will Barker Non-executive director Shelley Robertson CEO & MD Experienced Board and management team with proven delivery capability. Positioned for transformational production growth through future development projects.
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1. Refer to slide 18 for important information relating to reserves and resources estimates. 2. Based on Strike Energy Limited market capitalisation as at 24 September 2026. Reserves and Resources comprise 2P Reserves and 2C Contingent Resources (net to Strike) as most recently disclosed. Value per GJ calculated by dividing market capitalisation by total 2P + 2C volumes. Prospective Resource Estimate Information & Cautionary statement The estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. This estimate is un-risked, probabilistically determined and has a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. 2P 2C 2U 17% 2% 4% 51% 19% Total 313 292 1,459 2,064 8% West Erregulla Walyering South Erregulla Ocean Hill & OHS Kadathinni L26 Strike Perth Basin 2P Reserves, 2C Resources & 2U Resources (PJe)2 OUR PORTFOLIO 4 Total Reserves and Resources L25 50% Waitsia Lockyer & North Erregulla Beharra EP503 100% EP505 100% EP506 100% EP495 100% EP488 100% EP447 100% EP489 100%Walyering (STX 100%) Woodada Ocean Hill (STX 100%) South Erregulla (STX 100%) West Erregulla (STX 50%) PGP The Precinct (STX 100%) Operator in all permits Erregulla Deep (STX 50%) L23 100% L24 100% DBNGP Kadathinni (STX 100%) EP504 100% L26 50% A leading Perth Basin pure play At current market cap, Reserves and Resources valued at $0.68 per GJ (2P + 2C)1,2 with material exploration upside.1 Walyering Cash flow from production West Erregulla Development led growth Ocean Hill Future resource growth potential South Erregulla Appraisal & expansion opportunities Perth Basin Infrastructure-advantaged position Kadathinni Exploration upside
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FY26 HIGHLIGHTS & RECENT MILESTONES 1. As at 1 July 2026. 2. Refer to slide 18 for important information on the estimation of Reserves and Resources. 3. Subject to finalising documentation and Macquarie consent. Refer to ASX announcement dated 31 August 2026 entitled “Company Update” for more information, in particular Annexure C. 4. Facility made available and drawn down on the 7th of September 2026. 5 WEST ERREGULLA NET 2P RESERVES1 Increased 2P Reserves by 20% post Natta 3D interpretation and an independently audited Reserves and Resources review across L25 & L26 Increased from 13.6 PJ accounting for 5.7 PJ of FY26 production HANCOCK ENERGY PRE-FID LOAN AGREED IN-PRINCIPLE3 To support Strike’s share of West Erregulla development activities through to FID MACQUARIE FACILITY MADE AVAILABLE4 Additional funding capacity DEVELOPMENT PATHWAY ESTABLISHED Processing solution agreed with Hancock Energy, targeting 43.5TJ/d of Strike production capacity and first gas in 1H CY29 Building the platform for growth Advanced through construction and commissioning towards commercial operations targeted in Q4 CY26 SOUTH ERREGULLA POWER PROJECT WALYERING 2P SALES GAS RESERVES2 85MW 251PJ 16.4PJ1 $30M $30M WEST ERREGULLA
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FY26 FINANCIAL RESULTS 1. Refer Appendix 1 ‘Reconciliation of Underlying EBITDA to Net Loss’ 6 Investing in growth SALES REVENUE $62.8m UNDERLYING EBITDA1 $17.6m CASH AT 30 JUNE 2026 $46.3m Lower Walyering production 3rd party gas maintained firm commitments Investment increased materially Natural field decline and compression requirements reduced own-gas production to: Strike supplemented production with third-party gas during softer WA spot gas pricing, purchasing and on-selling: Major development program South Erregulla, Walyering compression and Walyering West, net assets rose to: 5.9 PJe 2.37 PJ $355.6m CAPEX FY26 $151.3m
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Status Online Production Rate1 20 TJ/day Reserves Contingent Resources 2C: 17 PJ2 WALYERING Restoring production & Rebuilding Reserves 1. As of 24 September 2026, subject to change. 2. Refer to slide 18 for important information relating to reserves and resources estimates. 7 13.6 16.4 5.7 8.5 FY25 2P FY26 Production Reserves Review FY26 2P 16.4 13.6 PJ LOWER FIELD PRODUCTION INVESTMENT & INTERVENTION STRONGER POSITION Reservoir decline Compression requirement Third-party gas used to maintain firm contract commitments FY25 FY26 FY27 Second heat exchanger installed 2 compression packages installed Walyering West-1 drilled and tested 21% Reserves increase Compression supporting 20 TJ/d Walyering West-1 tie-in progressing through FEED 2P: 16.4 PJ2 2P Reserves Reconciliation (PJ)
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CAPACITY REVENUE2 CY27 CY28 CY29 up to ~ $19m ~ $31m ~ $42m3 SOUTH ERREGULLA 1. Refer to slide 18 for important information relating to reserves and resources estimates. 2. CY = Capacity Year from 1 October to 30 September. 3. Based on Benchmark Reserve Capacity Price of $488,500 per MW per annum, subject to final Reserve Capacity Price expected to be announced in November 2026. 4. Illustrative electricity sales revenue based on 6–10 hours/day utilisation and electricity pricing assumptions of ~$125/MWh (6 hrs/day) and ~$110/MWh (10 hrs/day). Illustrative only and not a forecast. Actual revenue will vary with dispatch, realised electricity prices, plant availability and operating conditions. 8 Approaching commercial operations GENERATING CAPACITY 85MW RESERVES & RESOURCES 45 PJ 2P1 37 PJ 2C1 STRIKE OWNED & OPERATED 100% ~ $23m p.a. ~ $34m p.a. 6 hrs/d 10 hrs/d ELECTRICITY SALES Revenue driven by electricity price x utilisation Illustrative scenarios4 + A new high-margin earnings stream for Strike with exposure to both capacity and electricity markets
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STRATEGIC ENERGY & INFRASTRUCTURE POSITION 9 3,500 ha freehold land positioned at the intersection of energy, transmission and digital infrastructure STRIKE’S 3,500 HA FREEHOLD LAND SEPP 85 MW Peaking Power Pant KINGIA PLAINS ~310 MW Potential Wind Capacity WEST ERREGULLA 251 PJ 2P + 48 PJ 2C1 SOUTH ERREGULLA 45 PJ 2P + 37 PJ 2C1 Existing 132 KV transmission line Recently constructed transmission GERALDTON ~90km BRAND HWY 28km PERTH ~350km 1. Refer to slide 18 for important information relating to reserves and resources estimates. LARGE SCALE LAND 3,500 ha freehold land owned by Strike provides scale for major infrastructure and industry ENERGY RESILIENCE Combination of gas and potential renewables that can be delivered via the grid or behind-the-meter delivers reliability STRATEGIC LOCATION ~400 km from Perth with ability for co-location and strong infrastructure corridor access MULTIPLE VALUE PATHWAYS Gas production, power, renewables, potential digital infrastructure and other energy intensive industry KADATHINNI Material prospective resources 25km SE from South Erregulla
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WEST ERREGULLA A defined pathway to market 10 1. Target production rate is 50% of the proposed 87 TJ/day West Erregulla development targeted production rate and is underpinned by Strike’s 251 PJ net 2P Reserves. The target is subject to completion of development activities, finalisation of joint venture and gas processing arrangements with Hancock Energy, final investment decision and other customary development conditions. 2. Refer to slide 18 for important information relating to reserves and resources estimates. Status Pre-FID Target Production Rate 43.5 TJ/day1 Development Pathway Belisama Gas Plant Reserves & Resources 2P: 251 PJ2 2C: 48 PJ2 INDICATIVE ANNUAL REVENUE AT $8/GJ $127M TARGET UPSTREAM FID MID FY28 TARGET FIRST GAS MID CY29 Post year end agreements materially advanced one of Strike’s largest growth opportunities IMPLEMENTATION AGREEMENT Framework to progress development toward FID and finalise long-form project agreements. FIXED CAPACITY CHARGE Binding fixed processing Capacity Charge provides greater certainty over a key future cost. ALIGNED DEVELOPMENT Integrated upstream and processing framework with access to Hancock technical and development capability.
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FUNDING THE NEXT PHASE At 30 June 2026 ($m) Facility Limit ($m) Drawn 30 Jun 26 Pricing Repayment Macquarie debt – Tranche A1 60.0 60.0 BBSW + 6.0% From Dec 26; matures Mar 29 Macquarie debt – Tranche A2 13.0 13.0 BBSW + 6.0% From Dec 26; matures Mar 29 Macquarie debt – Tranche B1 17.0 17.0 BBSW + 6.0% From Dec 26; matures Mar 29 Macquarie debt – Tranche B2 23.01 - BBSW + 6.0% No amortization Macquarie debt – Tranche C 40.0 - - Uncommitted; subject to CPs Asset finance – gas engines 49.0 49.0 BBSY + 7.6% / 6.0% 5 years from Oct 26 Asset finance – other 15.0 14.7 BBSY + 7.6%/ 6.0% 5 years from Oct 26 Rabobank - farm mortgage 6.0 6.0 BBSW + 3.25% Bullet, Dec 28 Borrowings (book) $157.7m Cash $46.3m Net debt $111.4m Covenants All complied with 1. Post year-end, Macquarie debt Tranche B2 was increased to $30m and made available, drawn down on 7 September 2026
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CAPACITY REVENUE5 CY27 CY28 CY29 up to ~$19m ~$31m ~ $42m2 Illustrative gas price A PIPELINE OF GROWTH Multiple paths to grow production, revenue and cash flow 1. As of 24 September 2026, subject to change. 2. Based on Benchmark Reserve Capacity Price of $488,500 per MW per annum, subject to final Reserve Capacity Price expected to be announced in November 2026. 3. Refer to slide 18 for important information relating to reserves and resources estimates. 4. Forecast by AEMO in the 2025 WA Gas Statement of Opportunities. WALYERING SOUTH ERREGULLA WEST ERREGULLA OCEAN HILL + KADATHINNI ~$52m REVENUE p.a. 251 PJ3 STRIKE SHARE MATERIAL UPSIDE Producing First power targeted 2026 First gas targeted mid-CY29 Exploration pipeline and future upside Revenue at current firm offtake arrangements At a target production rate of 43.5 TJ/day7 Potential future Gas supply 20 TJ/day1 Production rate 85 MW capacity Expected run rate 6-10hrs/day Supportive market Growing WA gas supply shortfall4 Large exploration inventory PRODUCING NOW NEAR-TERM CASH FLOW DEVELOPMENT PIPELINE FUTURE UPSIDE 12 TWO REVENUE STREAMS ~$23m p.a. ~$34m p.a. 6 hrs/d 10 hrs/d ELECTRICITY SALES Revenue driven by electricity price x utilisation Illustrative scenarios6 + 5. CY = Capacity Year from 1 October to 30 September. 6. Illustrative electricity sales revenue based on 6–10 hours/day utilisation and electricity pricing assumptions of ~$125/MWh (6 hrs/day) and ~$110/MWh (10 hrs/day). Illustrative only and not a forecast. Actual revenue will vary with dispatch, realised electricity prices, plant availability and operating conditions. 7. Refer to Footnote 1 on slide 5. Revenue p.a. ($m) 111 127 143 159 175 191 $7 $8 $9 $10 $11 $12
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SCALING STRIKE BEYOND 2030 13 OCEAN HILL L26 KADATHINNI 180 PJ 2C1 MATERIAL SCALE Appraisal opportunity Future drilling inventory Emerging large-scale untested potential 100%-owned gas discovery NEAR-FIELD UPSIDE Significant prospects surrounding West Erregulla Large prospects and leads across Strike’s 100%-owned acreage Beyond the core asset plan ADDITIONAL UPSIDE Exploration success provides the potential to: Extend production Grow future gas supply Leverage existing infrastructure 1. Refer to slide 18 for important information relating to reserves and resources estimates. Host a data centre
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FY27 FINANCIAL PRIORITIES 1. Target production rate is 50% of the proposed 87 TJ/day West Erregulla development targeted production rate and is underpinne d by Strike’s 251 PJ net 2P Reserves. The target is subject to completion of development activities, finalisation of joint venture and gas processing arrangements with Hancock Energy, final investment decision and other customary development conditions 14 CONVERT SOUTH ERREGULLA INTO CASH FLOW Total forecast project cost about $186m; practical completion forecast 31 October 2026. 01 SERVICE DEBT FROM OPERATING CASH FLOW Asset finance amortises from October 2026; Macquarie debt from December 2026. 02 FUNDING FOR WEST ERREGULLA TO FID Hancock Energy loan of up to $30m, subject to long-form agreements and Macquarie consent. Targeting 43.5TJ/d1 production net to Strike via Hancock Energy’s proposed Belisama Gas Plant. 03 CAPITAL DISCIPLINE Pursue exploration and development programmes through disciplined capital management. 04
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ASX: STX WEST ERREGULLA UNLOCKED A clear development pathway for one of WA’s largest onshore conventional gas resources. REVENUE GROWTH Walyering, South Erregulla and West Erregulla combined providing the pathway to a materially larger production and earnings base. DIVERSIFIED ENERGY EXPOSURE Natural gas production and dispatchable power provide exposure to two increasingly important markets generating solid revenue streams. FUNDING PATHWAY Development funding support and aligned partners provide a pathway to progress the portfolio while preserving financial flexibility. ORGANIC GROWTH ~3,000 km2 of Perth Basin acreage provides multiple material opportunities – creating value via the drill bit. UNDERVALUED World class asset base with three significant revenue streams targeted for 2029 and untapped exploration upside creates opportunity for increasing shareholder returns. DIVERSIFIED ASSETS | DIVERSIFIED EARNINGS | A NEW SCALE FOR STRIKE 15 WHY STRIKE? WHY NOW?
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Click to edit Master subtitle style ASX:STX energy future Delivering a secure ASX: STX For further information: strike@strikeenergy.com.au strikeenergy.com.au
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APPENDIX A: UNDERLYING EBITDA RECONCILIATION Underlying EBITDA Reconciliation 2026 $’000 2025 $’000 Revenue from gas and oil sales 62,777) 72,717) Cost of sales excluding depreciation and amortisation (29,954) (17,707) Other income 1,376) 4,301) Other operating excluding D&A (16,613) (17,700) Underlying EBITDA 17,586 41,611) Finance income 1,470) 969) Finance expenses (8,470) (11,009) Depreciation and amortisation (30,548) (51,974) Abandonment expense (4,510) - Impairment expense (2,715) (117,748) Income tax expense - (19,177) Loss for the period (27,187) (157,328)
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Click to edit Master subtitle style ASX:STX FORWARD LOOKING STATEMENTS AND OTHER INFORMATION Reserves and Resources Estimates Information in this presentation relating to: • the West Erregulla Reserve and Resource estimate is set out in the ASX announcement dated 18 March 2026 entitled “West Erregulla and Erregulla Deep Reserves and Resources Statement”. Strike’s equity interest is 50%. The estimates, classification and risking presented are Strike evaluated and independently audited by Miller & Lents, Ltd. and have not been evaluated or audited for or on behalf of the Joint Venture; • the South Erregulla Reserve and Resource estimate is set out in the ASX announcement dated 24 June 2024 entitled “South Erregulla Reserves”. Strike’s equity interest is 100%; • the Walyering Reserve and Resource estimate is set out in ASX announcement dated 17 August 2026 entitled "Walyering Reserves Statement". Strike 's equity interest is 100%; • the Ocean Hill 2C Contingent Resource and 2U Prospective Resource is set out in ASX announcement dated 27 August 2025 entitled "Ocean Hill Resource Update". Strike’s equity interest is 100%; • the Kadathinni 2U Prospective Resource estimate is set out in ASX announcement dated 7 May 2025 entitled “Exploration Update". Strike’s equity interest is 100%; The above announcements are available to view on Strike Energy's website at www.strikeenergy.com.au. Strike confirms that, as at the date of this presentation, it is not aware of any new information or data that materially affects the information contained in the referenced announcements, and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply. These reserves and resources estimates must be read in conjunction with the full text of the ASX releases referred to. The Reserves and Resources are unrisked. Forward looking statements This presentation contains forward looking statements about Strike. Often, but not always, forward looking statements can be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements in this presentation regarding intent, belief, expectations, plans, strategies and objectives of management, indications of and guidance on synergies, future earnings or financial position or performance, future acquisitions, anticipated production rates or construction commencement dates, costs or production outputs for each of Strike and the future operation of Strike.Strike does not make any representation or warranty as to the currency, accuracy, reliability or completeness of any forward-looking statements contained in this presentation. To the extent that this presentation materials contains forward looking information, the forward-looking information is subject to a number of risks, including those generally associated with the gas industry more broadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework within which Strike operate or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and other environmental issues, the recruitment and retention of key personnel, industrial relations issues, litigation and outbreaks of disease or pandemics. Any such forward looking statements are based on assumptions, qualifications and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider any forward-looking statements contained in this presentation in light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward looking statements are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Strike. Any forward-looking statements are based on information available to Strike as at the date of this presentation. Refer to the risk factors starting on page 30 of the FY26 Annual Report for a summary of certain general and Strike Energy specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. Investors should consider the forward looking statements contained in this presentation in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and its directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide any additional or updated information, whether as a result of new information, future events or results or otherwise (including to reflect any change in expectations or assumptions). Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Strike or any other matter the subject matter of this presentation), create an implication that there has been no change in the affairs of Strike since the date of this presentation. Effect of rounding and Financial data A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. All dollar values are in Australian dollars ($ or A$ or AUD) unless stated otherwise. All references to USD or US$ or USD are to the currency of the United States of America. 18