Elixir Energy Limited (EXR)

As a pre-revenue exploration company, Elixir Energy's value is tied to its asset portfolio and exploration success. The company has recently intensified its focus on its Australian asset, Project Grandis in Queensland's Taroom Trough, with drilling activities aiming to prove up significant gas resources close to existing infrastructure. In Mongolia, its foundational Nomgon IX CBM project continues to progress through appraisal and pilot production testing, aiming to be a key gas supplier to neighbouring China. The company's financial position is dependent on periodic capital raisings to fund its extensive drilling and appraisal programs across these multiple projects.

Elixir's growth strategy is multi-pronged, with significant potential catalysts on the horizon. The primary near-term value driver is the drilling and flow testing program at Project Grandis, where a successful discovery could be transformative given its location within a well-established energy market. Longer-term, successfully commercializing the large-scale Nomgon CBM project in Mongolia and securing offtake agreements with China remains a key objective. The Gobi H2 green hydrogen project represents a high-impact, long-dated opportunity that provides diversification and exposure to the global energy transition.