FOUNDATIONS SUSTAINABLE SUSTAINABILITY REPORT 2025
03 05 09 11 17 21 31 47 Board Statement About Geo Energy - Distributing Economic Value - Our Tax Approach About this Report - Reporting Scope and Boundary - Restatement of Information - Reporting Framework - Assurance - Feedback Our Approach to Sustainability - Sustainability Framework - Materiality Assessment - Sustainability Governance - Stakeholder Engagement Ensuring Strong Governance and Responsible Business Ethics and Integrity - Corporate Governance - Risk Assessment and Management Managing Our Environmental Footprint - Biodiversity - Climate Related Disclosure - Energy and Climate Change - Water - Waste Supporting the Health and Safety, Well-Being of Our People and Value Chain - Supply Chain Management - Health & Safety - Community & Well-being - Human Capital Management - Customer Relationship Management Appendices - Sustainability Performance - GRI Content Index
The Board of Directors is pleased to present Geo Energy’s 2025 Sustainability Report, which outlines the Group’s continued e!orts to integrate sustainability into our business strategy and operations. Guided by our Annual Report theme, Solid Grounds. Steady Growth., we remain focused on strengthening the foundations that support long-term value creation for growth, while advancing our commitments across three core pillars: Environmental Stewardship, Social Responsibility and Governance Excellence. These pillars are regularly reviewed to ensure they remain relevant, aligned with our business objectives and responsive to evolving stakeholder expectations. GOVERNANCE AND OVERSIGHT The Board recognises that strong governance and e!ective oversight are fundamental to sustainable performance. We provide directions on the Group’s sustainability strategy and risk management through a robust Enterprise Risk Management (ERM) framework, enabling the identification, assessment and mitigation of material risks, including those related to climate-change. Our sustainability management team conducts regular reviews of material ESG factors a!ecting both our operations and the wider community. This ensures that our focus areas remain relevant, aligned with our strategic direction and responsive to the expectations of key stakeholders, including investors, employees, local communities, and regulatory bodies. The Board also oversees the Group’s approach to climate-related risks and opportunities. In this regard, we enhanced our qualitative climate scenario analysis to include the Triaryani (TRA) coal mine and continued its gradual transition from the Task Force on Climaterelated Financial Disclosures (TCFD) recommendations towards alignment with the IFRS S1 and S2 Standards. We have also continued to strengthen our environmental management practices, with ongoing focus on greenhouse gas emissions, waste management, water usage and biodiversity considerations. As no projects were in the post-mining stage during the reporting period, land rehabilitation or restoration activities were not undertaken. Nevertheless, the Board remains committed to responsible land management and biodiversity protection and will ensure appropriate rehabilitation measures are implemented at the relevant stages of the mining life cycle. Our people remain at the core of our operations. The Board places strong emphasis on occupational health and safety, employee well-being and community engagement. These priorities are supported by structured training programmes and regular performance monitoring to foster a safe and healthy working environment across all operations. ADOPTION OF GLOBAL REPORTING FRAMEWORKS The Board is committed to transparent, consistent and decisionuseful sustainability disclosure. This report has been prepared with reference to established frameworks, including GRI 12 (Coal Sector) and the SGX Core ESG Metrics, providing stakeholders with a balanced and comparable view of the Group’s sustainability performance. As sustainability reporting standards continue to evolve, we remain committed to progressively aligning with internationally recognised frameworks, ensuring our disclosures remain relevant and meaningful to shareholders and other stakeholders. LOOKING AHEAD Looking forward, the Board will continue to reinforce the Group’s foundations while guiding a disciplined and measured path of growth. By embedding sustainability considerations into our strategic decision-making, governance practices and risk management processes, we are confident in our ability to deliver steady, sustainable progress and long-term value for all shareholders. On behalf of the Board, I would like to express our sincere appreciation to our shareholders, management team, employees, customers, partners and communities for their continued trust and support. Together, we will continue to build on solid grounds and advance towards steady, sustainable growth. Yours sincerely, Dato’ Charles Antonny Melati Group Executive Chairman and CEO Dear Shareholders, 3
4 GEO ENERGY | SUSTAINABILITY REPORT 2025
GRI 2-1, 2-2 Geo Energy Resources Limited (Geo Energy and together with its subsidiaries, the Group), a leading Indonesian energy group with a successful track record spanning more than 15 years. Geo Energy was listed on the Mainboard of the SGX in 2012 (stock code: RE4) and is part of the Singapore FTSE-ST Index. The Group’s growth strategy is anchored on three key segments: coal mining, road and jetty infrastructure and marine logistics. • The coal mining segment remains the primary growth driver as the Group ramps up its production of premium quality with low-ash and low-sulphur thermal coal. The Group owns three coal mines, namely PT Sungai Danau Jaya (SDJ), PT Tanah Bumbu Resources (TBR) and PT Triaryani (TRA); and a non-controlling stake of 49% in PT Internasional Prima Coal (IPC). • The road and jetty infrastructure development under PT Marga Bara Jaya (MBJ) is targeted for completion in June/July 2026. The Integrated Infrastructure is expected to generate significant cost savings of over US$10 per tonne on the transportation costs while supporting operations at the Group’s TRA coal mine, enhancing long-term operational e"ciency. It will also provide a streamlined and cost-e!ective logistical solution to third party users, generating scalable revenue streams. • The marine logistics segment is crucial to the entire logistics chain of the Group. It will support the increased transshipment requirements from the ramping up of TRA coal production and MBJ jetty, enhancing overall operational and cost e"ciency. Geo Energy’s corporate o"ces are located in Singapore and Jakarta, Indonesia, while the production operations are based in Kalimantan and Sumatera, Indonesia. Singapore O!ce 8 Temasek Boulevard #36-02 Suntec Tower Three Singapore 038988 Jakarta O!ce The Suites Tower, Lantai 17, Jl. Boulevard Pantai Indah Kapuk No. 1 Kav. OFS, Jakarta 14470, Indonesia The location of our mining operations: Mining Concessions SDJ TBR TRA Location Angsana and Sungai Lohan sub districts, Tanah Bumbu regency, South Kalimantan Province, Indonesia Angsana and Sungai Lohan sub districts, Tanah Bumbu regency, South Kalimantan Province, Indonesia Beringin Makmur II village, Rawas Ilir district, Musi Rawas Utara Regency, South Sumatera Province, Indonesia Mining Permit (Izin Usaha Pertambangan – IUP) Extended to May 2027 Extended to January 2028 Valid until May 2030 Total Concession Area 235.5 ha 489 ha 2,143 ha Status Operational Operational Operational ABOUT GEO ENERGY 5
PORTFOLIO ASSETS IPC coal mine (49%) (actively in operation) SDJ & TBR coal mines (actively in operation) TRA coal mine (actively in operation) MBJ hauling road and jetty (target completion in June/July 2026) Singapore Corporate O!ce Jakarta Corporate O!ce South Sumatera South Kalimantan East Kalimantan TMP & BSM marine logistics fleet (actively in operation) 6 GEO ENERGY | SUSTAINABILITY REPORT 2025
VISION To become one of Indonesia’s top five coal producers. We are committed to sustainable growth and enhancing shareholder value, through prudent capital allocation and longterm planning. MISSION We are committed to running our business with corporate social responsibility concepts firmly embedded within our daily operations to protect our people, the environment and the local communities in which we operate. We are creating value for our shareholders and investors through a dividend policy of at least 30% of the Group’s profit attributable to Owners of the Company, subject to capital requirements needed to support growth and investments. CORE VALUES Accountability We are responsible for our actions and performance when conducting our business. Competency We employ the best people, engage the top mining contractors and work with recognised international traders. Teamwork We cooperate, communicate and support each other in achieving our vision and mission. Commitment We strive to achieve the best possible outcome in everything we do, for the benefit of our people, business partners and communities. GEOGRAPHY Our core markets remain as Indonesia and China, while we have maintained our presence in other markets, such as South Korea, Philippines and India. The Group’s total coal sales volume in 2025 was 12.8 million tonnes, which was an approximately 62% increase from 7.9 million tonnes in 2024. Geography Nature of Services Description of Services Indonesia Mining Contractors Responsible for the provision of mining activities in the SDJ, TBR and TRA mines Landowner Owner of the plantation area that granted permission to SDJ and TBR to conduct mining activities within the plantation area Infrastructure Provision of the integrated coal mining support and infrastructure services from mine to anchorage for the export of coal for SDJ, TBR and TRA Singapore JORC Consultants Provide Independent Qualified Person’s Reports for the Group’s SDJ, TBR and TRA coal concessions in compliance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserve Committee (JORC Code) Auditors, Legal Counsels, Risk and Sustainability Consultants Where required, the Group solicits auditors, legal counsels, risk and sustainability consultants to carry out specific services and needs Revenue for 2025 was USD 562.7 million, of which Indonesia and China accounted for 28% and 66% respectively. Our supply chain mainly comprised suppliers from Indonesia and Singapore, providing the following services as stated below: 7
Revenues Operating Costs Employee Wages and Benefits USD 562.7 millions USD 438.1 millions USD 20.5 millions Tax Payment to Government Payments to Providers of Capital Community Investments USD 18.1 millions USD 28.1 millions USD 0.5 millions DISTRIBUTING ECONOMIC VALUE GRI 2-2, 3-3, 201-1 At Geo Energy, we believe that the economic value we create should be distributed equitably. Beyond financial performance, supporting local employment, supply chains and community development are responsible business practices that drive shared prosperity. This section presents a breakdown of our financial contributions. OUR TAX APPROACH GRI 207-1, 207-2 The Group maintains robust tax governance founded on transparency, compliance, and ethical practices. Our tax strategy aligns with the principles set out in the Annual Report 2025 and is reviewed annually to ensure relevance. We adhere to all applicable tax laws and regulations, engaging external advisors where specialist expertise is required to address evolving requirements and complex matters. We fulfil our tax obligations responsibly, considering available incentives where appropriate and ensuring that tax planning reflects genuine commercial and economic activities. Oversight of tax functions rests with the Group CFO, supported by the the Assistant Group Financial Controller for Singapore operations and General Manager Tax for Indonesian operations. Close collaboration between Tax and Finance teams enhances e"ciency, supported by regular training and discussions to maintain alignment with the Group’s business strategy. Our compliance framework includes continuous monitoring of regulatory changes by Legal and Tax teams. Where necessary, external consultants assess the impact of new legislation, with findings reviewed by the Board to determine appropriate actions. Independent audit by the external auditors on tax liabilities and deferred taxes, as well as independent review by the tax consultants on transfer pricing policies are conducted annually to ensure compliance. Strong governance underpins our approach. A whistleblowing policy provides a secure channel for employees and external parties to report concerns, with safeguards against retaliation. We prioritise transparent engagement with stakeholders through open communication platforms, fostering dialogue and collaboration beyond compliance. Feedback mechanisms ensure stakeholder input is captured and addressed e!ectively. 8 GEO ENERGY | SUSTAINABILITY REPORT 2025
GRI 2-2, 2-3, 2-5 Our annual Sustainability Report demonstrates the progress we have made towards achieving our sustainable development objectives by outlining our approach and performance. It highlights the key ESG priorities that reflect the Group’s values, stakeholder expectations, and business operations. The information presented covers the Group’s activities for the financial year from 1 January 2025 to 31 December 2025, consistent with disclosures in our Annual Report 2025. This report was published on the Company’s website and uploaded to SGXNet on 13 April 2026. Referencing the Greenhouse Gas (GHG) Protocol, we used an operational control approach to establish the boundaries for our reporting organisations’ data consolidation. The data from the operational mining concessions, owned by the Group, and from our mining contractors, BUMA, PKA and KTA, are included in this report. Singapore and Indonesia are the countries of operation captured within this report. REPORTING SCOPE AND BOUNDARY ABOUT 9
RESTATEMENT OF INFORMATION During the reporting period, Geo Energy made several restatements to the FY2024 data to reflect its operations data more accurately and consistently: • Greenhouse gas emission data for one of its subsidiaries, TRA, was adjusted to reflect the operational reality. Specifically, its Scope 2 emissions in 2024 were reclassified to Scope 1, because it does not procure emissions from the state-owned utility company, Perusahaan Listrik Negara (PLN). Instead, electricity for the mining operations was generated from onsite diesel generators. • Scope 3 emission for 2024 has been restated to align with the 2025 data. Specifically, the source for the emission factors have been changed to Open CEDA by Watershed, allowing for Indonesia-specific emission factors to be used. • For TRA, the total withdrawal from surface water has been recalculated to better reflect its nature and use. The total withdrawal for 2024 now exclude water from the sedimentation ponds, which are primarily designed for the treatment and management of wastewater generated from mining operations, rather than as a source of water withdrawal for operational consumption. • Subsequent to a review and re-computation of workplace health and safety figures, inaccuracies were identified in the calculation of the fatality rate and the rate of recordable work-related injuries, both expressed per million hours worked. The relevant information has been restated accordingly. REPORTING FRAMEWORK This sustainability report has been prepared with reference to the Global Reporting Initiative (GRI) Standard 2021, and GRI 12: Coal sector standards. Further details can be found in the GRI Content Index from pages 58 to 61. As a Mainboard-listed company on the Singapore Exchange (SGX), Geo Energy complies with SGX Listing Rule 711(A) and (B), as well as SGX’s enhanced climaterelated disclosure requirements. Since 2021, we have incorporated climaterelated disclosures into our reporting, initially guided by the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. With the adoption of the International Sustainability Standards Board (ISSB) Standards under the International Financial Reporting Standards (IFRS) Foundation in 2024, our climate-related disclosures are now aligned with ISSB Standards, which build upon and integrate the TCFD framework. This transition reflects the latest global best practices in climaterelated financial reporting. A summary of our Climate-Related Disclosures (CRD) is available on pages 23 to 25. ASSURANCE GRI 2-5 We engaged an independent consultant to periodically review Geo Energy’s policies, internal controls, and risk management practices related to our sustainability reporting process. While external assurance was not obtained for this reporting cycle, we intend to pursue external assurance once it becomes mandatory under future regulatory requirements. FEEDBACK GRI 2-3 We would appreciate any queries, observations, or recommendations to further strengthen our sustainability reporting. Kindly contact us at: investor_ relations@geocoal.com. 10 GEO ENERGY | SUSTAINABILITY REPORT 2025
GRI 3-1 to 3-3 At Geo Energy, we understand the importance of managing emissions from our operations and remain committed to responsible business practices. Guided by our corporate social responsibility principles, we prioritise the safety and well-being of our people, protect the environment, and actively support the local communities where we operate. SUSTAINABILITY FRAMEWORK Materiality Assessment GRI 3-1, 3-2 In 2025, we carried out a benchmarking exercise to evaluate our performance against industry peers and engaged internal stakeholders to assess both the positive and negative impacts of our operations. This process enabled us to identify and validate material topics, ensuring that we focus on issues with the greatest impact on people, the environment, and the economy. These material topics were subsequently reviewed and approved by the Board. Geo Energy’s materiality assessment was prepared with reference to the GRI Standards 2021. In line with the GRI 3 guidelines, we assessed our material topics alongside the SGX 27 Core Metrics to ensure continued relevance. The outcome of this assessment remains consistent with the material topics identified in 2024 and we continued aligning them under the three key pillars of our sustainability framework. 11
Governance Ensuring strong governance and responsible business ethics and integrity Our Material Topics • Corporate governance • Risk assessment and management Environment Managing our environmental footprint Our Material Topics • Biodiversity • Energy and climate change • Water and e#uents • Waste management Social Supporting the health and safety, well-being of people and value chain Our Material Topics • Supply chain management • Health and safety • Community and well-being • Human capital management • Customer relationship management Figure 1. Geo Energy’s Sustainability Framework SUSTAINABILITY GOVERNANCE GRI 2-9 to 2-20 Our sustainability framework is integrated into our management structure and overseen by the Enterprise Risk Management (ERM) Working Group. This group is responsible for identifying sustainabilityrelated risks and opportunities across our operations, enabling us to develop tailored solutions and create long-term value. The Board serves as Geo Energy’s highest governance body and acknowledges the importance of managing the Group’s impacts on people, the environment, and the economy. The Board is supported by the Group CEO, who oversees the implementation of sustainability strategies, key ESG matters including climaterelated issues and their associated impacts, reviews the materiality assessment, and ensures that material topics remain relevant to our business context. The Group CEO also manages stakeholder expectations and approves any updates to material topics when significant changes or concerns arise. Together with the respective Heads of Departments and the Mining Operations Team, the Group CEO is responsible for addressing sustainability-related matters across day-to-day operations and ensuring that areas of concern are e!ectively managed. The Board (includes Board of Directors) Respective Heads of Department and Mining Operations Team Group CEO Enterprise Risk Management (ERM) Working Group Figure 2. Geo Energy Sustainability Governance 12 GEO ENERGY | SUSTAINABILITY REPORT 2025
The Board The Board is responsible for overseeing the Group’s corporate governance. Its principal functions include: • Guiding the Group’s long-term strategic objectives and direction, with due consideration of sustainability matters; • Overseeing the management of business operations, financial controls, performance, and resource allocation; • Establishing prudent and e!ective controls to assess and manage risks, safeguard shareholders’ interests, and protect the Group’s assets; and • Setting Geo Energy’s values and standards, including ethical standards, ensuring that obligations to shareholders and other stakeholders are understood and fulfilled. The Board has established three dedicated committees, each tasked with specific governance and decision-making functions. Audit and Risk Committee The Audit and Risk Committee (ARC) is responsible for reviewing the Group’s top risks, including climate-related risks identified by the ERM Working Group. The ARC also evaluates and approves the adequacy and e!ectiveness of Geo Energy’s risk management framework and internal controls for key risks, including those related to climate. Nominating Committee The Nominating Committee (NC) is responsible for the selection, appointment, and re-appointment of directors. In this process, the NC reviews and shortlists candidates with relevant expertise and experience, while ensuring they demonstrate an understanding of key climate issues a!ecting the coal industry and Geo Energy’s operations. Remuneration Committee The Remuneration Committee (RC) reviews and recommends the remuneration framework for the Board and key management personnel, ensuring that rewards are aligned with both corporate and individual performance. As at the date of this report, the Board comprises five directors, three of whom are independent. The composition of the Board is as follows: • Mr Charles Antonny Melati (Group Executive Chairman and CEO) • Mr Dhamma Surya (Executive Director) • Mr David Yan Kin Pung (Lead Independent Director) • Mr Ali Hery (Independent Director) • Mr Tai Mern Sze (Independent Director) (appointed on 2 March 2026) ERM Working Group The ERM Working Group, comprising the Group CEO, Group CFO, and various Heads of Department identifies sustainability and climate-related risks and opportunities across our operations, enabling the Group to develop tailored solutions that support strategic objectives. The ERM Working Group conducts regular risk assessment updates to help management identify strategic, financial, operational, IT, and regulatory and compliance risks that may hinder the achievement of the Group’s business goals and recommends appropriate mitigation measures. Designated Risk Owners are responsible for monitoring and managing these risks. The top risks, along with the full risk register, are presented to the ARC and the Board for review and approval. Nomination Process of Board of Directors GRI 2-10 The NC collaborates closely with the Board in the selection, appointment, and re-appointment of Directors. To identify qualified and experienced candidates, the NC leverages executive recruitment services, recommendations, and professional networks. The NC reviews candidates’ résumés, evaluates their skills, knowledge, and experience, conducts interviews with shortlisted candidates, and recommends the most suitable individuals to the Board for approval. In line with our commitment to sustainability, candidates are expected to demonstrate awareness of key ESG issues impacting the coal industry and Geo Energy’s operations. Board appointments are formalised through a Board resolution. 13
Conflict of Interest GRI 2-11, 2-15 All Geo Energy’s personnel, including the Board, are required to disclose any direct or indirect interests in the Group’s suppliers, customers, or competitors that could create a conflict with the Group’s best interests. For Directors deemed as independent, their independence is reviewed annually by the NC, and each independent Director must complete an annual checklist in accordance with the Code of Corporate Governance. The Board has delegated the ARC to review any potential conflicts of interest in line with Geo Energy’s Conflict of Interest Policy. Any Director facing an actual or potential conflict of interest must promptly declare the details and recuse themselves from related discussions and decisions. All identified conflicts of interest are disclosed in Geo Energy’s Annual Report. Evaluation of the Performance of Highest Governance Body GRI 2-18 Geo Energy has a formal annual assessment process to evaluate the e!ectiveness of the Board, its Committees, and individual Directors. Each Director completes a self-assessment and self-evaluation form based on objective performance criteria, which include Board and Committee composition and e!ectiveness, quality of information and decision-making, Boardroom dynamics, relationship with Management, and individual attributes such as performance, expertise, experience and contributions, including oversight of the organisation’s economic, environmental, and social impacts. The assessment results are analysed to identify key areas for improvement, and follow-up actions are discussed at Board meetings. Remuneration Policies GRI 2-19 to 2-20 The RC reviews all aspects of remuneration, including director fees, salaries, allowances, bonuses, options, share-based incentives and awards, benefits-in-kind, and termination terms, to ensure fairness and alignment with performance. Geo Energy follows a structured process in determining remuneration packages, taking into account industry competitiveness, the Group’s overall performance, and the individual performance of Directors and key management personnel. For further details on the level and mix of remuneration, please refer to our Annual Report 2025, pages 32 to 33. The NC conducts an annual review of the Board’s composition to ensure an appropriate mix of expertise, experience, diversity, and knowledge of the Group, collectively possessing the core competencies required for e!ective governance and informed decision-making. The Board comprises members with competencies in accounting and finance, business management, industry knowledge, strategic planning, and customer-focused experience. To maintain relevance and capability in overseeing the Group’s sustainability strategy and development, the Board undergoes annual evaluations. Additionally, all directors, particularly first-time appointees, are required to complete training on their roles and responsibilities as directors of an SGX-listed entity within one year of appointment, as prescribed by SGX. This training includes ESG Essentials. In 2025, the external auditors of the Company briefed the Directors on changes to accounting standards. The Board, particularly firsttime Directors who has no prior experience as a director of an entity listed on the SGX-ST will undergo training in the roles and responsibilities of a director of an entity listed on the SGX-ST as prescribed by the SGX-ST within one year from the date of his or her appointment to the Board. Such training includes ESG Essentials. In accordance with Geo Energy’s Constitution, each Director is required to retire at least once every three years. In connection with newly appointed Directors pursuant to Regulation 119 of the Constitution of the Company, they will o!er themselves for reelection at the next Annual General Meeting (AGM) of the Company. Shareholders play an important role in determining whether a director is re-elected, and their views are sought during the AGM. The independence of prospective candidates is assessed during recruitment, with the NC conducting detailed background checks to identify any potential conflicts of interest with Geo Energy. The independence of each Director is also reviewed annually by the NC. Directors are required to disclose any relationships with the Company, its related corporations, substantial shareholders, or o"cers that may a!ect their independence. For Independent Directors, tenure on the Board is limited to nine years. Each Independent Director must complete an annual checklist to confirm their independence. 14 GEO ENERGY | SUSTAINABILITY REPORT 2025
STAKEHOLDER ENGAGEMENT GRI 2-29, 3-3 Stakeholder Group Engagement Methods Key Topics of Interest Frequency Business Partners Includes suppliers and contractors • Site inspections • In-person meetings • Workshops • Planning and coordination • Improving our partner’s sustainability performance • Compliance with all relevant regulations • Quarterly • Ad hoc Employees • Appraisal • Employee feedback channels • In-person meetings • Workshops • Maintaining a qualified, reliable and motivated workforce • Skills development • Fair, non-discriminatory employment practices that embrace diversity and equal opportunity • Annual • Ad hoc Government Institutions Law Enforcement Agencies • Socialisation forum in each village or district, involving village and district’s governments Law Enforcement Agencies • Project design and development, impacts and opportunities • Opportunity for partnership related to security aspects of the project assets, and safety throughout the construction and operation of the project Policy and regulations Law Enforcement Agencies • Annual • Ad hoc Provincial & Regency Government • Direct one-on-one meetings with relevant government agencies, as required • Focus group discussions (FGDs) at the regency level • Workshops Provincial & Regency Government • Obtaining all regulatory permits and licensing requirements for the developed sites (SDJ, TRA, TBR) • Continuing to conduct quarterly environment monitoring report, including social monitoring that is mandatory in Analisis Mengenai Dampak Lingkungan (AMDAL) report and report to the relevant agencies (Ministry of Environment and Ministry of Forestry, Ministry of Energy and Mineral Resources (MEMR)) Provincial & Regency Government • Quarterly • Ad hoc 15
Stakeholder Group Engagement Methods Key Topics of Interest Frequency Investors • Annual General Meeting • Analysts’ briefings with investors • Communication via Geo Energy’s website • Investor roadshows • Facilitate a strong understanding of our organisation’s economic and operational performance • Address concerns around ESG-related risks • Annual • Ad hoc Landowners • Direct one-on-one meetings as required • Socialisation forum at village level • Public displays • Landowners who might be impacted by the land acquisition process • Disagreements over compensation for land prices • Annual • Ad hoc Local Communities • FGDs and socialisation forum in each impacted village • Posters and brochures in a location where they are easily accessible to the community • Public display • Final project design, identified impacts and proposed mitigation plans • Project’s local labour requirements and procurement mechanism • Opportunities for project involvement in community development • Annual • Ad hoc Non-Governmental Organisations (NGOs) Domestic • Direct one-on-one meetings with relevant NGOs, as required • FGDs at the regency level • Presentations • Workshop • Project development, impacts and opportunities • Management of adverse environmental and social impacts • Project’s social investment and community development programmes • Project’s local labour requirements and procurement mechanism, and opportunity for the local workforce to be involved in the project • Annual • Ad hoc 16 GEO ENERGY | SUSTAINABILITY REPORT 2025
17
Policies, Procedures, and Practices Geo Energy complies with the Employment Act, Singapore’s primary labour law, which sets out the basic terms and conditions of employment. Foreign employees holding work passes are also covered under the Employment of Foreign Manpower Act, which defines employers’ responsibilities and obligations when hiring foreign workers. We are fully committed to respecting the human rights of all employees and contractors, including the rights of indigenous communities, in alignment with international conventions such as the International Labour Organization (ILO) Conventions and the Singapore Employment Act. Policy documents are communicated to all employees upon commencement of employment, and both the Employment Act and the Employment of Foreign Manpower Act are accessible online. Policies and standard operating procedures (SOPs) are developed collaboratively by the respective department’s in-charge and Senior Management to ensure accountability and e!ective implementation. The Group CFO oversees policy implementation with support from the respective department’s in-charge. To ensure compliance, an independent internal auditor conducts annual audits and evaluations across our operations in Singapore and Indonesia. Findings are reported to the Audit and Risk Committee and the Board. Our Code of Ethics and Conduct Policy and Supplier Code of Conduct Policy Geo Energy’s Code of Ethics and Conduct provide guidance on legal, ethical, and riskrelated issues that may arise in the course of work, helping employees consider the broader impact of their actions on stakeholders. Our Code of Conduct ensures that decisions are guided by integrity, honesty, and compliance. We are committed CORPORATE GOVERNANCE GRI 2-17, 3-1 to 3-3, 205-1 to 205-3 Geo Energy acknowledges its responsibility to uphold strong sustainability stewardship. We have established robust processes for risk identification and assessment to manage our environmental and social impacts e!ectively. Conducting business with integrity and fairness remains a key priority as we strive to maintain trust with our stakeholders. We are committed to maintaining sound governance practices that ensure accountability and transparency across our operations with principles that underpin strict business integrity and support the creation of long-term sustainable value. To achieve this, we have set the following strategic goals: • Protect stakeholder interests and create long-term sustainable value; • Uphold accountability and transparency throughout all business operations; • Foster a culture of integrity, ethical conduct, and shared values at every level; • Maintain zero tolerance for fraud, bribery, and corruption; • Provide a confidential channel for employees and external parties to report concerns related to ethics and non-compliance; • Establish a robust ERM framework to safeguard the Group against risks; and • Prevent and manage conflicts of interest through our Conflict of Interest Policy. to adhering to all Health, Safety, and Environmental (HSE) policies, standards, and practices. As our operations are primarily based in Indonesia, we recognize that conflicts may occasionally arise between local laws, the Code, or Company policies. In such cases, employees must consult the Group Legal Team or Management before taking any action. All employees, including the Board of Directors, are required to comply with the Code. The Supplier Code of Conduct applies to all current and future suppliers, setting expectations for adherence to the highest ethical standards. It covers areas such as professional conduct, confidentiality, ethical dealings, conflict of interest, compliance with competition laws, fair practices, health and safety, and adherence to all applicable laws and regulations. For new vendor selection, the Group applies criteria including cost competitiveness, credit terms, product quality and availability, and vendor reputation (including trade sanctions). Existing vendors undergo annual evaluations based on pricing, service quality, responsiveness, delivery performance, and compliance checks to determine continued engagement. These criteria also apply to bidding processes. For investment opportunities, a preliminary analysis is conducted to ensure alignment with corporate strategy, followed by a comprehensive due diligence exercise. We operate under Good Corporate Governance (GCG) principles, embedding accountability and transparency throughout our operations. Our adherence to the Code of Corporate Governance 2018 (Code 2018), as detailed in our Annual Report, is substantial and regularly reviewed to reflect regulatory updates. Geo Energy strictly complies with all mandatory legislation, including SGX Listing Rules, the Principles and Practice Guidance outlined in the Code of Corporate Governance 2018, and the laws and regulations of jurisdictions where we operate. 18 GEO ENERGY | SUSTAINABILITY REPORT 2025
To further strengthen our governance framework, we have implemented additional policies, which we are committed to fully complying with: Policy Name Description of the Policy Code of Ethics and Conduct (the “Code) • The Code provides guidelines, principles and expectations on professional conduct that should be upheld. • The Code contains clear guidelines on how the Board of Directors, employees and associated guests are expected to behave, as well as disciplinary actions taken in the event of non-compliance. • Prohibition on anti-competitive behaviour has also been stipulated in the Code. Whistleblowing Policy • The Policy establishes a formal channel for employees and relevant stakeholders to report occurrences of malpractice within the organisation. • The Policy ensures that all reports received through this channel are treated with confidentiality and impartiality, with no employee or third-party subject to consequence or retaliation for a report made in good faith. • Whistleblowing reports are reviewed by the ARC to facilitate investigative action and resolution. • The ARC received zero whistleblowing reports during this reporting period. Anti-Bribery and Corruption (ABC) Policy • The ABC Policy outlines rules surrounding money laundering, gifts, entertainment and hospitality expenses. • Employees who violate the ABC Policy will be subject to prompt disciplinary action or termination. • The Group’s anti-corruption policies and procedures have been communicated to all governance body members and employees, including new joiners, in Singapore and Indonesia. All employees are mandated to undergo anti-corruption and bribery training. Performance and Initiatives The Group has implemented an annual declaration process to identify and monitor exposure to sanction-related risks through its Conflict of Interest Declaration Form. Directors and employees are required to disclose any activities, relationships or circumstances that may give rise to risks under applicable sanctions laws. Where potential sanction-related risks (Sanctions Activities) are identified, a formal assessment is undertaken jointly by the Group Chief Financial O"cer and the Human Resources department. The findings of the assessment are submitted to the ARC and the Board of Directors for further review and, where appropriate, follow-up investigation or mitigating action. This structured assessment process enhances the Group’s governance and risk management framework by enabling the timely identification, assessment and management of potential financial and operational impacts arising from sanction-related risks. It further enables the Group to provide transparent and accurate information to stakeholders on sanction-related risk exposure, impacts and mitigation measures, in line with its continuing disclosure obligations under SGX Listing Rule 703. In 2025, the Group reported: • Zero cases of corruption and bribery • Zero incidents of conflicts of interest • Zero cases of non-compliance with applicable laws and regulations Our Goals and Targets Going forward, the Group remains committed to upholding the principles and guidelines set out in the Code. The Group also aims to continue maintaining zero cases of corruption and bribery, as well as zero incidents of conflicts of interest. In addition, the Group seeks to enhance Board diversity through the appointment of a director with relevant skills and experience across environmental, social and governance (ESG) matters, with particular emphasis on expertise related to the coal and commodities sectors. This will be complemented by the continued objective of ensuring the presence of at least one female director on the Board. Further details on the Group’s Board diversity objectives are set out on pages 26 to 27 of the Annual Report. RISK ASSESSMENT AND MANAGEMENT Policies, Procedures, and Practices The Board and Management recognise the critical role of e!ective risk management in protecting the interests of stakeholders and safeguarding the Group’s assets. These practices provide reasonable assurance over the integrity and reliability of financial information, as well as the proper stewardship and accountability of the Group’s assets. 19
Geo Energy’s Enterprise Risk Management (ERM) Framework is overseen by the ERM Working Group, which comprises the Group Chief Executive O"cer, Group Chief Financial O"cer, and Heads of various departments. The ERM Working Group is responsible for the development, implementation and ongoing enhancement of the ERM Framework. Under the ERM Framework, a structured risk identification and assessment process is carried out alongside continuous monitoring and reporting across all areas of the Group’s operations. Key components of the process include: • Risk identification and assessment: At the operational level, annual risk workshops are conducted with key management personnel from the respective business units (the Risk Owners) and members of the ERM Working Group. These sessions identify the Group’s key risks, including climaterelated risks, and corresponding mitigation measures. All identified risks are assessed, analysed and prioritised based on their relative significance. • Risk mitigation planning: The ERM Working Group formulates action plans to mitigate the identified risks, taking into consideration the potential impact, likelihood and cost of implementation. • Risk monitoring and reporting: Each Risk Owner is assigned responsibility for monitoring specific prioritised risk indicators and reporting on the status and e!ectiveness of the corresponding mitigation actions to the ERM Working Group on a regular basis. • Board and Committee oversight: The Group’s principal risks are reported annually to the Audit and Risk Committee (ARC) and the Board of Directors for review. The ARC and the Board assess the adequacy and e!ectiveness of the Group’s risk management framework, internal controls and risk response measures. Performance and Initiatives Key events and evolving trends faced by the Group in 2025 include ongoing coal price volatility, supply chain and transportation disruptions a!ecting the timely delivery of products to customers, changes in government policies and regulatory requirements, heightened cybersecurity and data protection risks, continued exposure to tighten financing and interest rate conditions, and the ongoing management of climate-related and sustainability-related risks and impacts across the Group’s operations. • The ERM Working Group, in consultation with the Company’s ERM consultant, reviewed the Group’s existing risk management processes to identify gaps in current practices and to recommend enhanced practices and appropriate countermeasures for the risks identified. In response to these risks, as well as changes in the Group’s operations and the external business environment, suitable mitigation actions and monitoring mechanisms have been established. • Management, together with the ERM Working Group, conducted a risk assessment update to identify strategic, financial, operational, information technology and regulatory or compliance risks that may impede the achievement of the Company’s strategic business objectives. The identified risks and corresponding mitigation measures were assessed, and the Board and Management reviewed the adequacy, e!ectiveness and integrity of the Group’s overall risk management framework. • The Group manages its environmental and social impacts through its Environmental and Social Management System (ESMS). Supported by structured and systematic processes, the ESMS enables the Group to identify, assess, manage and mitigate material environmental and social risks across its operations. Our Goals and Targets For the year ahead, the Group remains committed to maintaining high standards in its risk assessment and risk management practices. The Group will continue to monitor and address gaps identified within its risk management framework and to implement appropriate countermeasures aimed at strengthening the transparency, robustness and comprehensiveness of its governance practices, in support of responsible and sustainable business conduct. As a leading mining company operating in Indonesia, the Group recognises the inherent environmental risks associated with mining activities, including risks arising from oil, fuel, waste and chemical spills. Where adverse environmental impacts are unavoidable, the Group works closely with on-site personnel and contractors to minimise potential risks and mitigate impacts. The Group’s environmental management approach is aligned with international best practices, including compliance with the ISO 14001:2015 Environmental Management Systems (EMS) standard. In addition, an Environmental and Social Management System (ESMS) has been implemented across all assets, in alignment with internationally recognised frameworks such as the Equator Principles and the International Finance Corporation (IFC) Performance Standards. Environmental Audit At the Group’s mining sites, an environmental audit is conducted on an annual basis. The audit, known as the Audit Sistem Manajemen Keselamatan Pertambangan, is carried out in accordance with Decree of the Director General of Energy and Mineral Resources No. 185 of 2019 (Kepdirjen ESDM No. 185 Tahun 2019). This decree provides the regulatory framework for the implementation, assessment and reporting of the Mining Safety Management System (SMKP) for mineral and coal mining operations in Indonesia. 20 GEO ENERGY | SUSTAINABILITY REPORT 2025
21
Before Restoration (for illustration purpose) Restored Land (for illustration purpose) BIODIVERSITY GRI 3-3, 304-1, 413-1 Policies, Procedures, and Practices Biodiversity is identified as a material sustainability issue for Geo Energy, given the potential impacts of mining activities on surrounding ecosystems. The Group is committed to minimising its environmental footprint and managing biodiversity-related risks through robust environmental management practices, and with reference to ISO 14001:2015 as the guidance. To mitigate biodiversity impacts, the Group has implemented a comprehensive Environmental Management System (EMS) aligned with ISO 14001:2015, complemented by an integrated Environmental and Social Management System (ESMS). Together, these systems support the identification, assessment and management of biodiversity risks, while contributing to improved ecosystem outcomes, reduced operational risks and enhanced overall business performance. The Group’s mining operations in Indonesia, including those undertaken by contractors, are strategically located to avoid protected areas and regions of high biodiversity value. By prioritising site selection outside environmentally sensitive areas, the Group seeks to minimise ecological disruption. Where environmental impacts are unavoidable, appropriate mitigation and remediation measures are applied to protect biodiversity to the greatest extent practicable. Post-mining land rehabilitation forms a key component of the Group’s biodiversity management strategy. The Group enters into agreements with landowners to temporarily use land for mining purposes and to return the land upon completion of operations. During mining activities, topsoil is carefully excavated and stored for subsequent rehabilitation, preserving soil quality and fertility. The Group works closely with contractors to implement industry standard reclamation practices, with the objective of restoring landscapes and revitalising a!ected ecosystems. Performance and Initiatives In 2025, no revegetation activities were carried out as none of the Group’s projects had entered the post-mining or rehabilitation phase. Continuous Improvements Geo Energy remains dedicated to managing and minimising the ecological impacts associated with its operations. The Group will continue to implement responsible land rehabilitation practices following mining activities and to enhance stakeholder engagement through adherence to sound environmental stewardship principles. These initiatives support the Group’s objective of achieving sustainable business outcomes while contributing to the protection of biodiversity for future generations. 22 GEO ENERGY | SUSTAINABILITY REPORT 2025
CLIMATE RELATED DISCLOSURE Geo Energy is committed to addressing climate change and aligning our operations with global e!orts to limit the rise in global temperatures. Recognising the energy consumption and greenhouse gas (GHG) emissions associated with our activities, we seek to minimise our environmental footprint through compliance with relevant environmental regulations1 and by identifying feasible operational improvements. Climate change presents both physical and transition risks to our business. These include acute and chronic physical risk to our business such as extreme heat, flooding, and long-term shifts in weather patterns, as well as evolving regulatory and market challenges, including carbon pricing. In line with the SGX requirements and the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD), we have conducted a climate risk assessment to better understand manage these risks. As global sustainability reporting standards continue to evolve, we are transitioning to the IFRS S2 Climate-related Disclosures, which builds in the TCFD framework2. We acknowledge that climaterelated risks and opportunities change over time, with certain risks materialising over longer horizons due to regulatory developments, technological change, and the long-term nature of physical climate 1 These include the UU No. 32 Tahun 2009 (PPLH), Permen LH No. 3 Tahun 2014 (PROPER), UU No. 7 Tahun 2004 Sumber Daya Air, UU No. 18 Tahun 2008, amongst others. 2 The TCFD was o"cially disbanded in October 2023 and its responsibilities were taken over by the International Sustainability Standards Board (ISSB) under the IFRS Foundation. However, TCFD’s framework remains the foundation of ISSB’s IFRS S2 (Climate-Related Disclosures). The ISSB fully incorporated TCFD’s recommendations into IFRS S2, meaning that companies already aligned with TCFD should not see significant changes in reporting structure. 3 These include assessing climate-related revenue exposure, capital and operational expenditure impacts, carbon pricing exposure, asset impairment, and depreciation risks. Analysing revenue loss due to physical climate risks, risk-adjusted return on investment, and insurance cost changes of the business under di!erent climate scenarios could help us understand and quantify the financial risks and opportunities associated with climate change, enabling informed decision-making and strategic planning. impacts. This underscores the importance of regularly reviewing and updating our strategies. We have conducted a qualitative assessment to account for changes in asset coverage and will continue to refine our climaterelated analysis. Going forward, we plan to incorporate quantitative financial metrics3 to more robustly assess the potential impacts of climate-related risks and opportunities on our business. Further information on our governance structure, strategy, risk management approach and metrics for managing climate-related risks is set out on pages 11 to 14 of this report. Our approach is supported by a dedicated governance structure comprising the Board, relevant Board committees, and the Enterprise Risk Management (ERM) Working Group. These bodies oversee the identification, assessment, and management of climate-related risks, helping to ensure that our business remains resilient and aligned with our longterm sustainability objectives. Climate Scenario Analysis In our 2025 climate risk assessment, a scenario analysis was conducted based on the parameters outlined in Figure 2. BEK and STT were disposed during the year and have been excluded from this assessment. Figure 2. Scenario Analysis Framework Parameter Transition Scenarios Physical Scenarios Scenarios Considered IEA Announced Pledges Scenario (APS) IEA Stated Policies Scenario (STEPS) IPCC SSP 1-2.6 (Low Emissions) IPCC SSP 5-8.5 (High Emissions) Time Horizons 2030 (near-term) 2050 (medium-term) 2030 (near-term) 2050 (medium-term) 2100 (long-term) Asset Coverage SDJ TBR TRA SDJ TBR TRA Risk Considered • Carbon pricing • Climate-related Litigation • Coal Demand • Access to Coal Finance • Shift for Renewables, Electrification, and Low-Carbon Technologies • Fleet Electrification (Low-Carbon) • Methane Recovery & Utilisation • Energy E"ciency in Mining • Stigmatisation of Coal Industry • Extreme Heat • Flooding • Extreme Rainfall 23
geoenergy.listedcompany.comRkJQdWJsaXNoZXIy NTkwNzg=