Announcement PDF 2026 ANNUAL REPORT 2026 DELIVERING A SECURE ENERGY FUTURE ACKNOWLEDGEMENT OF COUNTRY Strike respectfully acknowledges the Aboriginal and Torres Strait Islander Peoples of this nation and their ongoing connection to culture and country. We are committed to maintaining positive, long-term and trusting relationships. We pay our respects to their elders and leaders, past, present and emerging. ABOUT THIS REPORT This 2026 Annual Report is a summary of Strike’s operations, activities and financial position for the 12-month period ended 30 June 2026. In this report, unless otherwise stated, references to ‘Strike’, the ‘Company’, the ‘Group’, ‘we’, ‘us’ and ‘our’ refer to Strike Energy Limited and its subsidiaries. The Glossary defines terms used in this report. This report contains forward‑looking statements. Please refer to page 3, which contains a notice in respect of these statements. All references to dollars, cents or $ in this document are to Australian currency, unless otherwise stated. Due to rounding, figures and ratios in tables and charts throughout this report may not reconcile to totals. An electronic version of this report is available on Strike’s website www.strikeenergy.com.au. The 2026 Corporate Governance Statement can be viewed on our website on the Corporate Governance page. CONTENTS Key Statistics 5 FY26 highlights & recent milestones 5 01 About Strike 4 Information about the Directors 23 Reserves and Resources 28 Operating and Financial Review 30 Remuneration Report 38 Auditor’s Independence Declaration 56 Directors’ Declaration 57 05 Directors’ Report 23 Consolidated Financial Statements 59 Notes to Financial Statements 63 Consolidated Entity Disclosure Statement 94 Independent Auditor’s Report 95 Shareholder Information 100 Corporate Directory 102 06 Financial Report 58 02 Letter from the Chair 6 03 Managing Director’s Report 8 04 Operations and Project Overview 10 Important Notices Forward Looking Statements Statements contained in this Report, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘budget’, ‘outlook’, ‘schedule’, ‘estimate’, ‘target’, ‘guidance’ ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this document regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike. Actual results, performance, actions and developments of Strike may differ materially from those expressed or implied by the forward-looking statements in this Report. Such forward-looking statements speak only as of the date of this document. Refer to the risk factors starting on page 30 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 Report in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward‑looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence). Nothing in this Report will under any circumstances create an implication that there has been no change in the affairs of Strike since the date of this document. About Strike Letter from the Chair Managing Director’s Report Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 3 ABOUT STRIKE Strike Energy Limited (ASX:STX) is a leading independent energy company delivering reliable domestic gas and developing flexible power generation for Western Australia. Strategically located near key processing and transmission infrastructure in the Mid‑West, Strike is building a diversified portfolio of gas production, power generation and exploration assets. Strike has one of the largest discovered gas portfolios in the onshore Perth Basin and Mid-West, including the expansive Greater Erregulla Permian fields and condensate rich Walyering. OUR PURPOSE Our purpose is to deliver secure and reliable energy to support Western Australia’s transition to a lower‑emissions energy future while creating sustainable long-term value for stakeholders. OUR STRATEGY Our strategy outlines how we will achieve our purpose. GENERATE Maximise value from producing assets GROW Convert resources into new revenue stream assets DISCOVER Build the next generation of growth assets OUR VALUES Our values guide in how we achieve our purpose. They shape the way we behave and the standards we set for ourselves and others. RESOURCEFULNESS: Delivering low cost and innovative solutions COLLABORATION: Strike works in partnership with all of its stakeholders AGILITY: Strike is nimble, and responds faster than the competition OPENNESS: Strike is transparent and receptive to alternative views LONG-TERM FOCUS: Strike’s focus is on the horizon to create multi-generational value COMPETENCE: Strike’s actions are backed by qualified people who are experts in their fields Letter from the Chair About Strike Financial Report Directors’ Report Operations & Project Overview Managing Director’s Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 4 FY26 HIGHLIGHTS & RECENT MILESTONES KEY STATISTICS¹ 1 Current as at 1 July 2026. 2 Refer to page 29 for important information on the estimation of Reserves and Resources. 3 For important information regarding loan conditions and terms, refer to ASX announcement on 31 August 2026 entitled “Company Update”. ~$63 MILLION Total Sales Revenue 85 MW SOUTH ERREGULLA POWER PROJECT Advanced through construction and commissioning towards commercial operations targeted in Q4CY26 251 PJ NET 2P RESERVES AT WEST ERREGULLA² ~20% increase following independently audited Reserves and Resources review $30 MILLION HANCOCK ENERGY PRE‑FID LOAN AGREED IN-PRINCIPLE³ To support Strike’s share of West Erregulla development activities through to FID $30 MILLION MACQUARIE FACILITY MADE AVAILABLE³ Additional funding capacity NEW LEADERSHIP FOR STRIKE Shelley Robertson appointed Managing Director & CEO and Nev Power appointed Chair WEST ERREGULLA DEVELOPMENT PATHWAY ESTABLISHED Processing solution agreed with Hancock Energy, targeting 43.5 TJ/d of Strike production capacity and first gas in CY29 RESERVES & RESOURCES OVERVIEW (PJ) PRODUCTION OVERVIEW (PJ) 0 100 200 300 400 500 600 700 800 TOTAL 2C 2P 0 2 4 6 8 10 PRODUCTION 9 519 249 270 2025 2026 2025 2026 2025 2026 2025 2026 6 605 292 313 Letter from the Chair Managing Director’s Report Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 5 About Strike LETTER FROM THE CHAIR Having been involved with Strike for almost seven years, I have seen the Company evolve from an explorer, with a promising position in the Perth Basin, into a developer and producer with an increasingly important role in Western Australia’s energy market. FY26 marked important progress in that evolution. Strike maintained a strong safety performance throughout a year of intensive construction, drilling, commissioning and operational activity across the portfolio. At South Erregulla, the team have done a fantastic job of bringing the project through construction and into commissioning towards commercial operations, while also establishing a pathway to market for West Erregulla, continuing production from Walyering and advancing a substantial portfolio of exploration opportunities across the Perth Basin. Together, these assets provide the foundation for Strike to become a larger, more diversified and financially stronger energy business. South Erregulla demonstrates Strike’s ability to take a gas discovery through development into an integrated power project. The 85 MW peaking power station will provide a new source of firm generation as Western Australia transitions away from coal and the value of reliable, dispatchable capacity continues to increase. Post year-end we announced a pathway to market for one of Western Australia’s largest undeveloped conventional onshore gas fields, West Erregulla. This represents an important step towards unlocking an asset of considerable scale and strategic value. Strike’s FY26 work also materially increased its independently audited West Erregulla 2P Reserves by 20%. These developments come at an important time for Western Australia. Growing electricity demand, the retirement of coal-fired generation and the continued expansion of renewable energy are increasing the need for reliable domestic gas supply and flexible gas-fired generation. Strike’s combination of gas resources, production, power generation, strategically located land and extensive exploration acreage provides multiple avenues to participate in that changing market. Strike has had considerable success through exploration and has assembled a portfolio that would be difficult to replicate today. Historically, however, the financial capacity of a junior company has constrained the speed at which discoveries could be progressed into producing assets. That constraint is now beginning to change. Strike has achieved an important inflection point, with Walyering, South Erregulla and, ultimately, West Erregulla positioning the Company to generate revenue from three producing assets. This represents a material step change in Strike’s revenue base and, importantly, the financial capacity available to accelerate exploration, development and future growth. Our ambition is to create a business where cash flow from producing assets funds the next generation of opportunities, allowing Strike’s growth to increasingly become self-sustaining. Exploration remains one of Strike’s greatest potential sources of value. The Company retains a substantial inventory of prospects and leads across its Perth Basin acreage. With greater financial capacity and access to an expanding infrastructure footprint across the basin, future exploration success has the potential to be appraised and Dear Shareholders, It is a privilege to write to you for the first time as Chair of Strike Energy. Managing Director’s Report Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 6 Letter from the Chair About Strike commercialised more rapidly than has historically been possible. FY26 also brought considerable change to Strike’s leadership. On behalf of the Board, I thank John Poynton for his leadership over the past nine years and Mary Hackett for her contribution as a Director. I am delighted to welcome Shelley Robertson as Managing Director and CEO and look forward to working with Shelley and the broader team through this next phase of Strike’s development. The refreshed Board and management team are firmly aligned on creating maximum value from Strike’s portfolio for shareholders, with a focus on pace, disciplined capital allocation and execution. Our immediate priorities are to bring our major projects into cash flow, realise the value of the assets already discovered and use the financial capacity they generate to accelerate the next phase of growth. I thank our employees and contractors for their efforts during a demanding year and our shareholders for their continued support. Strike enters FY27 with a stronger asset base, clearer development pathways and growing financial capacity, and the Board is focused on ensuring those advantages translate into enduring shareholder value. Yours sincerely, Nev Power Chair Strike Energy Limited Managing Director’s Report Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 7 Letter from the Chair About Strike MANAGING DIRECTOR’S REPORT What attracted me to Strike was the quality of its assets, the capability within the organisation and, importantly, the opportunity to translate a substantial resource position into a reliable, high-performing energy business. FY26 was a year of intensive activity across the portfolio, with construction and commissioning at South Erregulla, continued production and infrastructure upgrades at Walyering, drilling and testing at Walyering West and further technical and commercial work to advance West Erregulla. This was achieved while maintaining strong safety performance across our operations and projects, which remains fundamental to how we will operate the business. South Erregulla was the largest operational undertaking during the year. The project progressed from early construction through mechanical completion and into commissioning, including the successful introduction of gas and commissioning of all 20 generating units. At year end, the power station and upstream gas facilities were mechanically complete, with work continuing on the Western Power network connection required to bring the project into commercial operations. While considerable progress has been made, our focus is firmly on completing the remaining work safely and establishing South Erregulla as a reliable operating asset. The project represents an important step in Strike’s evolution, adding power generation to our existing gas production and creating a second source of revenue for the Company. At Walyering, the field continued to supply gas throughout FY26 while the team undertook a substantial program of work to support its ongoing performance. This included the installation of additional heat exchange capacity and compression infrastructure, alongside the drilling and testing of the Walyering West near field exploration prospect. Walyering West-1 confirmed a new conventional gas accumulation within the Cattamarra Formation and provided valuable information as we assess opportunities to extend the value of the broader Walyering asset. West Erregulla remains central to Strike’s next phase of growth. The independently audited Reserves and Resources update completed during the year increased Strike’s estimated net 2P Reserves by 20% to 251 PJ⁴ and further reinforced the scale and quality of the field. With a pathway to market established, our attention has turned to the disciplined execution required to progress West Erregulla towards development and, ultimately, production. The prize is not simply producing gas. It is unlocking a large, long-life Western Australian gas resource and connecting it to a market that increasingly faces a tightening between supply and demand. Beyond these projects, Strike retains a substantial exploration position across the Perth Basin. Exploration provides us additional opportunities beyond our core development assets and will remain an important part of our growth strategy. Our focus will be on prioritising those opportunities where technical quality, commercial potential and proximity I am pleased to write to you for the first time as Managing Director and Chief Executive Officer of Strike Energy, having joined the Company in June 2026 at an important point in its development. 4 Refer to page 29 for important information on the estimation of Reserves and Resources. Letter from the Chair Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 8 Managing Director’s Report About Strike to existing or planned infrastructure provide the greatest opportunity to create value. Having spent time with our people and visited our operations, I see considerable opportunity to build on what Strike has already achieved. As the Company moves from developing individual projects towards operating a broader portfolio of producing assets, the requirements of the business also change. We need to embed strong operating disciplines, improve reliability and performance, maintain rigorous cost and capital management, and ensure that we consistently deliver what we commit to. These are important priorities for me and the leadership team in FY27. Looking ahead, we will remain focused on safely bringing South Erregulla into commercial operations, optimising Walyering, progressing West Erregulla and maintaining a disciplined approach to the exploration opportunities capable of supporting Strike’s next phase of growth. I have joined Strike at an exciting stage in its evolution, with a strong portfolio of assets and significant opportunities ahead. I look forward to working with our people, the Board and our partners to realise our potential, strengthen Strike’s position as a leading Western Australian energy company, and deliver long-term value for all stakeholders. Through this, we can play an important role in providing secure energy for Western Australia while supporting the transition to a lower-emissions future. Yours sincerely, Shelley Robertson Managing Director and Chief Executive Officer Strike Energy Limited Letter from the Chair Operations & Project Overview Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 9 Managing Director’s Report About Strike OPERATIONS AND PROJECT OVERVIEW 100%-owned producing gas field and processing infrastructure providing existing production, revenue and a platform for near-field resource development. SEE PAGE 13 FOR MORE INFORMATION 1 WALYERING 100%-owned integrated gas-to-power project comprising the South Erregulla gas field and 85 MW peaking power station, which transitioned into commissioning during FY26 targeting commercial operations in Q4CY26. SEE PAGE 15 FOR MORE INFORMATION 2 SOUTH ERREGULLA Large-scale conventional gas resource with a defined pathway to market through Hancock Energy’s proposed Belisama Gas Processing Facility. Strike’s equity is 50%. SEE PAGE 18 FOR MORE INFORMATION 3 WEST ERREGULLA 100%-owned exploration acreage including Ocean Hill and Strike's eastern Perth Basin permits, providing longer-term gas resource and development optionality. SEE PAGE 20 FOR MORE INFORMATION 4 EXPLORATION PORTFOLIO Situated on Kings Park Road, West Perth is home to Strike’s corporate headquarters and remote operations centre. 5 PERTH At 30 June 2026 About Strike Letter from the Chair Managing Director’s Report Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 10 Operations & Project Overview 0 5 10 20 Kilometers Perth Basin Permits Gas Fields Strike Permits Lockyer W. Erregulla S. Erregulla Waitsia Ocean Hill 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 50% Exploration Portfolio Walyering 3 2 4 1 Perth WESTERN AUSTRALIA 5 About Strike Letter from the Chair Managing Director’s Report Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 11 Operations & Project Overview Strike holds a material portfolio of operated gas, power and exploration assets across Western Australia’s Perth Basin, positioned close to existing gas and electricity infrastructure and the State’s major sources of energy demand. The portfolio combines established gas production at Walyering, the 85 MW South Erregulla Power Project, material discovered gas resources at West Erregulla and Ocean Hill, and a significant 100%-owned exploration position. During FY26, Strike continued to invest in the infrastructure and resource base required to support the next phase of the Company’s growth. South Erregulla progressed through construction and into commissioning, Walyering production infrastructure was enhanced, material resource positions were established or strengthened at West Erregulla and Ocean Hill, and Strike continued to mature its exploration portfolio. Together, these assets provide Strike with multiple pathways to create value through production, power generation, resource commercialisation and exploration-led growth. Strike’s assets are positioned to support Western Australia’s evolving energy requirements, with natural gas and flexible gas-fired generation expected to play an important role in maintaining system reliability as renewable penetration increases and coal-fired generation is progressively retired. Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 12 Operations & Project Overview Managing Director’s Report Letter from the Chair About Strike FY26 Operations During FY26, Strike continued to optimise production from Walyering in response to field performance and prevailing gas market conditions. A second heat exchanger was installed during the year, enabling production to increase to approximately 15 TJ/day from March 2026. Strike also progressed the installation and commissioning of two gas compression packages designed to support production as reservoir pressure declines. Strike supplemented its own production with third‑party gas purchases during the year to meet firm contractual commitments while preserving flexibility in the operation of the Walyering field. In FY26, 2.37 PJ of third-party gas was purchased and on-sold under existing gas sales arrangements. WALYERING Producing | Strike 100% | Operator | Nameplate 33 TJ/d Gas Processing Facility Asset Overview The Walyering gas field is located within Production Licence L23, approximately 150 kilometres north of Perth. Strike owns and operates 100% of the field and associated Walyering Gas Processing Facility. Walyering commenced production in September 2023 and provides gas into the Western Australian domestic market via the Parmelia Gas Pipeline. The development established Strike as a domestic gas producer and provides existing infrastructure that can support future development of nearby discoveries. FY26 Highlights • Produced 5.90 PJe of gas and condensate during FY26. • Generated approximately $63 million of total sales revenue, including gas purchased from third parties and on-sold under existing contractual arrangements. • Installed additional cooling and compression infrastructure to support production reliability and field optimisation. • Successfully drilled and flow tested Walyering West-1, confirming a new conventional gas accumulation in the Cattamarra Formation. • Booked maiden 2P Reserves at Walyering West following independent assessment by RISC Advisory. • Increased combined Walyering 2P Sales Gas Reserves to 16.4 PJ at 1 July 2026, from 13.6 PJ at 1 July 2025, after accounting for 5.7 PJ of FY26 production. • Progressed planning and FEED for the tie-in of Walyering West-1 to the existing Walyering Gas Processing Facility. Letter from the Chair Managing Director’s Report Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 13 Operations & Project Overview About Strike FY27 Focus Optimise Complete commissioning of compression infrastructure and optimise production from the existing field. Develop Progress the Walyering West-1 tie-in through FEED and toward a final investment decision. Leverage Assess opportunities to utilise existing Walyering infrastructure to commercialise nearby resources. Walyering West During FY26, Strike drilled the Walyering West-1 exploration well approximately two kilometres west of the producing Walyering-5 well. The well successfully identified a new conventional gas accumulation within the Cattamarra Formation. Production testing recorded a stabilised flow rate of approximately 11 MMscf/day from the C1 Sand, with low CO₂ content and a higher condensate yield than that of existing Walyering production. Following completion of the testing program, the Walyering West results were incorporated into Strike’s annual independent Reserves and Resources assessment. RISC Advisory booked maiden 2P Reserves associated with the Walyering West C1 Sand and additional Contingent Resources across a number of other reservoir intervals encountered by the well. The assessment incorporated Walyering West and the producing Walyering field into a combined Walyering Reserves booking, reflecting the proximity of the discovery to existing production infrastructure and its planned development through the Walyering Gas Processing Facility. The results from Walyering West-1 have enhanced Strike’s understanding of the broader Walyering field and provide additional information to support future reservoir management and potential development opportunities utilising the existing Walyering Gas Processing Facility. WALYERING (CONT'D) Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 14 Operations & Project Overview Managing Director’s Report Letter from the Chair About Strike SOUTH ERREGULLA Development | Strike 100% | Operator | 85 MW Peaking Gas Power Station Asset Overview South Erregulla is Strike's 100%-owned integrated gas-to-power development located within Production Licence L24 in the Mid-West of Western Australia. The project combines the South Erregulla gas field with an 85 MW fast-start peaking power station, providing Strike with direct exposure to Western Australia's electricity market and Reserve Capacity Mechanism. The facility comprises 20 × 4.5 MW Jenbacher reciprocating gas engines, upstream gas gathering and processing infrastructure and dedicated electricity transmission and connection infrastructure. FY26 Highlights • Project progressed to approximately 94% complete at 30 June 2026. • Achieved mechanical completion of the upstream gas facilities and power station. • Successfully introduced South Erregulla gas and commissioned all 20 generating units. • Completed construction and pre‑commissioning of the approximately 15 kilometre 132 kV transmission line. • Advanced construction of the switchyards and 1.5 kilometre dual‑circuit connection to the South West Interconnected System. • Transitioned from construction into commissioning. FY26 Development FY26 represented a major construction and commissioning year for South Erregulla. During the year, Strike substantially completed construction of the upstream gas facilities and power station, culminating in mechanical completion in June 2026. South Erregulla gas was successfully introduced into the facility and used to commission all 20 generating units. Construction also progressed across the project's electricity transmission infrastructure, including completion and pre-commissioning of the approximately 15 kilometre 132 kV transmission line and advancement of the switchyards and 1.5 kilometre dual-circuit connection to the South West Interconnected System. At 30 June 2026, the project was approximately 94% complete and had transitioned from construction into commissioning. Subsequent network commissioning activities are being undertaken in conjunction with Western Power and Australian Energy Market Operator (AEMO) ahead of commercial operations. Letter from the Chair Managing Director’s Report Directors’ Report Financial Report STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 15 Operations & Project Overview About Strike Market Participation Once operational, South Erregulla is expected to provide fast-start, flexible generation into the South West Interconnected System, supporting system reliability and the integration of increasing renewable generation. The project will participate in the Wholesale Electricity Market, generating revenue through the sale of electricity and the Reserve Capacity Mechanism. Strike secured 85 MW of Certified Reserve Capacity for the project. For the 2026/27 Capacity Year, the final Reserve Capacity Price of $216,092/MW represents approximately $18 million of annual capacity revenue, in addition to revenue generated from electricity sales. For the 2027/28 Capacity Year, the final Reserve Capacity Price of $360,700/MW represents approximately $31 million of annual capacity revenue, in addition to revenue generated from electricity sales. The subsequent increase in the Benchmark Reserve Capacity Price to approximately $488,500/MW for 2028/29 Capacity Year provides further evidence of the value being placed on new firm capacity within the Western Australian electricity market. FY27 Focus Commission Complete grid connection, Generator Performance Standard testing and remaining commissioning activities. Operate Progress the project through to commercial operations. Optimise Establish safe and reliable operating performance and optimise participation in the Wholesale Electricity Market. SOUTH ERREGULLA (CONT'D) About Strike Letter from the Chair Managing Director’s Report Operations & Project Overview STRIKE ENERGY LIMITED | ANNUAL REPORT 2026 16 Financial Report Directors’ Report Strike's investment at South Erregulla extends beyond the development of the 85 MW power station. Strike owns approximately 3,500 hectares of freehold land above the South Erregulla gas field, which brings together gas resources, dispatchable power generation and proximity to major electricity and gas infrastructur