Invictus Energy (IVZ) investor relations material

Project overview and asset base

• Holds a dominant 360,000 ha licence position in Zimbabwe with three key areas: SG 4571 and EPOS 1848/49.

• Mukuyu gas-condensate field is the second largest oil/gas discovery in Sub-Saharan Africa in 2023.

• Portfolio includes multi-TCF gas and billion-barrel oil potential, with 12 prospects totaling 4.2 Tcf gas and 264 MMbbl condensate.

• Musuma-1 well targets 1.2 Tcf gas and 73 MMbbl condensate, with drilling planned for H2 2026.

• Multiple monetisation paths include pilot gas-to-power for Eureka Mine and supply to domestic/regional markets at gas prices above $10/mcf.

Strategic priorities and development milestones

• $10M capital raise completed to support near-term activity and secure the foundation for future growth.

• Execution of Petroleum Production Sharing Agreement (PPSA) and farmout/financing to fund exploration and appraisal.

• Musuma-1 drilling and Mukuyu-3 appraisal well are key catalysts for resource expansion and commerciality.

• Advance Eureka Gas-to-Power Pilot Project to FID, providing early revenue and proof of concept.

• Active screening for new ventures to diversify and scale the portfolio, focusing on producing and near-term development assets.

Market opportunity and infrastructure

• Southern Africa faces a domestic power shortfall of ~2,500 MW and regional shortfall over 10,000 MW.

• Multiple high-value markets identified: power generation, petrochemicals, fertilizer, industrial, and mining.

• Existing infrastructure includes ROMPCO pipeline, SAPP power grid, and major road/rail corridors for regional export.

• Gas-to-power solutions are critical for the region's mining and beneficiation industries, unlocking stranded mineral assets.

• Pilot project at Eureka Gold Mine demonstrates early monetisation and provides dynamic reservoir data.