CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2025 Group 2025 2024 US$ US$ Operating activities Profit before income tax 49,145,773 43,150,022 Adjustments for: Depreciation of property, plant and equipment 21,874,220 14,065,055 Depreciation of right-of-use assets 11,821,417 11,765,353 Amortisation of deferred stripping costs 7,466,376 4,380,329 Gain on disposal of property, plant and equipment (377,178) (20,635) Loss on disposal of subsidiaries 906,363 - Share-based payment expense - 113,337 Amortisation of deferred gain (1,354,670) (1,223,135) Reversal of allowance for inventory written-down (676,502) - Gain on deemed disposal - (8,802,319) Fair value changes in investment property - (144,894) Fair value changes on convertible loan 1,443,178 (1,924,493) Reversal of expected credit loss on trade and other receivables (163,602) (226,332) Gain on bargain purchase - (5,880,647) Share of results of associates (652,661) (1,966,077) Amortisation of financial liabilities at amortised cost (53,195) 1,006,040 Amortisation of transaction costs 858,138 567,116 Interest expense 13,424,386 16,821,748 Interest income (2,510,860) (3,367,858) Retirement benefit obligations 320,361 402,370 Net foreign exchange loss 1,228,181 121,332 Operating cash flows before movements in working capital 102,699,725 68,836,312 Trade and other receivables (12,837,845) (17,087,625) Deposits and prepayments 19,030,474 (6,846,681) Inventories (Note A) 3,447,715 11,144,186 (Additions to) utilisation of deferred stripping costs - net (3,757,772) 94,065 Trade and other payables (21,542,860) 32,360,186 Cash generated from operations 87,039,437 88,500,443 Income tax paid (11,710,629) (17,764,802) Income tax refund 21,485,015 - Retirement benefit obligation paid (29,642) (16,698) Net cash from operating activities 96,784,181 70,718,943 57 GEO ENERGY | ANNUAL REPORT 2025
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