NOTES TO FINANCIAL STATEMENTS 31 December 2025 12 INVESTMENT IN ASSOCIATES Details of the Group’s associates are as follows: Notes (a) Audited by KAP Purwanto Susanti dan Surja (a member firm of Ernst & Young Global Limited). (b) In April 2025, PT Golden Eagle Energy Tbk had completed a private placement of 275,000,000 shares for total proceeds of US$13,063,775 (Note 11), resulting in the dilution of the effective equity interest of the Group. The above associate is accounted for using the equity method in these consolidated financial statements as set out in the Group’s accounting policies in Note 2. Summarised financial information of the Group’s associate is set out below. The summarised financial information below represents amounts included in the financial statements of the associate, not the entity’s share of these amounts, and are prepared in accordance with SFRS(I) Accounting Standards and are adjusted to reflect fair value adjustments upon acquisition or accounting policy alignments. Group 2025 2024 US$ US$ Cost of investment in associates 21,132,791 21,132,791 Effects of functional currency change in a subsidiary 4,181,238 - Cumulative share of post-acquisition profit, net of dividend received 3,153,497 4,624,119 Exchange differences 5,517 12,464 28,473,043 25,769,374 Name of associates Principal activities/ Country of incorporation and operation Effective equity interest of the Group 2025 2024 % % PT Internasional Prima Coal (“IPC”) (a) (b) Coal mining/ Indonesia. 32.35 35.11 Summarised financial information IPC Reconciliation of the above summarised financial information to the carrying amount of the interest in IPC recognised in these consolidated financial statements: 2025 2024 US$ US$ Net assets of IPC 30,572,531 33,587,981 Proportion of the Group’s ownership interest 32.35% 35.11% Carrying amount of the Group’s interest in IPC 9,890,214 11,791,767 2025 2024 US$ US$ Current assets 21,466,056 25,490,809 Non-current assets 17,372,907 17,721,294 Current liabilities 5,323,794 7,569,550 Non-current liabilities 2,942,638 2,054,572 Revenue 40,003,016 62,296,901 Profit for the year, representing total comprehensive income for the year 1,331,961 4,035,370 94
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