NOTES TO FINANCIAL STATEMENTS 31 December 2025 15 PROPERTY, PLANT AND EQUIPMENT (cont’d) Included in construction in progress as at 31 December 2024 was US$44,775,367 arising from the PPA exercise on PT Marga Bara Jaya (Note 41), capitalised borrowing costs of US$2,647,565, and US$3,234,351 in incremental costs associated with PT Marga Bara Jaya during the year ended 31 December 2024. Management is of the view that given the valuation was performed close to the financial year ended 31 December 2024, with no known significant changes in the key assumptions in the PPA exercise, that the carrying amount as at 31 December 2024 approximated fair value. Management has carried out a review of the recoverable amount of the mining properties of US$382,235,828 (2024 : US$418,165,628) based on value in use calculations, using discount rate of 8.7% (2024 : 9.4%). Based on the assessment, no further impairment loss has been made to the Group’s mining properties during the year. In 2025, the Group disposed of a subsidiary (Note 42) which had accumulated impairment of US$6,399,574 on its mining property. Following the disposal, accumulated impairment for mining properties as at 31 December 2025 is US$Nil (2024 : US$6,399,574). Management determined the following key assumptions to the value in use calculation: • Timing of commencement and ramp up of production (2025 and 2024 : ramp up from 2026) • Discount rates (2025 : 8.7% | 2024 : 9.4%) • Forecasted coal prices (2025 : US$35.00 to US$67.87 | 2024 : US$16.38 to US$84.74) • Forecasted production volume As at 31 December 2025 and 2024, management has assessed that the impacts of the possible changes in a key assumption, with all other variables held constant, to the Group’s allowance for impairment loss is not meaningful hence accordingly no sensitivity was performed. Equipment and furniture Motor vehicles Computer and software Leasehold property Construction in progress Total US$ US$ US$ US$ US$ US$ Company Cost: At 1 January 2024 316,017 - 32,457 5,004,008 - 5,352,482 Additions 4,877 205,331 4,206 - - 214,414 Disposals - - (1,699) - - (1,699) At 31 December 2024 320,894 205,331 34,964 5,004,008 - 5,565,197 Reclassifications - - - (5,004,008) 12,983,292 7,979,284 Additions - - - - 433,445 433,445 At 31 December 2025 320,894 205,331 34,964 - 13,416,737 13,977,926 Accumulated depreciation: At 1 January 2024 176,381 - 21,970 181,623 - 379,974 Depreciation 72,910 37,643 4,949 75,154 - 190,656 Disposals - - (1,699) - - (1,699) At 31 December 2024 249,291 37,643 25,220 256,777 - 568,931 Reclassifications - - - (294,353) - (294,353) Depreciation 67,524 41,066 5,474 37,576 - 151,640 At 31 December 2025 316,815 78,709 30,694 - - 426,218 Carrying amount: At 31 December 2025 4,079 126,622 4,270 - 13,416,737 13,551,708 At 31 December 2024 71,603 167,688 9,744 4,747,231 - 4,996,266 97 GEO ENERGY | ANNUAL REPORT 2025
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