Ann: Quarterly Cashflow Report, page-2

Business as usual. PSC in May. Management visited Ulaanbaator in early March and met with Mongolian Mining Minister at the “Invest Mongolia” conference in Hong Kong on 19 April 2018. Ann states that they see no reason why it will not be approved. GOOD NEWS
HIGHLIGHTS
 The acquisition of Golden Horde Limited (GOH) for 79 million Elixir shares subject
now only to award of a Production Sharing Contract (PSC) in Mongolia
 PSC extends for over 7 million acres (28,000 km2) in a proven coal basin in the South
Gobi desert considered prospective for Coal Bed Methane (CBM) and adjacent to the
Chinese border
 Technical work progressing on Project Khiimori with initial 2D seismic planning well
advanced and scheduled to commence soon after the award of the PSC
 PSC terms finalised during the quarter and award of the PSC now only subject to
Mongolian Cabinet approval
 Management visited Ulaanbaator in early March and met with Mongolian Mining
Minister at the “Invest Mongolia” conference in Hong Kong on 19 April 2018
 Application for a three year exceptional extension for the recently renewed Moselle
Permit lodged on 5 April 2018
 Stringent management of quarterly expenditures pre acquisition of Golden Horde with
cash of approximately $2.7 million and no debt as at 31 March 2018