NOTES TO FINANCIAL STATEMENTS 31 December 2025 Name of subsidiaries Principal activities/ Country of incorporation and operation Effective equity interest of the Company 2025 2024 % % Held by PT Geo Energy Investama PT Golden Eagle Energy Tbk (b) (h) Management consultant services/Indonesia. 65.90 71.65 PT Marga Bara Jaya (b) (e) (l) Mining services, construction and transportation/Indonesia. 69.90 62.42 PT Geo Energy Maritim (e) (g) (i) (k) General trading/Indonesia. 97.96 - Held by PT Marga Bara Jaya PT Marga Bara Jaya Terminal (e) (g) (i) (k) General trading and services/Indonesia. 69.87 - Held by PT Golden Eagle Energy Tbk PT Naga Mas Makmur Jaya (b) (g) Mining support service/Indonesia. 65.90 71.02 PT Rajawali Resources (b) (g) Investment holding/Indonesia. 66.01 71.65 PT Bara Enim Sejahtera (d) (g) Investment holding/Indonesia. 65.90 - Held by PT Naga Mas Makmur Jaya PT Triaryani (b) (d) Coal mining/Indonesia. 65.90 60.37 Held by PT Rajawali Resources PT Mega Raya Kusuma (b) (g) Investment holding/Indonesia. 66.01 71.65 Held by PT Sumber Bara Jaya PT Bumi Enggang Khatulistiwa (b) (e) (j) Coal mining/Indonesia. - 98.88 Held by Borneo International Resources Pte. Ltd. PT Era Tiga Putra (e) (g) (i) Investment holding/Indonesia. 99.00 99.00 Held by PT Era Tiga Putra PT Karunia Mitra Berkat (e) (g) (i) Investment holding/Indonesia. 98.97 98.97 Held by PT Karunia Mitra Berkat PT Sungai Danau Jaya (b) (e) Coal mining/Indonesia. 98.96 98.96 11 INVESTMENT IN SUBSIDIARIES (cont’d) Notes (a) Audited by Deloitte & Touche LLP, Singapore. (b) Audited by Liana Ramon Xenia & Rekan, Jakarta, Indonesia (a member firm of Deloitte Touche Tohmatsu Limited). (c) Audited by Deloitte Touche Tohmatsu, Hong Kong (a member firm of Deloitte Touche Tohmatsu Limited). (d) On 23 July 2025, the Group completed the acquisition of 100% of the issued shares of of PT Bara Enim Sejahtera (“PT BES”) for a consideration of US$41,217,866. PT BES holds a 15% minority shareholding in PT Triaryani (“TRA”). The additional interest acquired in TRA did not result in change of control and accordingly, an amount of US$3,669,662 was reclassified from non-controlling interests to equity attributable to owners during the year ended 31 December 2025. The difference of US$37,969,114 was taken to other reserves as it relates to transactions between equity owners. Following the completion, 100% of the share capital of TRA are owned by subsidiaries of the Company. (e) Under the Indonesian Company Law, a limited liability company incorporated in Indonesia is required to have a minimum of two shareholders. As a result, certain subsidiaries are held by a non-controlling interest party. (f) Audited by Deloitte & Touche LLP, Singapore for sole purpose of inclusion of their financial position and operation results in the consolidated financial statements of the Group. (g) The subsidiaries were dormant during the year. (h) In April 2025, PT Golden Eagle Energy Tbk had completed a private placement of 275,000,000 shares for total proceeds of US$13,063,775, resulting in the dilution of the effective equity interest of the Company. The transaction has been recorded as an equity transaction against non-controlling interests and other capital reserves. (i) Not audited as deemed not material to the Group. (j) The subsidiaries were disposed of during the year. (k) Newly incorporated. (l) On 30 December 2025, the Group increased its shareholding in MBJ from 63.7% to 71.3% through the issuance of share capital to PT Geo Energy Investama. The additional interest acquired in MBJ did not result in change of control and accordingly, an amount of US$1,893,304 was reclassified from non-controlling interests to equity attributable to owners during the year ended 31 December 2025. 92
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