TO THE MEMBERS OF GEO ENERGY RESOURCES LIMITED INDEPENDENT AUDITOR’S REPORT Key audit matters How the matter was addressed in the audit Appropriateness of carrying amounts of deferred stripping costs [Note 13] and mining properties [Note 15] As at 31 December 2025, the net carrying value of the Group’s deferred stripping costs (Note 13) and mining properties (Note 15) of US$108,682,976 and US$382,235,828 respectively, represented 59.8% of total non-current assets and 43.4% of total assets in the Group’s statement of financial position. Due to the volatility in coal prices, there is a risk that the recoverable amounts of the deferred stripping costs and mining properties are lower than the carrying amounts, resulting in potential impairment to be recognised. Our audit procedures on the assessment of recoverable amounts of the deferred stripping costs and mining properties includes, among others: • We evaluated the design and implementation of management’s controls over the impairment assessment process, including the identification of indicators of impairment, determination of cash generating units (“CGU”) and estimation of recoverable amounts for each CGU. • We assessed the competency, reputation and objectivity of the independent qualified persons appointed by the Group in providing the Reports and considered the appropriateness of the valuation methodology used. Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Geo Energy Resources Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 December 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group and the statement of changes in equity of the Company for the year then ended, and the notes to the financial statements, including material accounting policy information, as set out on pages 52 to 115. In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”), Singapore Financial Reporting Standards (International) (“SFRS(I) s”) and IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 December 2025 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and of the changes in equity of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to our audit of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 48
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