Ann: CBM Acquisition Update and Notice of Meeting, page-2

The issue of the shares to GOH shareholders and the issue of Performance Rights to Mr Young remain subject to GOH being awarded the Nomgon IX coal bed methane (“CBM”) Production Sharing Contract (“PSC”) in Mongolia. As of today, GOH has not yet been awarded the PSC and therefore the Company has been unable to complete the acquisition of GOH and issue the shares to GOH shareholders or the Performance Rights to Mr Young within three months of the date of the 2017 AGM. With the approval process to establish the PSC now nearing the final stages required under Mongolian Petroleum Law, the Company is seeking re-approval of these two resolutions at this meeting. Elixir and GOH management were recently in Ulaanbaatar, where they were advised at a Government meeting that a formal resolution to award the PSC is expected to be put to Cabinet for its approval in late March or early April of 2018.