Invictus Energy (IVZ) investor relations material

Executive summary

• Focused on exploration and appraisal of the Cabora Bassa Project in Zimbabwe, with National Project Status granted and key licenses renewed for three years.

• Net loss from continuing operations for the half-year ended 31 December 2025 was $4,231,158, compared to $3,318,765 for the same period last year.

• No dividends declared or paid during the period.

• Preparation continued for Musuma-1 drilling and Mukuyu Gas Field appraisal.

• Binding MOU and share subscription agreement with Al Mansour Holdings for a 19.9% stake was signed but later terminated post-period.

Financial highlights

• Revenue from interest and other income totaled $154,614, up from $98,602 year-over-year.

• Total expenses increased to $4,379,223 from $3,638,507, driven by higher corporate and professional fees, share-based payments, and other expenses.

• Basic and diluted loss per share was 0.26 cents, compared to 0.21 cents in the prior period.

• Cash and cash equivalents at period end were $4,511,400, down from $8,677,024 at 30 June 2025.

• Net cash outflows from operating and investing activities totaled $4,118,419 for the half-year.

Outlook and guidance

• Directors expect continued exploration and development at Cabora Bassa, with further capital investment anticipated.

• Material uncertainty exists regarding going concern, dependent on securing additional funding through debt or equity.