INV.vx HY Financial Report

Invictus Energy Ltd

ACN 21 150 956 773

Half-Year Financial Report 31 December 2025

Table of Contents

Corporate directory 1

Directors' report 2

Auditor's Independence Declaration 4

Auditor's Review Report 5

Consolidated statement of profit or loss and other comprehensive income 7

Consolidated statement of financial position 8

Consolidated statement of changes in equity 9

Consolidated statement of cash flows 11

Notes to the financial statements 12

Director's Declaration 18

‌Corporate directory

Non-executive Chairman

Mr Joseph Mutizwa

Non-Executive Deputy Chairman

Mr Scott Macmillan

Managing Director

Mr Robin Sutherland

Non-executive Director

Mr Gabriel Chiappini

Non-executive Director

Ms Victoria McLellan (appointed 7 January 2026)

Tel: +618 6102 5055

Tel: 1300 787 272

Fax: +618 9323 2033

Email: web.queries@computershare.com.au

Mia Yellagonga Tower 2 5 Spring Street

Perth WA 6000

16 Milligan St, Perth WA 6000

‌Directors' report

The Directors present their report on the consolidated entity consisting of Invictus Energy Ltd and the entities it controlled at the end of, or during, the half-year ended 31 December 2025.

Directors

The names and details of the Directors of Invictus Energy Ltd (hereafter "Invictus" or "the Company") and the entities it controls who were in their position for the full reporting period and up to the date of this report unless otherwise stated:

• Mr John Bentley Non-executive Chairman

• Mr Joseph Mutizwa Non-executive Deputy Chairman

• Mr Scott Macmillan Managing Director

• Mr Robin Sutherland Non-executive Director

• Mr Gabriel Chiappini Non-executive Director

Principal Activities

The principal activities of the consolidated entity carried out during the financial year consisted of the exploration and appraisal of the Cabora Bassa Project.

Results of Operations and Dividends

The net loss from continuing operations for the half-year period to 31 December 2025 was

$4,231,158 (31 December 2024: $3,318,765).

No dividends have been paid or declared by the Company during the period ended 31 December 2025 (31 December 2024: nil).

Review of Operations

A summary of the Review of Operations during the reporting period is provided below.

• Cabora Bassa Project officially granted National Project Status (NPS) by the Zimbabwe Finance Minister Hon. Prof Mthuli Ncube.

• Exclusive Prospecting Orders 1848 and 1849 Licences renewed for further three-year term.

• Cabora Bassa Petroleum Production Sharing Agreement (PPSA) process finalised with the agreement expected to be formally executed between the parties in Q1 2026.

• Preparation and planning continued for Musuma- 1 drilling campaign.

• Preparation and planning continued for appraisal activities at Mukuyu Gas Field.

• Binding MOU and Share subscriptions agreement signed with Al Mansour holdings to acquire a 19.9% stake in Invictus Energy Limited.

Rounding of Amounts

The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest dollar

Subsequent Events

On 7 January 2026, Ms Victoria McLellan was appointed as Joint Company Secretary.

On 27 January 2026, the Company announced that it had terminated the Al Mansour Holdings (AMH) Subscription Agreement and Al Mansour Oil & Gas (AMOG) Joint Venture strategic partnership after the parties were unable to agree on acceptable terms for a revised transaction, with certain proposed provisions inconsistent with regulatory and governance requirements.

Other than the above, no matters or circumstances have arisen since the end of the financial period which have significantly affected or may significantly affect the operations, results or state of affairs of the group in future financial periods which have not been disclosed publicly at the date of this report.

Auditor's Independence Declaration

A copy of the auditor's independence declaration as required under Section 307C of the Corporations Act 2001 is set out on page 4.

This report is made in accordance with a resolution of directors.

Scott Macmillan Director

13 March 2026

‌Auditor's Independence Declaration

Tel: +61 8 6382 4600

Fax: +61 8 6382 4601

https://www.bdo.com.au

Level 9, Mia Yellagonga Tower 2

5 Spring Street

Perth, WA 6000

PO Box 700 West Perth WA 6872 Australia

As lead auditor for the review of Invictus Energy Ltd for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been:

1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

2. No contraventions of any applicable code of professional conduct in relation to the review.

This declaration is in respect of Invictus Energy Ltd and the entities it controlled during the period.

Perth

13 March 2026

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

‌Auditor's Review Report

Tel: +61 8 6382 4600

Fax: +61 8 6382 4601

https://www.bdo.com.au

Level 9, Mia Yellagonga Tower 2

5 Spring Street

Perth, WA 6000

PO Box 700 West Perth WA 6872 Australia

To the members of Invictus Energy Ltd

We have reviewed the half-year financial report of Invictus Energy Ltd (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at

31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, material accounting policy information and other explanatory information, and the directors' declaration.

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including:

1. Giving a true and fair view of the Group's financial position as at 31 December 2025 and of its financial performance for the half-year ended on that date; and

2. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor's review report.

We draw attention to Note 1 in the financial report which describes the events and/or conditions which give rise to the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. Our conclusion is not modified in respect of this matter.

BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation.

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is true and fair and is free from material misstatement, whether due to fraud or error.

Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe

that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group's financial position as at 31 December 2025 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Perth, 13 March 2026

‌Consolidated statement of profit or loss and other comprehensive income

For the half-year ended 31 December 2025

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

‌Consolidated statement of changes in equity

For the half-year ended 31 December 2024

Consolidated statement of changes in equity

For the half-year ended 31 December 2025

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

‌Notes to the financial statements

1. Basis of preparation

   This condensed consolidated interim financial report for the half-year reporting period ended 31 December 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcements made by Invictus Energy Ltd during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. Invictus Energy Ltd is a company limited by shares, incorporated and domiciled in Australia.

   The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. New and amended standards adopted by the Company in the current reporting period had no material impact.

   New accounting standards and interpretations

   For the half-year ended 31 December 2025, the Group has reviewed all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board ("AASB") that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

   Going concern

   The going concern concept relates to the assessment of the Company's ability to continue its operations (and pay its debts when they fall due) for the next 12 months from the date when the directors sign the financial report without the need to raise money from issuing shares or other sources of funding. The financial report has been prepared on a going concern basis.

   For the half-year ended 31 December 2025 the Group incurred a loss after tax of $4,231,158 (2024: $3,318,765) and had total net cash outflows from operating and investing activities of $4,118,419 (2024: $7,572,715).

   The Directors have prepared an estimated cash flow forecast for the period to 31 March 2027 to determine if the Company may require additional funding during this period. The Group intends to continue with its operating activities at the Cabora Bassa Project and will incur related cash expenditure. This results in a material uncertainty that may cast a significant doubt about the Company's ability to continue as a going concern, and therefore the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.

   The Directors have made an assessment on whether it is reasonable to assume that the Company will be able to continue its normal operations based on the following factors and judgements:

   • The Directors are of the opinion that the Group's exploration and development assets will attract further

     capital investment when required; and

   • The Directors expect the Group to be successful in securing additional funding through debt or equity issues, when and if required.

   Should the Company not be able to continue as a going concern, it may be required to realise its assets and discharge its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. The half-year financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or liabilities that might be necessary should the entity not continue as a going concern.

   Critical accounting estimates and judgements

   The preparation of financial reports requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

   In preparing the interim consolidated financial statements, the material judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were consistent with those that applied to the annual consolidated financial statements as at and for the year ended 30 June 2025.

2. Corporate costs

   31-Dec-25 A$		31-Dec-24 A$
   Corporate costs	1,107,423	416,251
   Corporate costs - foreign subsidiaries	701,973	852,755
   	1,809,396	1,269,006

3. Segment information

   Description of segments

   The Directors have determined the Group has one reportable segment, being exploration of oil and gas in Zimbabwe. As the Group is focused on hydrocarbon exploration, the Board monitors the Group based on actual versus budgeted exploration expenditure incurred by area of interest. This internal reporting framework is the most relevant to assist the Board with making decisions regarding the Group and its ongoing exploration activities, while also taking into consideration the results of exploration work that has been performed to date.

4. Exploration and evaluation expenditure

   As at 31 December 2025, the carrying value of the capitalised exploration and evaluation properties of the consolidated entity was $129,572,232 (June 2025: $127,942,928); the carrying amount of the project is per the reconciliation of movement in exploration and evaluation property below.

   	31-Dec-25 A$	30-Jun-25 A$
   Cabora Bassa Project Project carrying value - opening	127,942,928	122,097,259
   Costs incurred during the period	1,833,482	5,554,675
   Effect of translation to presentation currency	(204,178)	290,994
   Project carrying value - closing	129,572,232	127,942,928

   The total recoverability of the carrying amounts of exploration and evaluation assets is dependent on the successful development and commercial exploitation or sale of the respective areas of interest.

5. Contributed equity 31-Dec-25 30-Jun-25 A$ A$

   Shares on issue 181,516,717 181,516,227

   Issuance costs (15,623,129) (15,623,129)

   165,893,588 165,893,098

   Reconciliation of movement in share

   capital Number of shares A$

   Balance at 1 July 2024 1,417,895,548 148,332,526

   Shares issued 185,564,536 18,857,717

   Shares issued - options exercised 21,690 3,037 Share issuance costs - (1,300,182)

   Balance at 30 June 2025 1,603,481,774 165,893,098 Balance at 1 July 2025 1,603,481,774 165,893,098

   Shares issued - options exercised 2,914 490

   Balance at 31 December 2025 1,603,484,688 165,893,588
6. Related party transactions

   During the reporting period, 5,075,000 unlisted options and 2,500,000 performance rights were issued to Mr Scott Macmillan and 4,084,421 unlisted options and 1,500,00 performance rights were issued to Mrs Victoria McLellan. Refer to note 9 for terms and conditions of the options.

   During the period the Company paid $89,257 to Laurus Corporate Services Pty Ltd, an entity related to Mr Gabriel Chiappini, for the provision of non- executive director and company secretarial services and reimbursement of expenses incurred on behalf of the company (period ended 31 December 2024: $70,511).

   During the period the Company paid $86,180 to Ptarmigan Natural resources Ltd, an entity related to Mr John Bentley, for the provision of non- executive directors and reimbursement of travel expenses incurred on behalf of the company (period ended 31 December 2024: $57,042).

7. Share based payments

   Performance Rights

   On 20 August 2025, 9,499,997 Performance Rights were issued to the employees. The Performance Rights can be converted to ordinary shares upon the following milestone being achieved:

   The volume weighted average share price (VWAP) of the Company's shares being equal to or greater than AUD$0.10

   for a consecutive 20 day trading period on the Australian Securities Exchange (ASX)

   Set out below are the assumptions the indicative fair value of the Performance Rights

   Assumptions	Performance Rights
   Valuation Method	Hybrid Up-and-In Trinomial Model
   Spot Price	$0.05
   Exercise Price	Nil
   Grant Date	20 August 2025
   Start of performance period	20 August 2025
   End of performance period	20 August 2026
   Performance period	1.00
   Expiry Date	20 August 2026
   Remaining life of the Rights (years)	1.00
   VWAP barrier	$0.100
   Risk free rate	3.33%
   Dividend yield	Nil
   Volatility	110%
   Valuation per right	$0.05

   $474,999 has been recognised as Share based payments, within the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the current period.

   On 27 November 2025, 2,500,000 Performance Rights were issued to the Mr Scott Macmillan. The Performance Rights can be converted to ordinary shares upon the following milestone being achieved:

   - The volume weighted average share price (VWAP) of the Company's shares being equal to or greater than

   AUD$0.10 for a consecutive 20 day trading period on the Australian Securities Exchange (ASX) Set out below are the assumptions the indicative fair value of the Performance Rights

   Assumptions	Performance Rights
   Valuation Method	Hybrid Up-and-In Trinomial Model
   Spot Price	$0.105
   Exercise Price	Nil
   Grant Date	27 November 2025
   Start of performance period	20 August 2025
   End of performance period	20 August 2026
   Performance period	1.00
   Expiry Date	20 August 2026
   Remaining life of the Rights (years)	0.73
   VWAP barrier	$0.100
   Adjusted VWAP barrier	$0.144
   Risk free rate	3.78%
   Dividend yield	Nil
   Volatility	110%
   Valuation per right	$0.089

   $222,500 has been recognised as Share based payments, within the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the current period.

   Unlisted options

   On 20 August 2025, 17,757,158 unlisted options, valued at $420,448 were issued to the employees. The options have an exercise price of $0.10, and an expiry date of 31 August 2028. The fair value per option is $0.024. The options were valued using the Black-Scholes European Pricing Model, with the following inputs used:

   • Grant date: 20 August 2025

   • Expiry date: 31 August 2028

   • Risk free rate: 3.38%

   • Stock volatility: 96%

   • Share price at grant date: $0.05

   • Exercise price: $0.10

     $420,448 has been recognised as Share based payments, within the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the current period.

     On 27 November 2025, 5,075,000 unlisted options, valued at $323,618 were issued to the Mr Scott Macmillan. The options have an exercise price of $0.10, and an expiry date of 31 August 2028. The fair value per option is $0.064. The options were valued using the Black-Scholes European Pricing Model, with the following inputs used:

   • Grant date: 27 November 2025

   • Expiry date: 31 August 2028

   • Risk free rate: 3.84%

   • Stock volatility: 96%

   • Share price at grant date: $0.105

   • Exercise price: $0.10

   $323,618 has been recognised as Share based payments, within the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the current period.

8. Contingencies

   No contingent liabilities as at 31 December 2025 (June 2025: Nil)

9. Commitments

   Renewal application

   Geo Associates (Pvt) Ltd, a subsidiary of Invictus is the holder of Special Grant 4571 (SG4571) and is required to pay a renewal fee of US$33,300 during the 30 June 2026 financial year.

   Exploration and evaluation commitments

   Exploration and evaluation expenditure contractually committed to as at 31 December 2025 is as follows:

   	31-Dec-25 A$	30-Jun-25 A$
   Not later than 1 year	4,357,239	8,994,434
   Later than 1 year but not later than 2 years	-	-
   Later than 2 years but not later than 5 years	-	-
   	4,357,239	8,994,434

10. Dividends

    No dividends were paid by the Group during the half-year ended 31 December 2025 (2024: nil).

11. Events occurring after the reporting period

    On 7 January 2026, Ms Victoria McLellan was appointed as Joint Company Secretary.

    On 27 January 2026, the Company announced that it had terminated the Al Mansour Holdings (AMH) Subscription Agreement and Al Mansour Oil & Gas (AMOG) Joint Venture strategic partnership after the parties were unable to agree on acceptable terms for a revised transaction, with certain proposed provisions inconsistent with regulatory and governance requirements.

    Other than the above, no matters or circumstances have arisen since the end of the financial period which have significantly affected or may significantly affect the operations, results or state of affairs of the group in future financial periods which have not been disclosed publicly at the date of this report.

    ‌Director's Declaration

    In the Directors' opinion:

    1. The financial statements and notes, as set out on pages 7 to 17, are in accordance with the

       Corporations Act 2001, including:

       1. Complying with AASB 134 Interim Financial Reporting; and

       2. Giving a true and fair view of the consolidated entity's financial position as at 31

          December 2025 and of its performance for the half-year ended on that date; and

    2. There are reasonable grounds to believe that Invictus Energy Ltd will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the directors.

Scott Macmillan Managing Director Perth

13 March 2026