Chairman’s overview Alastair McGregor I am pleased to present the Cue Energy Resources Limited Annual Shareholder Report for 2024, a significant year in which the company continued to deliver strong financial and operations results and declared $21 million in dividends to shareholders. Dear Shareholders, Our revenue of $49.7 million was consistent with last year, backed by our diversified portfolio, and production remained consistent with the previous year at 631 thousand barrels of oil equivalent. We continued to generate significant cashflow, delivering net cash from operating activities of $26.9 million, up from $12.7 million, which was used to retire $4 million in debt and return $14 million to shareholders in April 2024. Despite ongoing global economic uncertainty, and growth of alternate energy sources, we continued to see strong demand for our products at attractive prices throughout the year. The Brent oil price, which underpins our Mahato and Maari oil sales and accounts for 62% of our revenue, remained relatively stable, trading in the US$80-90/bbl range for most of the year. In Australia, gas markets on the East Coast and in the Northern Territory have been the subject of frequent headlines, with predictions of shortages and potential LNG imports in the coming years. The Mereenie and Palm Valley fields are well-positioned to benefit from increased gas demand, and Cue announced contracts during the year with the Northern Territory Government and Arafura Rare Earths Ltd., securing sales for gas production for 2026-2030. These contracts contribute to the regional growth in the Northern Territory and mitigate Cue’s risk associated with any future closures of the Northern Gas Pipeline, like we are experiencing in 2024. 2 Cue Energy Resources Limited Annual Report 2024
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