GROUNDS STEADY ANNUAL REPORT 2025
Chairman & CEO’s Message Our Business - Our Business Models - Vision / Mission / Core Values - Portfolio Assets - Strategic Fit Board of Directors Key Management Our Milestones Group Structure Coal Reserves And Resources Statement Management Discussion and Analysis Corporate Governance Sustainability Financial Statements 02 04 12 14 16 18 19 22 24 41 44
Advancing towards our billion-dollar vision by building on solid foundations and transforming our ambitions into meaningful results. 02
Dear Shareholders, On behalf of the Board, I am pleased to present Geo Energy’s Annual Report for the financial year ended 31 December 2025 (“FY2025”). This has been a landmark year with record-breaking coal sales and excellent production, marked by significant advancements in our integrated infrastructure and strategic vertical integration that will define our future as a regional energy and logistics leader. RECORD OPERATIONAL PERFORMANCE AMID MARKET HEADWINDS FY2025 has been a defining year for our coal sales and production capabilities. Coal sales reached a record sales volume of 12.8 million tonnes, representing a remarkable 62.0% increase from 7.9 million tonnes in FY2024. This achievement underscores the strength of our production capabilities and executional discipline, with the Group’s coal output reaching 12.5 million tonnes in FY2025, surpassing our production target of 10.5-11.5 million tonnes. Our financial results reflect this operational strength. Revenue surged 40.0% to US$562.7 million, despite a softer Indonesian Coal Index Price for 4,200 GAR (“ICI4”), which averaged at US$46.07 per tonne in FY2025. Our resilient cost model continues to prove its value, with certain production costs linked to ICI4. In FY2025, our average cash cost per tonne decreased to US$34.10 due to lower ICI4 and lower mining strip ratios at our SDJ, TBR, and TRA coal mines. The Group remains focused on driving cost efficiencies through continuous optimisation of our mining plan. Consequently, the Group’s profit before tax increased to US$49.1 million. ADVANCING TOWARDS OUR BILLION-DOLLAR BUSINESS VISION A cornerstone of our roadmap of becoming a billion-dollar business and beyond is the PT Marga Bara Jaya (“MBJ”) Integrated Infrastructure project, which involves the development of a 92km hauling road and an associated jetty in South Sumatera. This is a transformative initiative designed to unlock production growth in PT Triaryani (“TRA”) coal mine, improve its logistical efficiency, and diversify the Group’s revenue streams as an infrastructure provider. Throughout 2025, construction of the MBJ Integrated Infrastructure progressed significantly. As of the date of the annual report, MBJ has achieved 80% completion and remains on track for completion in June/July 2026. The MBJ Integrated Infrastructure is the “key” to unlocking the massive reserves at our TRA coal mine which has a low ash and low sulphur coal quality. During the year, the Group has done the additional drilling and exploration at TRA mining concession and increased its 2P reserves to 314 million tonnes. The completion of the MBJ Integrated Infrastructure will enable us to progressively ramp up TRA coal production to 2025 million tonnes per annum, achieve significant cost savings of over US$10 per tonne in coal transportation, as well as diversify and generate recurring revenue stream as an infrastructure provider to third party road users. STRATEGIC VERTICAL INTEGRATION AND ASSET OPTIMISATION The Group has also taken steps to enhance our logistics supply chain and optimise our portfolio assets. The Company had completed the acquisition of 51% stake in two established Indonesian shipping companies - PT Trans Maritim Pratama (“TMP”) and PT Bahari Segara Maritim (“BSM”) in January 2026, after obtaining shareholders’ approval. The acquisition will enable the Group to enlarge its asset base which will strengthen future earnings contribution. TMP and BSM have a ready shipping business with successful track record of almost 10 years, which will allow us to scale up quickly to support the Group’s growing production at the TRA coal mine. More importantly, this strategic acquisition is synergistic to the Group’s business model in the energy sector, complementing our coal production and Integrated Infrastructure business activities, increase operational reliability, reduce transportation costs, enhance service offerings and expand the Group’s customer base across various commodities-related markets in Indonesia. Simultaneously, we continued to streamline our operations through the disposal of non-core assets, including the PT Bumi Enggang Khatulistiwa and PT Surya Tambang Tolindo coal mines, allowing us to focus our resources on our high-growth business activities. SUSTAINABILITY AND SHAREHOLDER VALUE Sustainability remains at the heart of our decision-making process, and we believe that being a responsible energy producer is essential for long-term value creation. As part of the MBJ Integrated Infrastructure development, we are exploring initiatives such as EV-hauling ecosystems and solar power integration to enhance energy efficiency and minimise our environmental footprint. We believe that long-term success is built on a foundation of responsible operations, job creation and improved quality of life for the local communities, while continuing to uphold the highest standards in safety, compliance, and corporate governance. Our commitment to rewarding our shareholders remains steadfast. To-date, total shareholder’s return was around 76%1 from 2 January 2025 to 24 March 2026, underscoring investors’ confidence in Geo Energy’s growth trajectory. We have continued to declare dividends to our shareholders even as we fund the most significant capital investment phase in our Group’s history. LOOKING AHEAD The global energy landscape continues to evolve, but coal remains a critical component of energy source, particularly in our key markets of China and Indonesia. Through the development of the MBJ Integrated Infrastructure and the ramping up of TRA coal production capacity, we are building a platform that will enable us to make the most of any opportunities arising from the strengthening coal market. A WORD OF APPRECIATION I would like to express my sincere appreciation to our Board members, management team, employees, partners, customers and shareholders for their continued trust and support. Your confidence in us remains the cornerstone of our progress as we move forward with determination and a shared commitment to delivering our strategic priorities. Our journey is defined by growth, transformation and the creation of sustainable value for all stakeholders. Guided by a strong operational foundation and supported by a dedicated team, we remain focused on expanding responsibly and strengthening our capabilities in the future. As we continue to build on these solid foundations, we are confident in our ability to transform our ambitions into meaningful results. Dato’ Charles Antonny Melati Group Executive Chairman and CEO 25 March 2026 1 Based on share price of S$0.290 as of 2 January 2025 and S$0.50 as of 24 March 2026 (includes total dividend of 1.05 SG cents per share paid during this period). 03 GEO ENERGY | ANNUAL REPORT 2025
OUR BUSINESS Geo Energy’s business is structured around three core areas: coal mining, road and jetty infrastructure, and marine logistics. This integrated approach enables the Group to deliver low-cost, high-quality coal production, efficiently transport resources, and provide reliable logistics solutions, supporting both operational growth and long-term financial performance. We focus on unlocking value from strategically located coal assets with operational efficiency. COAL MINING OWN We own major mining concessions and coal mines in Kalimantan and Sumatera, Indonesia, with attractive coal qualities: high calorific value, low ash and low sulphur. OFFTAKE We sub-contract mining services to the largest mining services companies in Indonesia. OUTSOURCE We upscale by replicating a proven business model: acquiring established reserves and operational mines to minimise execution risks. EXPAND We establish strong relationships with end customers and enter into offtake agreements with international commodity trading companies such as Trafigura (SDJ’s offtaker), Macquarie Bank (TBR’s offtaker) and ResInvest Commodities2 (TRA’s offtaker). OUR BUSINESS MODELS 2 Formerly known as EP Resources AG. 04
We expand the Group’s asset base through strategic investments in shipping and logistics capabilities, creating future revenue streams and supporting the efficient transport of coal and other commodities. MARINE LOGISTICS We generate scalable revenue streams through our integrated hauling road and jetty network, designed to support growing coal volumes and other regional resources, while providing efficient, cost-effective logistics solutions for mining operations. ROAD AND JETTY INFRASTRUCTURE TOLL AND JETTY FEE Anchor Users OWN Hauling road and jetty OWN We own tugboats and barges ranging from 270 to 330 feet with transport capacities ranging from 5,000 to 10,000 tonnes respectively. We provide barging services to the Group’s TRA coal mine as well as third party users. TRANSSHIPMENT FEE We aim to scale up operations through fleet expansion, including the addition of floating cranes and mother vessels. EXPAND 05 GEO ENERGY | ANNUAL REPORT 2025
COAL MINING The Group’s coal mining operations form the core of its business, anchored by three mining concessions, namely Sungai Danau Jaya (“SDJ”) and Tanah Bumbu Resources (“TBR”) located in South Kalimantan and Triaryani (“TRA”) located in South Sumatera, Indonesia. These assets produce premium quality, low-ash and low-sulphur thermal coal that is well suited for power generation across key Asian markets. The Group also owns a 49% equity stake in PT Internasional Prima Coal (“IPC”) in Kalimantan, Indonesia as a joint venture with PT Bukit Asam Tbk, a state-owned coal mining company and one of the largest coal producers in Indonesia. During the year, TRA has completed additional drilling to support its mining operations. With 2P coal reserves of more than 300 million tonnes, the Group aims to progressively scale up TRA’s coal production to 20–25 million tonnes per annum, positioning it as a key growth driver for the Group’s long-term expansion. The Group continues to strengthen its foundation in the global energy sector by focusing on high-quality coal extraction, responsible mining practices and sustainable development. Its concessions in Indonesia remain a critical asset, positioning the Group to continue playing a significant role in coal production for years to come, even as the global energy landscape transitions toward more sustainable sources of power. Looking ahead, the Group will continue to explore opportunities to acquire additional mining concessions to enhance production capacity and diversify its portfolio, supporting long-term growth and value creation. ROAD AND JETTY INFRASTRUCTURE The Group’s road and jetty infrastructure is being developed through MBJ, which is constructing an integrated logistics corridor in South Sumatera, Indonesia. The infrastructure comprises a dedicated hauling road and jetty facility designed to support large-scale coal transportation and export activities in the region. The development of the MBJ Integrated Infrastructure is on track for completion in June or July 2026. Upon completion, the infrastructure is expected to have an annual throughput capacity of approximately 40 to 50 million tonnes, serving as a critical logistical backbone for coal producers operating in the South Sumatera basin. 06
The development of the MBJ Integrated Infrastructure is transformational to the Group as it captures the entire reserves of the South Sumatera region, while supporting the production ramp-up of the Group’s TRA coal mine, and delivering significant logistical efficiencies and cost savings. By establishing a reliable and scalable transportation corridor, the Group will be able to enhance operational control across its value chain and improve delivery reliability to customers. Beyond supporting internal coal operations, the MBJ Integrated Infrastructure also provides the opportunity to generate recurring revenue by offering haulage and port services to third-party mine owners in the region. This positions the Group not only as a coal producer, but also as an infrastructure provider within one of Indonesia’s key coal basins, strengthening its long-term earnings potential. The Integrated Infrastructure enables the development of other local resources, such as timber and gold, further enhancing the region’s economic potential. It is expected to drive regional growth, create employment, and deliver sustainable financial returns for the Group, while providing development opportunities for local communities. MARINE LOGISTICS TMP and BSM are integrated sea transportation companies that offer a wide range of maritime energy transportation services. These two shipping companies have a combined track record of around 10 years in building and operating a fleet of tugs and barges, supported by the necessary permits and licenses, access to funding, and experienced manpower. Securing and maintaining own high-quality marine logistics is crucial to the Group’s entire logistics chain as it reduces reliance on third-party transporters, increases operational reliability, and further improves the Group’s operating margins. Beyond supporting MBJ operations with an annual throughput capacity of approximately 40 to 50 million tonnes per annum, the marine logistics arm also enables the Group to diversify its revenue streams through the provision of barging services to third-party customers, while expanding the Group’s asset base to support future earnings contribution. With a ready fleet and a robust operating platform, TMP and BSM are well-equipped to support the Group’s logistics expansion and long-term business growth. 07 GEO ENERGY | ANNUAL REPORT 2025
VISION To become one of Indonesia’s top five coal producers. We are committed to sustainable growth and enhancing shareholder value, through prudent capital allocation and long-term planning. MISSION We are committed to running our business with corporate social responsibility concepts firmly embedded within our daily operations to protect our people, the environment and the local communities in which we operate. We are creating value for our shareholders and investors through a dividend policy of at least 30% of the Group’s profit attributable to Owners of the Company, subject to capital requirements needed to support growth and investments. CORE VALUES Accountability We are responsible for our actions and performance in conducting our business. Competency We employ the best people, engage the top mining contractors and work with recognised international traders. Teamwork We cooperate, communicate and support each other in achieving our vision and mission. Commitment We strive to achieve the best possible outcome in everything we do, for the benefit of our people, business partners and communities. Artist’s Impression 08
PORTFOLIO ASSETS IPC coal mine (49%) (actively in operation) SDJ & TBR coal mines (actively in operation) TRA coal mine (actively in operation) MBJ hauling road and jetty (target completion in June/July 2026) Singapore Corporate Office Jakarta Corporate Office South Sumatera South Kalimantan East Kalimantan TMP & BSM marine logistics fleet (actively in operation) 09 GEO ENERGY | ANNUAL REPORT 2025
WITHIN GEO ENERGY’S INTEGRATED INFRASTRUCTURE IN SOUTH SUMATERA TRA Mine MBJ Road The TRA coal mine is located in North Musi Rawas Regency, South Sumatera Province, Indonesia, and forms a key producing asset within the Group’s portfolio. As at 31 December 2025, the mine holds 2P (proved and probable) JORC reserves of 314 million tonnes. The coal is characterised by low sulphur and low ash content, which attracts strong demand from both domestic and international markets, particularly across Asia, and enables the Group to command a premium above prevailing market prices. The MBJ Road is a 92km dedicated hauling road that connects key logistical nodes and provides critical access for the Group’s TRA mining concession, as well as neighbouring coal mines in South Sumatera, enabling efficient transportation of coal to international markets. J A M B I MALAM BLOCK BETUNG BLOCK Sakakemang Sakasuban Loeboekbantiala Bajunglentjin Tjengal TRA Mine MBJ Road MBJ Jetty Artist’s Impression 10
MBJ Jetty Anchorage Point The MBJ coal terminal at the Lalan River, supported by a dedicated world-class hauling road, is designed with a targeted throughput capacity of up to 50 million tonnes per year, with 25 million tonnes annually reserved for coal from the Group’s TRA coal mine. The anchorage point of Tanjong Kampeh serves as a designated offshore area where vessels can safely anchor while coal is transshipped from river barges (i.e., barges provided by TMP and BSM) to larger ocean-going vessels (i.e., mother vessels) for international export. SOUTH SUMATERA Two-lane sailing Njarang Anchorage Point LOGISTICS AUTONOMY WITH EXECUTION EFFICIENCY By acquiring its own transshipment logistics, the Group has gained direct control of its fleet, enhancing operational efficiency and enabling seamless delivery as coal production ramps up. Artist’s Impression 11 GEO ENERGY | ANNUAL REPORT 2025
Dhamma Surya Founder & Executive Director Mr Surya was appointed to the Board on 24 May 2010. He is responsible for the business development of the Group. He was an entrepreneur in the property development and construction industry in Indonesia, a contractor and household maintenance services business and worked with various business associates in constructing and developing shop houses and houses in Indonesia and started the Group’s coal mining services business. Charles Antonny Melati Founder, Group Executive Chairman & Chief Executive Officer Mr Melati was appointed to the Board on 24 May 2010. He oversees the overall strategic directions and expansion plans for the growth and development of the Group. He was an entrepreneur in the property development, hotel industry and engaged in the manufacture of cast polypropylene for flexible food packaging in Jakarta, Indonesia. He was also involved in the setting up and operations of tug and barge business in Singapore and Indonesia and the Group’s coal mining services business. On 1 January 2023, Mr Melati was appointed as the Group’s Chief Executive Officer (“CEO”). As the Group’s Executive Chairman and CEO, he oversees the overall business and general management of the Group, and ensuring the continuity in management and providing strong leadership to the Group. 12
Ali Hery Independent Director Mr Hery was appointed as a NonExecutive and Independent Director of the Company on 1 June 2023. He is the Chairman of the Audit and Risk Committee and member of the Nominating and Remuneration Committees. He has more than 25 years of professional experience in areas such as auditing, cross-border transactions, initial public offerings, due diligence, mergers and acquisitions, and accounting and tax advisories. Mr Hery is currently the Partner of Risk Advisory and Consulting with Crowe Indonesia. He is an Indonesia chartered accountant and a registered public accountant with the Capital Market Auditors and Indonesia State Auditors. Mr Hery obtained a Bachelor’s degree in Accounting from the University of Indonesia in 1998. David Yan Kin Pung Lead Independent Director Mr Yan was appointed as NonExecutive and Independent Director of the Company on 15 November 2023. He is the Chairman of the Nominating Committee and member of the Audit and Risk and Remuneration Committees. He has more than 40 years of experience in banking, corporate finance, public listings, capital market bond issues, mergers and acquisitions, project development, and general management. He started his career as a corporate banking officer in DBS Bank and OUB Bank, and he went on to hold various senior finance and management positions in diverse industries covering logistics, healthcare, and petrochemicals, including senior roles in two SGX Catalist listed companies. Mr Yan is currently Senior Vice President of Corporate Finance at ChemOne Singapore Pte Ltd, a petrochemical and natural resources group with interests across South-East Asia. Mr Yan obtained his Bachelor of Business Administration from National University of Singapore in 1984, and a Master of Professional Accounting from University of Southern Queensland in 2000. He is a full member of the Singapore Institute of Directors. Tai Mern Tze Independent Director Mr Tai was appointed as NonExecutive and Independent Director of the Company on 2 March 2026. He was also appointed as the Chairman of the Remuneration Committee and member of the Audit and Risk and Nominating Committees effective on 2 March 2026. He has 30 years of practical experience in listed derivatives trading including equities, equity indices, and commodities. He holds a qualified Advanced Certificate in Training and Assessment and undertakes adjunct lecturing opportunities at various private academic institutions, delivering courses in Economics, Finance, Risk Management, Corporate Finance, Financial markets and instruments, Environmental Sustainability and Entrepreneurship. Mr Tai has extensive experience with various exchanges and financial futures companies across Southeast Asia. He is currently the Derivatives Trading Director of VTMT Pte Ltd, a company that provides management consultancy services for financial and commodity derivatives. Mr Tai obtained his Advanced Diploma and Diploma in Marketing Management from Oklahoma City University in 1997, and a Master of Business Administration (Financial Management) from City University of Washington in 2000. 13 GEO ENERGY | ANNUAL REPORT 2025
Huang She Thong Co-Founder, Chairman & CEO of Indonesia Mr Huang, one of the co-founders of the Group, oversees the Group’s Indonesian operations and sales targets. He devises country-specific strategies and implements marketing plans to maximise sales, increase the Group’s customer base and financial performance. He is the Chairman and CEO of PT Golden Eagle Energy Tbk (“GEE”, the Company’s subsidiary listed on Indonesia Stock Exchange, ticker code: SMMT) since 18 October 2023, overseeing the overall business and general management of GEE group. He is also the President Director of GEE since 26 November 2024. He was a sole proprietor, operating a furniture store, mini market and a hotel business in Indonesia, and is a graduate of the Australian School of Tourism and Hotel Management with an Advanced Diploma of Hospitality Management in 2001. Philip Hendry Group Chief Operating Officer Mr Hendry, appointed as Group Chief Operating Officer on 15 February 2023, oversees the commercial and business operations of the Group. He was appointed as the Chief Operating Officer of GEE on 18 October 2023, overseeing the operational activities of GEE Group, including but not limited to commercial, production and business operations. He was the Group Chief Financial Officer of a leading Natural Resources company operating in East Africa. He has spearheaded numerous financial transformations, mergers and acquisitions, and successfully oversaw statutory and financial management of multiple businesses and projects. He has over 20 years of experience in finance and commercial leadership roles working in the United States, Indonesia and Singapore encompassing Oil & Energy, Shipping, Transportation and Logistics industries. He holds a Bachelor of Finance & Accounting from the University of Washington and Master of Business Administration in Finance & Accounting from Seattle University in Washington, USA. 14
Adam Tan Group Chief Financial Officer Mr Tan, appointed as Group Chief Financial Officer on 1 April 2020, oversees the Group’s finance and investment activities, including financial reporting, merger and acquisitions, corporate finance, and investor relations. He steers the Group’s strategies for the expansion of its Indonesian operations and global business. He was appointed as the Chief Financial Officer of GEE on 18 October 2023, overseeing financial activities of GEE Group, including but not limited to financial reporting, corporate finance and investor relations. He brings extensive international financial, accounting and operational leadership experience. He was the Chief Investment Officer of a major Indonesian group in Petrochemicals and Natural Resources across Asia. He previously led the successful US$300 million Reg S/144A bond issuance for the Group in 2017. He has more than 15 years of experience in financial management, financial advisory, investments and corporate finance. He also has a track record for success and a keen understanding of energy-focused markets, as well as extensive financial and operational experience. He holds a Bachelor of Business Administration (Honours) from the National University of Singapore and completed a finance program in New York University, Stern Business School, New York, USA. Lu King Seng Business Development Director Mr Lu King Seng was appointed as the Business Development Director of the Company on 3 June 2024. Prior to this appointment, he served as the Company’s Non-Executive and Lead Independent Director until his retirement on 26 April 2024. Mr Lu currently serves as a director of several consultancy and advisory firms. He brings over 25 years of extensive experience in commercial, audit, and advisory practices, having held senior leadership roles at internationally recognised firms including PricewaterhouseCoopers, KPMG, Arthur Andersen, Ernst & Young, and Deloitte & Touche. His professional experience covers a wide range of engagements, including leading statutory audits for diverse organisations, advising on initial public offerings, and conducting due diligence reviews for mergers and acquisitions. Mr Lu is a Fellow Member of the Association of Chartered Certified Accountants (ACCA), a non-practising member of the Institute of Singapore Chartered Accountants (ISCA), and a member of the Singapore Institute of Directors. He graduated from Emile Woolf College, London, and obtained his professional ACCA qualification in 1995. Ng See Yong Group Head, Corporate and Human Resource Mr Ng was appointed as Group Head, Corporate and Human Resource on 1 January 2012. He oversees and manages the Group’s corporate affairs as well as corporate human resource matters, particularly in the areas of recruitment, employee benefits, and employment relations. He was appointed as the President Commissioner of GEE on 15 November 2023, where he supervised the GEE Group’s business operations and long-term strategic plans to achieve GEE Group’s objectives. He subsequently retired from this role and was appointed Director of GEE on 26 November 2024. Mr Ng is an entrepreneur in the hospitality industry, with business interests in Batam and Tanjung Pinang, Kepulauan Riau, as well as Dumai, Riau Province, Indonesia. He is the proprietor of PT Tri Ayu Lestari and serves as a director of Miracle Aesthetic Clinic in Batam, Indonesia. He holds several directorships in Indonesia, including The Emdee Skin Clinic (PT Citra Melati Selaras); PT Bintan Royal International Hotel, which operates the Comforta Hotel; and TM Square (PT Anak Rantau Riau), a sports hall and culinary venue in Batam. Mr Ng oversees all aspects of operations and maintenance of the respective facilities. Mr Ng graduated from the Australian School of Tourism and Hotel Management with a Diploma in Hospitality Management. 15 GEO ENERGY | ANNUAL REPORT 2025
OUR MILESTONES • Geo Energy founded • Geo Energy listed on SGX Mainboard • Acquired BEK coal mine • Acquired SDJ coal mine • Engaged BUMA as mining contractor for SDJ • Acquired TBR coal mine • Raised US$300 million US$ Notes • Engaged BUMA as mining contractor for TBR • Executed life-of-mine TBR coal offtake with Macquarie Bank along with prepayment and equity investment 2008 0 100 200 300 400 500 600 Tonnes (mil) 2012 2013 2014 2016 2018 2015 2017 Coal Resources 2P Coal Reserves LEGEND: 16
• Acquired TRA coal mine • Secured US$220 million financing from Bank Mandiri to fuel the Group’s growth expansion plans • Full repayment of US$300 million US$ Notes ahead of maturity, signaling the Group’s financial strength and flexibility 2020 2022 2019 Years 2021 2023 2024 2025 2026 • Completed the acquisition of 51% of TMP and BSM to support the Group’s vertical integration • Appointed Trafigura as the new coal offtaker for the remaining lifeof-mine of SDJ • Secured new upsized US$275 million term loan facilities from Bank Mandiri to support the Group’s growth plans • Secured life-of-mine TRA coal offtake with ResInvest Commodities* and long-term multi-million-dollar equity investment • Commenced construction of MBJ Integrated Infrastructure with Norinco and CCCC, backed by Sinosure# * Formerly known as EP Resources AG # Norinco International, China Communications Construction Company (CCCC) and China Export & Credit Insurance Corporation (SINOSURE). SOLD 89.1 CASH PROFIT US$1.2B MILLION TONNES COAL 2016 TO 2025 17 GEO ENERGY | ANNUAL REPORT 2025
GROUP STRUCTURE Investment Holding BIR – Borneo International Resources Pte. Ltd. • GEI – Geo Energy Investments Ltd. • GEC – PT Geo Energy Coalindo • GEIHK – Geo Energy International (HK) Limited • SCR – STT Coal Resources Pte. Ltd. • GVG – Geo Ventures Global Pte. Ltd. • ETP – PT Era Tiga Putra • KMB – PT Karunia Mitra Berkat • GE – Geo Electric Pte. Ltd. • RR – PT Rajawali Resources • MRK – PT Mega Raya Kusuma • Coal Mining SDJ – PT Sungai Danau Jaya • TBR – PT Tanah Bumbu Resources • TRA – PT Triaryani • IPC – PT Internasional Prima Coal • Coal Trading GCIHK – Geo Coal International (HK) Limited • GCI – Geo Coal International Pte. Ltd. • FCR – Fortune Coal Resources Pte. Ltd. • GGEF – Geo Global Enterprise FZCO • Mining Services MNP – PT Mitra Nasional Pratama • NMJ – PT Naga Mas Makmur Jaya • Others GOI – PT Geo Online Indonesia • GEN – PT Geo Energy Niaga • GEM – PT Geo Energy Maritim • GET – PT Geo Energy Trading • GTP – PT Geo Tebo Power Inti • STJ – PT Satui Jasabara • TBAT – PT Tunas Bara Abadi Tolindo • STE – PT Satui Energi • GII – PT Geo Energy Investama • GEE – PT Golden Eagle Energy Tbk • BES – PT Bara Enim Sejahtera • MBJT – PT Marga Bara Jaya Terminal • Infrastructure MBJ – PT Marga Bara Jaya • Marine Logistics TMP – PT Trans Maritim Pratama • BSM – PT Bahari Segara Maritim 3 Non-controlling stake of 49% 4 The acquisition of PT Trans Maritim Pratama and PT Bahari Segara Maritim was completed on 8 January 2026 Indonesia entities Singapore entities Cayman Island entity Hong Kong entities United Arab Emirates entity Coal mines Marine Logistics Infrastructure SDJ Indonesia ETP Indonesia KMB Indonesia BIR Singapore Singapore Listed on SGX GEO ENERGY RESOURCES LIMITED GGEF United Arab Emirates SCR Singapore FCR Singapore TBAT Indonesia STJ Indonesia STE Indonesia TBR Indonesia GEI Cayman Island GEC Indonesia GET Indonesia MNP Indonesia GEN Indonesia GOI Indonesia GTP Indonesia GII Indonesia GEM Indonesia MBJ Indonesia MBJT Indonesia Indonesia Listed on IDX BES Indonesia NMJ Indonesia TRA Indonesia RR Indonesia MRK Indonesia IPC3 Indonesia GCI Singapore GE Singapore GCIHK Hong Kong GVG Singapore GEIHK Hong Kong TMP4 Indonesia BSM4 Indonesia 18
COAL RESERVES AND RESOURCES STATEMENT Notes: 1 License refers to PT Sungai Danau Jaya Production Operation IUP. 2 Previous Coal Reserves and Coal Resources estimates were reported as of 31 December 2024. 3 Resources are inclusive of Reserves. 4 The results presented are rounded to reflect the accuracy of the estimates. Minor discrepancies are due to rounding and are not considered material by SMGC. 5 Resources and Reserves are reported in accordance with SMGC’s interpretation of the JORC Code 2012 Edition. * Selling basis Sungai Danau Jaya (SDJ) Total area: 235.5ha Permit/Tenure: IUP Operasi Produksi / 29 May 2027 Location: Angsana and Sungai Lohan sub districts of the Tanah Bumbu regency in the South Kalimantan Province of Indonesia Name of Asset/Country: SDJ Coal Mining Concession/Indonesia Category Mineral Type Gross Attributable to License(1) Net Attributable to Issuer(4) Remarks Tonnes (Million) Grade Tonnes (Million) Grade Changes from previous update (%)(2) Reserves(5) Proved Coal 5.2 Sub-Bituminous Rank C 5.1 Sub-Bituminous Class C -17% Change due to production Probable Coal 2.1 Sub-Bituminous Rank C 2.1 Sub-Bituminous Class C -9% Change due to production Total Coal 7.3 Sub-Bituminous Rank C 7.2 Sub-Bituminous Class C -15% Change due to production Resources(3)(5) Measured Coal 7.7 Sub-Bituminous Rank C 7.6 Sub-Bituminous Class C -13% Change due to production Indicated Coal 4.2 Sub-Bituminous Rank C 4.2 Sub-Bituminous Class C -7% Change due to production Inferred Coal 4.2 Sub-Bituminous Rank C 4.2 Sub-Bituminous Class C 0% No change Total Coal 16.1 Sub-Bituminous Rank C 15.9 Sub-Bituminous Class C -9% Change due to production Summary of reserves and resources as at 31 December 2025 Name of Qualified Person: Keith Whitchurch Date: 31 December 2025 Professional Society Affiliation / Membership: BE(Hons), MEngSci, FAusIMM(CP), (CP)(Min), RPEQ, PERHAPI, CPI, IPU, ASEAN Eng, APEC Eng. Calorific value: 4,200 kcal/kg gar* Total sulfur: 0.2% (adb) Ash: 4.7% (adb) 19 GEO ENERGY | ANNUAL REPORT 2025
COAL RESERVES AND RESOURCES STATEMENT Tanah Bumbu Resources (TBR) Total area: 489.1ha Permit/tenure: IUP Operasi Produksi/ 10 January 2028 (extendable up to 10 years) Location: Angsana and Sungai Lohan sub districts of the Tanah Bumbu regency in the South Kalimantan Province of Indonesia Name of Asset/Country: TBR Coal Mining Concession/Indonesia Category Mineral Type Gross Attributable to License(1) Net Attributable to Issuer(4) Remarks Tonnes (Million) Grade Tonnes (Million) Grade Changes from previous update (%)(2) Reserves(5) Proved Coal 17.8 Sub-Bituminous Class C 17.8 Sub-Bituminous Class C -29% Change due to production Probable Coal 13.6 Sub-Bituminous Class C 13.6 Sub-Bituminous Class C -9% Change due to production Total Coal 31.4 Sub-Bituminous Class C 31.3 Sub-Bituminous Class C -21% Change due to production Resources(3)(5) Measured Coal 21.3 Sub-Bituminous Class C 21.3 Sub-Bituminous Class C -26% Change due to production Indicated Coal 19.5 Sub-Bituminous Class C 19.5 Sub-Bituminous Class C -8% Change due to production Inferred Coal 4.7 Sub-Bituminous Class C 4.7 Sub-Bituminous Class C 0% No change Total Coal 45.5 Sub-Bituminous Rank C 45.4 Sub-Bituminous Class C -17% Change due to production Summary of reserves and resources as at 31 December 2025 Name of Qualified Person: Keith Whitchurch Date: 31 December 2025 Professional Society Affiliation / Membership: BE(Hons) MEngSci, FAusIMM(CP), (CP)(Min), RPEQ, PERHAPI, CPI, IPU, ASEAN Eng, APEC Eng. Calorific value: 4,200 kcal/kg gar* Total sulfur: 0.28% (adb) Ash: 4.61% (adb) Notes: 1 License refers to PT Tanah Bumbu Resources Production Operation IUP. 2 Previous Coal Reserves and Coal Resources estimates were reported as of 31 December 2024. 3 Resources are inclusive of Reserves. 4 The results presented are rounded to reflect the accuracy of the estimates. Minor discrepancies are due to rounding and are not considered material by SMGC. 5 Resources and Reserves are reported in accordance with SMGC’s interpretation of the JORC Code 2012 Edition. * Selling basis 20
COAL RESERVES AND RESOURCES STATEMENT Notes: 1 Resources figures reported represent estimates as of 31 December 2025. 2 Resources and Reserves estimates are not precise calculations. 3 The figures reported are rounded to reflect the relative uncertainty of the estimate, which may result in small tabulation discrepancies. 4 Reserves are inclusive and not additional to the Resources. 5 Resources and Reserves are reported on a 100% equity basis. 6 Resources and Reserves have been estimated in accordance with the JORC Code (2012), Australian Guidelines for Estimation and Classification of Coal Resources (2014) and Australian Guidelines for Estimation and Classification of Coal Reserves (2014). * Selling basis Triaryani (TRA) Total area: 2,143ha Permit/tenure: IUP Operasi Produksi/ 22 May 2030 (extendable up to 20 years) Location: Musi Rawas Utara Regency, South Sumatera Province, Indonesia Name of Asset/Country: TRA Coal Mining Concession/Indonesia Category Mineral Type Gross Attributable to License Net Attributable to Issuer Remarks Tonnes (Million) Grade Calorific Value (CV kcal/kg gar) Tonnes (Million) Grade Calorific Value (CV kcal/kg gar) Changes from previous update (%) Reserves Proved Coal 275 3,985 275 3,985 170% Additional infill drilling increases the Coal Resource Categorization Probable Coal 39 3,900 39 3,900 -77% Total Coal 314 3,975 314 3,975 15% Coal mining progress Resources Measured Coal 306 3,865 306 3,865 183% Additional infill drilling increases the Coal Resource Categorization Indicated Coal 63 3,845 63 3,845 -74% Inferred Coal 1 3,655 1 3,655 -97% Total Coal 370 3,860 370 3,860 -4% Coal mining progress Summary of reserves and resources as at 31 December 2025 Name of Qualified Person: Chris Ramsay Date: February 2026 Professional Society Affiliation / Membership: BSc (Geology), M.App.Proj.Mngt, FAusIMM, Australasian Institute of Mining and Metallurgy (AusIMM) – Fellow No. 208206 Calorific value: 4,100 kcal/kg gar* Total sulfur: 0.14% (ar) Ash: 4.0% (ar) 21 GEO ENERGY | ANNUAL REPORT 2025
* Excludes one-time gain on sale of rights to receivables in 2024 of US$18 million before taxes (US$15.4 million net of tax). The Group achieved an excellent coal production of 12.5 million tonnes in FY2025, which exceeded its target coal production of 10.5-11.5 million tonnes. Total coal sales increased 62.0% to 12.8 million tonnes in FY2025 (FY2024: 7.9 million tonnes) despite challenging weather conditions, with increased contribution from its PT Tanah Bumbu Resources (“TBR”) coal mine and growing contribution from its PT Triaryani (“TRA”) coal mine. Corresponding to a strong increment in total coal sales, revenue surged 40.0% to US$562.7 million in FY2025 (FY2024: US$401.9 million) despite lower average Indonesian Coal Index Price for 4200 GAR (“ICI4”) of US$46.07 per tonne in FY2025 (FY2024: US$53.93 per tonne). The Group’s cash cost per tonne for FY2025 was at an average of US$34.10 (FY2024: US$40.32) due to the Group’s resilient cost model where its cash cost decreases in tandem with lower ICI4 as well as lower mining strip ratios at the SDJ, TBR and TRA mines. The Group continues to implement cost efficiency initiatives through the ongoing optimisation of its mining plan. The Group’s cash profit per tonne for FY2025 was US$10.02 (FY2024: US$10.37) mainly resulting from the lower ICI4, partially offset by the lower cash cost per tonne. The Group nearly doubled its profit before taxes to US$49.1 million (FY2024: US$25.2 million*) mainly driven by the increase of sales volume. Net profit performance in FY2025 takes into account the higher tax expense of US$21.6 million mainly attributable to the higher Harga Patokan Batubara (“HPB”) Indonesia coal benchmark prices over the Group’s actual selling prices based on ICI4. Under the Indonesia Government Regulation No. 18 year 2025, the applicable taxable income is derived from the higher of actual selling prices and HPB prices. 2025 REVENUE (2024: US$402M) US$563M +US$161M (2024: US$82M) 2025 CASH PROFIT US$128M +US$46M (2024: US$22M)* 2025 NET PROFIT US$28M +US$6M 22
FINANCIAL PERFORMANCE # The Group has disposed of BEK in July 2025. BEK is no longer a subsidiary of the Company. 2025 2024 2023 INCOME STATEMENT (US$ million) Revenue 563 402 489 Cash profit 128 82 103 Net profit before tax 49 25* 89 Net profit 28 22* 63 BALANCE SHEET (US$ million) Cash and bank balances 105 118 136 Deposits and prepayments 56 74 64 Receivables 145 127 94 Deferred stripping cost 109 70 43 Property, plant and equipment 591 485 444 Other assets 126 144 156 Less: Payables 207 135 96 Bank borrowings 263 228 226 Other liabilities 125 115 116 Net assets 537 540 499 Equity attributable to owners of the Company 443 449 419 Non-controlling interests 94 91 80 Total equity 537 540 499 REVENUE BY GEOGRAPHICAL SEGMENT (%) China Indonesia India South Korea Philippines Vietnam 62 32 1 2 2 1 2024 69 24 2 2 21 2023 66 28 1 2 3 2025 PRODUCTION VOLUME (million tonnes) SDJ TBR TRA BEK# 1.5 8.5 2.5 1.4 5.1 1.2 0.2 6.0 0.3 2.1 2025 2024 2023 SALES VOLUME (million tonnes) SDJ TBR TRA BEK# 1.6 8.6 2.6 1.6 5.1 1.1 0.2 0.2 0.2 6.0 2.0 2025 2024 2023 0.2 23 GEO ENERGY | ANNUAL REPORT 2025
Geo Energy Resources Limited (the “Company”, and together with its subsidiaries, the “Group”) is committed to maintaining a high standard of corporate governance. The Company understands that good corporate governance is an integral element of a sound corporation and enables it to be more transparent and forwardlooking. In addition, sound corporate governance is an effective safeguard against fraud and dubious financial engineering, and hence helps to protect shareholders’ interests. This also helps the Company to create long-term value and returns for its shareholders. The Listing Manual of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) requires all listed companies to describe in their Annual Reports their corporate governance practices with specific reference to the principles and the provisions of the Code of Corporate Governance 2018 (the “Code”). The Company is pleased to report on its corporate governance processes and activities as required by the Code. For easy reference, the principles and the provisions of the Code under discussion in this Annual Report are specifically identified. However, this Annual Report should be read as a whole as other principles and provisions of this Annual Report may also have an impact on the specific disclosures. Statement of Compliance The Board of Directors of the Company (the “Board”) confirms that for the financial year ended 31 December 2025, the Company has adhered to the principles and provisions as set out in the Code, save as otherwise highlighted (if any) in this report in relation to certain provisions of the Code. BOARD MATTERS The Board’s Conduct of Affairs Principle 1: The company is headed by an effective Board which is collectively responsible and works with Management for the long-term success of the company. Provision 1.1 (Conduct, ethics and culture) The directors of the Company (“Directors”) are fiduciaries who act objectively in the best interests of the Group and hold the Company’s management (the “Management”) accountable for the performance of the Group including the achievement of financial and nonfinancial targets relating to inter alia revenue, profit, cashflow, risk management, internal controls and human resource. The Board has put in place a code of conduct and ethics. It also sets the tonefrom-the-top for the Group in respect of ethics, values and desired organisational culture, and ensures proper accountability within the Group. Any Director who faces a conflict of interest or a possible conflict of interest, in relation to a matter, must promptly declare his interest at a meeting of Directors or send a written notice to the Company containing details of his interest and the conflict and recuses himself from discussions and decisions on the matter involving the issue of conflict. CORPORATE GOVERNANCE 24
Provision 1.2 (Duties, induction, training and development) The Directors understand the Company’s business as well as their directorship duties (including their roles as executive, non-executive and independent directors). New and existing Directors are provided with induction, training and the opportunities to develop and maintain their skills and knowledge at the Company’s expense. The principal functions of the Board, in addition to carrying out its statutory responsibilities, are as follows: • overseeing the formulation of and approving the Group’s overall long-term strategic objectives and directions, taking into consideration sustainability issues (eg. environmental and social factors); • overseeing and reviewing the management of the Group’s business affairs, financial controls, performance and resource allocation; • establishing a framework of prudent and effective controls to assess and manage risks and safeguard shareholders’ interests and the Group’s assets; • identifying the key stakeholder groups and recognising that their perceptions affect the Company’s reputation; and • setting the Company’s values and standards (including ethical standards) and ensuring that obligations to shareholders and other stakeholders are understood and met. The Company conducts orientation programmes to familiarise new Directors with the Group’s business activities, strategic direction and policies, key business risks, the regulatory environment in which the Group operates and governance practices. Newly appointed Directors also receive a formal letter explaining their duties and responsibilities. A Director who has no prior experience as a director of an entity listed on the SGX-ST will need to undergo training in the roles and responsibilities of a director of an entity listed on the SGXST as prescribed by the SGX-ST within one year from the date of his or her appointment to the Board. The Directors are regularly updated on business and strategic developments, changing commercial risks and key changes in the regulatory environment and accounting standards. In addition, the Board recognises the importance of regular training for the Directors and encourages them to undergo continual professional development. In 2025, the external auditors of the Company briefed the Directors on changes to accounting standards. Provision 1.3 (Board approval) The Board has adopted internal guidelines setting forth the matters reserved for the Board’s decision and given clear directions to the Management on matters that must be approved by the Board. The approval of the Board is required for matters such as corporate restructuring, mergers and acquisitions, appointment of directors, major investments and divestments, material acquisitions and disposals of assets, major operations, approval of periodical financial results announcement and annual audited financial statements, declaration of interim dividends, proposal of final dividends and other return to shareholders and interested person transactions of a material nature. Provision 1.4 (Board committees) To assist in the execution of its responsibilities, the Board has established three Board committees comprising an Audit and Risk Committee (“ARC”), a Nominating Committee (“NC”) and a Remuneration Committee (“RC”) (collectively, the “Board Committees”). These committees function within clearly defined written terms of reference setting out their compositions, authorities and duties. The names of the committee members, the terms of reference, any delegation of the Board’s authority to make decisions and a summary of each committee’s activities, are disclosed in this Annual Report. Provision 1.5 (Board and Board Committee meetings) The Board meets on a regular basis and ad-hoc Board meetings are convened when they are deemed necessary. The Directors attend and actively participate in Board and Board Committee meetings. Directors with multiple board representations ensure that sufficient time and attention are given to the affairs of the Company. The number of Board, Board Committee and general meetings held in 2025 and each Director’s attendances at such meetings are set out below: Board ARC NC RC GM Number of meetings held 4 4 1 1 3 Number of meetings attended Charles Antonny Melati 4 NA 1 NA 3 Dhamma Surya 4 NA 1 NA 3 Ali Hery 4 4 1 1 2 David Yan Kin Pung 4 4 1 1 3 Lee Chee Tak1 4 4 1 1 3 Notes: GM – General Meetings of shareholders including the annual general meeting and extraordinary general meeting (if any) for the year NA – not applicable 1 Mr Lee Chee Tak resigned as Non-Executive and Independent Director on 31 December 2025. Provision 1.6 (Access to information) Management provides Directors with complete, adequate and timely information prior to meetings and on an on-going basis to enable them to make informed decisions and discharge their duties and responsibilities. 25 GEO ENERGY | ANNUAL REPORT 2025
Directors are from time to time furnished with detailed information concerning the Group to support their decision-making process. Prior to each Board meeting, members of the Board are each provided with the relevant documents and information necessary for them to comprehensively understand the issues to be deliberated upon and make informed decisions thereon. Such information includes budgets, forecasts, quarterly unaudited financial statements, related materials, facts, risk analysis, financial impact, expected outcomes, conclusions and recommendations. As a general rule, notices are sent to the Directors at least one week in advance of Board meetings, followed by the Board papers, in order for the Directors to be adequately prepared for the meetings. Provision 1.7 (Access to management, company secretary and advisers) The Board (whether individually or as a whole) has separate and independent access to the Management and the company secretary at all times, and may seek independent professional advice, if necessary, at the expense of the Company. The appointment and removal of the company secretary is subject to the approval of the Board. The company secretary and/or his or her representative is present at all Board and Board Committee meetings and ensures that all Board procedures are followed. Where the company secretary is unable to attend any Board meeting, he or she ensures that a suitable replacement is in attendance and that proper minutes of the same are taken and kept. Board Composition and Guidance Principle 2: The Board has an appropriate level of independence and diversity of thought and background in its composition to enable it to make decisions in the best interests of the company. Provision 2.1 (“Independent” Director) The Board considers an “independent” Director to be one who is independent in conduct, character and judgement, and has no relationship with the Company, its related corporations, its substantial shareholders or its officers that could interfere, or be reasonably perceived to interfere, with the exercise of the Director’s independent business judgement in the best interests of the Company. Provision 2.2 (Independent directors make up a majority of the Board) Independent Directors make up a majority of the Board. The Board exercises independent judgement on corporate affairs and provides the Management with a diverse and objective perspective on issues. Provision 2.3 (Non-executive directors make up a majority of the Board) Non-executive Directors make up a majority of the Board. The non-executive Directors constructively challenge and assist in the development of business strategies and assist the Board in reviewing the performance of the Management in meeting goals and objectives and monitoring the reporting of performance. Provision 2.4 (Board size and diversity) As at the date of this Annual Report, the Board comprises the following members, all of whom have the appropriate core competencies and diversity of experience needed to enable them to effectively contribute to the Group. The profiles of the Directors are set out in the “Board of Directors” section of this Annual Report. The composition of the Board is reviewed on an annual basis by the NC to ensure that the Board has the appropriate mix of expertise, experience, balance, diversity and knowledge of the Company and collectively possesses the necessary core competencies for effective functioning and informed decision-making. The Board as a group comprises members with core competencies in accounting and finance, business and management experience, industry knowledge, strategic planning and customer-based experience and knowledge. All three non-executive Directors on the Board have experience in accounting, finance, management and business, and one has corporate finance experience and knowledge of the resources industry. The Board has examined its size and its Board Committees’ size and is of the view that, they are of an appropriate size, taking into account the scope and nature of the operations of the Company, the requirements of the business and the need to avoid undue disruptions from changes to the composition of the Board and the Board Committee. The Board and the Board Committees comprise Directors who as a group provide the appropriate balance and mix of skills, knowledge and experience so as to avoid groupthink and foster constructive debate for effective decision-making. There is no individual or small group of individuals who dominates the Board’s decision-making. The Company adopted a board diversity policy which recognises the importance of having an effective and diverse Board. The main objective of the policy is to have the appropriate balance of skills, experience, knowledge and other aspects of diversity (e.g. gender, age and nationality) on the Board so that the Board would be able to approach issues and devise strategies through a greater range of perspectives and critical analysis of alternative ideas as well CORPORATE GOVERNANCE Charles Antonny Melati Group Executive Chairman and Chief Executive Officer Dhamma Surya Executive Director David Yan Kin Pung Lead Independent Director Ali Hery Independent Director Tai Mern Tze Independent Director 26
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