Ann: Suspension from Quotation, page-2

Condition Precedent.
(b) Icon obtaining in-principle confirmation from the Australian Securities Exchange(ASX) that the Proposed Transaction will result in a suitable undertaking for thepurposes of the official listing rules of the ASX (ASX Listing Rules);(c) if required by ASX, Icon Energy re-complying with Chapters 1 and 2 of the ASXListing Rules and receiving conditional approval from the ASX for re-admission to theofficial list of the ASX;
(each a “Condition Precedent” and together the “Conditions Precedent”).
If the Conditions Precedent are not satisfied or waived by April 30, 2024, or earlier, either party
may terminate the Binding Term Sheet by notice in writing to the other party. The Binding Term
Sheet may also be terminated upon mutual agreement of the parties, by a party if the other
party suffers an insolvency event, or if the other party commits a material breach which is not
remedied within 10 business days of receiving notice of remedy from the non-breaching party.
The Company previously sought in-principle advice from ASX, and ASX confirmed that the
Proposed Transaction would constitute a change in the nature of the Company’s activities for
the purposes of ASX Listing Rule 11.1 and the Company would be required to comply with ASX
Listing Rules 11.1.2 and 11.1.3. ASX has also stated that it is likely to consider that a 1.25%
interest in a coal offtake would not (of itself) be a suitable undertaking for the purposes of ASX
Listing Rule 1.1 Condition 1 and ASX Listing Rule 1.19.
The Company is currently negotiating further detailed terms regarding the Coke Plant
Development and other aspects of the Proposed Transaction and intends to seek in-principle
advice from ASX as soon as practicable to confirm whether the revised terms of the Proposed
Transaction would result in a suitable undertaking for the purposes of ASX Listing Rule 1.1
Condition 1 and ASX Listing Rule 1.19.
The Company will provide a further update on the outcome of the ASX in-principle advice and
the next steps regarding the Proposed Transaction in due course, including information
required by ASX Guidance Note 12 and an indicative timetable for the Proposed Transaction.