Invictus Energy (IVZ) H2 2025 earnings summary

Executive summary

• Defined eight high-potential prospects in eastern Cabora Bassa totaling 2.9 Tcf gas and 184 MMbbl condensate (gross mean unrisked basis).

• Focused next exploration drilling at Musuma prospect; 3D seismic and further appraisal at Mukuyu planned.

• Completed US$10 million Zimbabwe capital raise at AU$0.10/share, with US$2 million in oversubscriptions.

• Listed on Victoria Falls Stock Exchange; environmental approval received for pilot production at Cabora Bassa.

• Announced post-year-end a $37.8 million strategic investment by Al Mansour Holdings for a 19.9% stake, plus up to US$500 million conditional future funding.

Financial highlights

• Net loss after tax for FY25 was $4,966,815, an improvement from $5,318,445 loss in FY24.

• Basic loss per share was $0.30 (FY24: $0.38).

• Cash and cash equivalents at year-end were $8,677,024 (FY24: $3,256,044).

• Exploration and evaluation expenditure capitalized increased to $127,942,928 (FY24: $122,097,259).

• No dividends declared or paid.

Outlook and guidance

• Intends to develop Cabora Bassa Basin Gas Condensate project, potentially funded by debt, equity, or a farm-in partner.

• Plans to advance the Ngamo-Gwaai-Sikumi REDD+ project for potential carbon offset credits.

• Ongoing positive discussions with potential strategic partners and further exploration activities planned.