Geo Energy Resources Limited - Annual Report 2025

As at 31 December 2025 STATEMENTS OF FINANCIAL POSITION See accompanying notes to the financial statements. Group Company Note 2025 US$ 2024 US$ 2025 US$ 2024 US$ ASSETS Current assets Cash and bank balances 7 105,140,469 118,073,057 27,086,567 11,437,579 Trade and other receivables 8 121,310,666 113,021,404 76,611,056 35,784,344 Deposits and prepayments 9 46,554,572 52,193,008 615,365 348,340 Inventories 10 30,631,016 34,359,717 - - Other current asset 19 6,361,423 - 6,361,423 - Total current assets 309,998,146 317,647,186 110,674,411 47,570,263 Non-current assets Trade and other receivables 8 4,759,182 4,965,330 32,656,205 - Tax recoverable 8 18,845,182 9,271,778 - - Restricted cash deposits 7(d) 11,085,913 11,117,770 - - Deposits and prepayments 9 9,385,633 21,415,750 13,292 840 Investment in subsidiaries 11 - - 171,300,781 178,745,820 Investment in associates 12 28,473,043 25,769,374 - - Deferred exploration costs 17 12,267,285 10,302,625 - - Deferred stripping costs 13 108,682,976 69,597,534 - - Property, plant and equipment 15 591,251,817 484,604,230 13,551,708 4,996,266 Investment property 18 - 12,983,292 - 12,983,292 Right-of-use assets 16 22,138,107 33,690,847 - - Convertible loan 14 - 5,685,151 - - Deferred tax assets 25 13,954,267 10,661,064 - - Other non-current assets 19 725,400 153,698 153,698 153,698 Total non-current assets 821,568,805 700,218,443 217,675,684 196,879,916 Total assets 1,131,566,951 1,017,865,629 328,350,095 244,450,179 LIABILITIES AND EQUITY Current liabilities Trade and other payables 20 206,096,218 133,320,613 23,984,081 18,907,466 Current portion of bank borrowings 22 13,702,497 19,768,734 5,956,102 1,562,988 Current portion of lease liabilities 21 118,270 5,743,162 - - Income tax payable 9,354,725 1,025,030 418,977 246,127 Total current liabilities 229,271,710 159,857,539 30,359,160 20,716,581 Non-current liabilities Trade and other payables 20 719,831 1,941,336 - - Bank borrowings 22 249,281,365 208,278,520 117,146,090 27,123,656 Lease liabilities 21 21,635 83,952 - - Provisions 24 7,331,348 5,031,864 - - Deferred tax liabilities 25 108,296,071 102,670,707 13,155 25,088 Total non-current liabilities 365,650,250 318,006,379 117,159,245 27,148,744 Capital, reserves and non-controlling interests Share capital 26 112,356,075 109,544,661 112,356,075 109,544,661 Treasury shares 27 (286,233) (1,490,907) (286,233) (1,490,907) Capital and other reserves 28 (18,971,530) 13,114,693 8,522,274 8,758,327 Translation reserve 29 9,376,313 6,490,369 4,464,245 4,464,245 Retained earnings 340,204,640 321,791,924 55,775,329 75,308,528 Equity attributable to owners of the Company 442,679,265 449,450,740 180,831,690 196,584,854 Non-controlling interests 93,965,726 90,550,971 - - Total equity 536,644,991 540,001,711 180,831,690 196,584,854 Total liabilities and equity 1,131,566,951 1,017,865,629 328,350,095 244,450,179 52

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