13 DEFERRED STRIPPING COSTS Note A Included within the additions for the year is an amount US$42,804,449 (2024: US$31,128,920) in relation to future access of additional coal reserves within the PT Tanah Bumbu Resources (“TBR”) mine. Total amortisation of deferred stripping costs was allocated as follows: NOTES TO FINANCIAL STATEMENTS 31 December 2025 Group 2025 2024 US$ US$ Cost: At beginning of year 109,856,760 79,094,117 Additions (Note A) 49,288,381 40,067,990 Utilisation (2,726,160) (9,033,135) Exchange differences - (272,212) At end of year 156,418,981 109,856,760 Accumulated amortisation: At beginning of year 40,259,226 35,866,379 Amortisation 7,476,779 4,392,847 At end of year 47,736,005 40,259,226 Carrying amount: At end of year 108,682,976 69,597,534 At beginning of year 69,597,534 43,227,738 14 CONVERTIBLE LOAN In August 2023, the Group entered into a US$4.0 million convertible loan arrangement with Charged Asia Pte. Ltd. (“CAPL”), an unrelated third party whose principal activity involves the manufacture and sale of electric motorcycles and scooters. The convertible loan carried an interest of 12% p.a. for a period of 24 months or until conversion, whichever earlier, and included the right to convert the outstanding amounts along with all accrued interests into ordinary shares in CAPL. In 2024, following a valuation exercise on the convertible loan by an independent valuer, a fair value gain of US$1,924,493 was recognised into the profit or loss as other income (Note 32). During the year, the Group elected not to exercise the right to convert the outstanding amounts into the ordinary shares in CAPL and received in cash an amount of US$4,414,699 being the outstanding loan principal and interest upon maturity. As the convertible loan had been redeemed, the amount of US$1,443,178, representing the fair value of the right to convert into the shares, was recognised into the profit or loss as other expense (Note 33). Group 2025 2024 US$ US$ Charged to profit or loss (Note 36) 7,466,376 4,380,329 Capitalised as inventory 1,178,275 1,167,872 8,644,651 5,548,201 Less: Amount previously capitalised as inventory, charged to profit or loss during the year (1,167,872) (1,155,354) 7,476,779 4,392,847 95 GEO ENERGY | ANNUAL REPORT 2025
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