Invictus Energy (IVZ) Q4 2024 TU earnings summary

Executive summary

• Secured commitment for US$5 million from Mutapa Investment Fund as part of a US$10 million capital raise at AU$0.10 per share, supporting the Cabora Bassa Project.

• Petroleum Production Sharing Agreement to be implemented by Mutapa Investment Fund on behalf of Zimbabwe, providing a stable fiscal and legal framework.

• Mukuyu well testing and appraisal planning completed; CB23 seismic data interpretation identified three new drill-ready prospects.

• Pilot gas-to-power MOU executed to supply energy to Eureka Gold Mine, with feasibility study ongoing.

• Farm-out process to secure a strategic partner for Cabora Bassa Project is progressing.

Financial highlights

• Exploration and evaluation spend for the quarter totaled AUD$4.44 million.

• Payments to related parties during the quarter were AUD$181,000.

• Net cash used in operating activities was AUD$710,000 for the quarter.

• Net cash used in investing activities was AUD$4.44 million for the quarter.

• Cash and cash equivalents at quarter end were AUD$3.26 million, down from AUD$8.52 million in the previous quarter.

Outlook and guidance

• Funds raised will support Mukuyu-2 well test, appraisal, and purchase of long lead items for future exploration.

• Company expects reduced funding needs in upcoming quarters as Mukuyu-2 drilling program is completed.

• Ongoing review of capital requirements and funding initiatives, with confidence in successful capital raising.