GEORGINA ENERGY PLC

I have pleasure in presenting the 2026 Annual Report and Accounts of Georgina Energy Plc.

Georgina Energy Plc is an early-stage resource company with a strategy of actively pursuing the exploration, commercial development and monetisation of helium, hydrogen and hydrocarbon interests located in the Amadeus and Officer Basins in Northern and Western Australia.

Over the past twelve months, we have continued to advance our exploration strategy with focus, discipline, and a clear commitment to delivering long-term shareholder value in a challenging and rapidly evolving energy landscape.

Georgina Energy Plc is still at the pre-revenue stage of its lifecycle, but 2025 has been a year of meaningful progress in laying the foundation for future value creation. Our technical teams have made strong headway in de-risking our high-potential gas assets in Western Australia, with seismic interpretation, geotechnical analysis, and environmental studies moving us closer to drill-ready status and towards obtaining the exploration licence in the Northern Territories.

An important step in the development of the Hussar prospect is the signing of a drilling services contract on 20^th May 2026 to commence the targeted drilling program in Q3 of calendar 2026. Request for tenders have been sent to all major suppliers, during the course of 2026 to date, for the furnishing of drilling consumables in anticipation of the drilling contract award.

Traditional gas suppliers invest significantly in infrastructure to extract and store gas resources. Georgina's key difference is the plan to sell its gas from the well head having executed a non-binding off-take agreement with Harlequin Energy Limited in March 2026. The sale of raw gas at the well head would mitigate infrastructure cost exposure, which become the responsibility of the Off Taker.

The Company was pleased to advise in February 2026 it had received the draft Aboriginal Land Rights Agreement (ALRA) from the Central Land Council (CLC) to facilitate the granting of EPA155 Mt Winter which will lead to the 100% ownership of Oilco Pty Ltd, the current tenement holders. The Agreement is being reviewed by Georgina and execution is anticipated subject to Traditional Landowners approval.

Additionally, a resource upgrade study was commissioned for Mt Winter EP155, resulting in an overall increase of approximately 37% across the main commodities; BCFG 175.5 Helium, BCFG 160.5 Hydrogen and BCFG 1,300.5 Hydrocarbons.

As a pre-revenue company, maintaining financial discipline is paramount. Throughout the year, we managed our capital prudently, ensuring that funds were deployed effectively to advance core technical and regulatory workstreams while keeping our cost base lean.

We remain confident in the long-term demand for natural gas, particularly as a key enabler of energy transition in both domestic and regional markets. Our asset portfolio is strategically located in a region with supportive infrastructure and growing demand, offering a strong potential pathway to commercialisation.

The objective of the strategic report is to provide information for the shareholders and help them to assess how the Directors have performed their duty, under section 172 of the Companies Act 2006, to promote the success of the company and to provide context for the related financial statements.

Section 172(1) Statement - Promotion of the Group for the benefit of the members as a whole.

The duty of a Director, as set out in section 172 of the Act, is to act in good faith and in a way which may be considered would be most likely to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:

The pre-revenue nature of the business is important to the understanding of the Group by its members, employees and suppliers, and the Directors are as transparent about the cash position and funding requirements as is allowed under London Stock Exchange regulations.

The specific requirements of s172 are expanded below, along with the approach adopted by the Directors to ensure they meet these requirements:

The Company is a recently formed group having relisted after an RTO on 30 July 2024 with a mixture of advanced and earlier stage hydrocarbon exploration projects. Its objective is to become a supplier of helium, hydrogen and natural gas, which will necessarily take time to develop and build. Therefore, the aims and vision of the Directors are necessarily based around long-term consequences.

The Company's largest shareholder is Westmarket Corporation Pty Ltd (“Westmarket”), which is represented on the Board by Anthony Hamilton and Mark Wallace as Managing Director and Finance Director respectively. Westmarket and the other shareholders are aligned in their interest to create long-term value for the Company, however to the extent that there are matters that bring Westmarket's interests into potential conflict with other members, decision-making is reserved in specific circumstances to the Non-Executive Chairman (Peter Bradley) and Non-Executive Director (Roy Pitchford) and Executive Director (John Heugh), who together constitute in any case a majority of the Board.

As part of its re-admission to the London Stock Exchange (LSE) in 2024, the Company established a number of policies and procedures around its business practices, including anti-bribery, whistle-blowing, and anti-tax evasion. The Company has elected not to follow the corporate governance code due to it being in the early stage of its exploration program. The Directors are of the of the view that the current corporate governance provisions are suitable for a Group in its current state of development and is committed to revisiting this assessment as the group continues to grow and develop its operations.

The Company is in its early stages and does not have any employees other than the board of Directors. It is committed to the fair and ethical treatment of all of its staff.

In order to progress its projects in Australia, the Company is reliant on the support of its key suppliers (drilling Contractors, engineers, logistics and transport providers, environmental and other consultants, and suppliers of local equipment and materials). In many of these areas, the Company competes with other mining and hydrocarbon related companies, and it is therefore a key part of the Company's operating model to secure and maintain strong ties with suppliers, which it undertakes through regular exchanges relating to current and future planned workstreams. The Company has no customers, but when it reaches a stage closer to production, one or more off-take agreements will be required with long-term partners.

Consider the impact of the Company's operations on the community and the environment.

High environmental standards are required of hydrocarbon companies in Australia. The Company is committed to ensuring that its operations are not only are of benefit to local economies and communities, but that they do not harm the local environment. Being a future supplier of hydrocarbon products also means that the Group has a wider environmental dimension to consider, with investors and end users in energy and technology being more likely to expect high environmental and social standards throughout the supply chain. The combination of these factors' places ESG at the heart of Georgina's strategy.

The application of the s172 requirements can be further demonstrated in relation to the some of the key operational decisions made during 2024, 2025 and after the year end:

The Company was successfully re-admitted to the London Stock Exchange main market on 30 July 2024 with a capital raise of £5.0 million in gross funds. The funds were applied to the advancement of the helium, hydrogen and natural gas assets held by the Company.

The Company raised equity and debt funding during the 2026 Financial year comprising:

Georgina Energy has two projects; Hussar EP513 located in the Officer Basin of Western Australia and Mt Winter EPA155 located in the Amadeus Basin of Australia's Northern Territory (collectively “the projects” or “project”).

(Note: all volumes net attributable at the original FIA 75% level; a S&P agreement has been executed to increase ownership to 100%)

The deal allows Georgina to continue as planned with preparations ahead of being granted the exploration permit for Mt Winter.

EPA155 is in "good standing" and currently awaiting the approval of the Aboriginal Land Right Agreement (ALRA) being drafted by the Central Land Council.

Once the ALRA has been executed, it will be submitted to the Northern Territory Minister for Mines for the granting of the Exploration License; thereby if approved by the Minister, the Exploration Permit Application (EPA155) will become an Exploration Permit (i.e. an "EP").

In pursuit of its goals, the Company Directors will seek to minimise costs expended on professional, advisory, and administrative fees. Additionally, the Company is expected to be able to meet its stated near-term objectives from a combination of current cash reserves and future funding availability (see note 1 to the application of the Going Concern principal for more detail).

The Georgina Group was formed on 30 July 2024 with the reverse takeover of Mining, Minerals & Metals plc by Georgina Production Ltd (formerly known as Georgina Energy Plc). Its hydrocarbon projects were previously owned by Georgina Production Ltd.'s (“GPL”) wholly owned subsidiary Westmarket Oil & Gas Pty Ltd (“WMOG”) and now the combined Group's assessment of progress in the development of these projects remains in line with WMOG's own initial pre-transaction assessments.

Each of the projects is unique and has its own exploration and development requirements, however common to all is the need to set out a programme of work (including field exploration, environmental studies, gas-flow test-work, gas separation and processing and infrastructure and feasibility studies). The performance of the Company is primarily based on the progress of these programmes against expectations, measured in terms of cost, timing, and objectives achieved.

In addition, the Group has a corporate and administrative function, responsible for providing technical support to the projects, as well as setting strategic objectives and monitoring progress. The corporate function also provides support services such as finance, treasury, HR, investor relations and taxation. The assessment of the corporate function is based on managing cost, ensuring compliance with various regulatory requirements, and effective external communication.

Simple KPIs for the projects and its support functions therefore include cash expenditure and cash balances compared with forecast, and progress against milestones. These are regularly reviewed against deadlines and budgets.

The Directors track the following as the Group's key performance indicators (“KPls”):

The Group's accounting systems track performance on a monthly basis in particular focusing on working capital needs. These KPls will be refined and augmented as the Group's business develops. In the future, the Directors expect the KPls to focus on revenue generation and growth of the resource and reserves of the Group.

The Directors consider the principal risks and uncertainties facing the Group and a summary of the key measures taken to mitigate those risks are as follows:

The effective management of its financial exposures is central to preserving the Group's performance. The Group is exposed to financial market risks and may be impacted negatively by fluctuations in general capital market sentiment and cyclicality. These factors may create volatility in the Group's results to the extent that they are not effectively hedged.

The Group's outsourced finance team provides support to the board to ensure accurate financial reporting and tracking of business performance. Reporting on financial performance is provided on a regular basis to the Board.

Note 13 of the consolidated financial statements details other financial risks and associated mitigation processes namely credit, liquidity and foreign currency risk.

The Board, subject to delegated authority, reviews capital investment, material contracts and expenditure and insurance arrangements as part of its mitigation strategy for liquidity and counterparty (credit) risk.

The success of the Group's business strategy is dependent on its ability to complete the well redevelopment of Hussar and Mt Winter.

The Directors seek to manage these risks by leveraging the experience of the executive team and complementary skill sets of the non-executive Directors to prudently identify, pursue and execute on potential problematic operation issues that arise from time to time.

The review of the well targets involves an assessment of the commercial viability and the markets in which the Group operates in, its business plans and management capabilities.

ln identifying and assessing the future viability of the Group objectives, the Board considers the risk profile of the business, in particular, its financial and commercial viability and suitability for a listed company. The Board consults its financial advisor, legal advisor, geological and technical consultants as well as its broker throughout as a means of mitigating risk and complying with the listing Rules. Performance is monitored regularly and reported to the Board.

The price of helium is affected by factors beyond the Group's control. If the Group proceeds with the project, and the market price of helium decreases significantly for an extended period of time, the ability for the Group to attract finance and ultimately generate profits could be adversely affected. Numerous external factors and industry factors that are beyond the control of the Group that affect the price of helium include:

The price at which the Group can sell any helium it may produce in the future will therefore be relevant to the future revenues that can be generated by the Group and its ability to finance the Group going forward and any adverse effects on such price could have a material adverse effect on the Group's business, financial performance, results of operations and prospects.

In order to mitigate the potential for volatile commodity prices, the Company intends selling gas at the well-head, thereby negating the impact of significant infrastructure investment resulting in a low financial hurdle rate. An Off-take agreement has been structured with Harlequin in this manner.

The Group may be unable to hire or retain personnel required to support the Group. Going forward the Group's ability to compete depends upon its ability to retain and attract highly qualified management and technical personnel. Following the development of wells at Hussar and Mt Winter, the Group will evaluate the personnel and may determine that it requires increased support to operate and manage the business in accordance with the Group's overall business strategy. There can be no assurance that existing personnel of the business will be adequate or qualified to carry out the Group's strategy, or that the Group will be able to hire or retain experienced, qualified employees to carry out the Group's strategy.

The Company retains various resource services contractors to supply the required human capital required surplus to internal capabilities. Thereby with outsourcing skills, the Company is able to push risk on to third parties that are better able to source the Company's requirements.

During the development of the projects, the Group may be unable to acquire or renew necessary concessions, licenses, permits and other authorisations

The projects will require certain concessions, licences, permits and other authorisations to carry out its operations. Any delay in obtaining or renewing a license, permit or other authorisation may result in a delay to investment or development of a resource and may have a materially adverse effect on the business' results of operations, cash flows and financial condition. In addition, any concessions, licences, permits and other authorisations of the projects may be suspended, terminated or revoked if it fails to comply with the relevant requirements.

Failure to obtain (and shortages and disruptions in lead times to deliver) certain key inputs may adversely affect the Group's operations during the development of the projects.

During the development of the projects, the Group's inability to timely acquire feedstock, strategic consumables, raw materials, and processing equipment could have an adverse impact on any results of operations and financial condition. Periods of high demand for supplies can arise when availability of supplies is limited. This can cause costs to increase above normal inflation rates. Interruption to supplies or increase in costs could adversely affect the operating results and cash flows of the Group during the development of the projects.

Operational risks have been subcontracted to the Off-Taker, Harlequin. However, Georgina has executed a drilling contract for the Hussar drilling program on 20^th May 2026 with Ensign Drilling Australia.

Request for Tenders have been sent to all major suppliers for the supply of consumables for the Hussar drilling program ahead of expected commencement.

The Group takes its responsibilities as a corporate citizen seriously. The Board's primary goal is to create shareholder value but in a responsible manner that serves all stakeholders.

At Georgina, consideration and respect for the environment and local communities is at the heart of what we do and how we operate. Australia has some of the highest standards for environmental compliance. We endeavour to operate in as sustainable a manner as possible, including minimising our environmental footprint in the locations in which we operate, where possible using local materials and contractors for our work, and being as efficient as possible in our use of energy. Sustainability and ESG are increasingly important not only to the communities in which we operate, but also to our investors, suppliers, and wider stakeholders.

The Group aims to conduct its business with honesty, integrity and openness, respecting human rights and the interests of shareholders and employees. The Group aims to provide timely, regular and reliable information on the business to all its shareholders and conduct its operations to the highest standards.

The Group strives to create a safe and healthy working environment for the wellbeing of its staff and to create a trusting and respectful environment, where all members of staff are encouraged to feel responsible for the reputation and performance of the Group.

The Group aims to establish a diverse and dynamic workforce with team players who have the experience and knowledge of the business operations and markets in which we operate. Through maintaining good communications, members of staff are encouraged to realise the objectives of the Group and their own potential.

To this end the Company employs as consultants and contractors those individuals and entities operated by Traditional Landowners that provide services such as equipment hire, vehicle hire, land conservation advice and liaison.

The Company has entered into agreements such as those pursuant to Land Access and Petroleum Exploration Agreement between Mungarlu Ngurrarankatja Rirraunkaja Aboriginal Corporation and Westmarket Oil and Gas Pty Ltd, allowing access to the Traditional Owned site EP513 Hussar.

The Company has engaged Low Ecological Services Pty Ltd a specialist service provider to undertake Flora and Fauna Surveys, Environmental Impact Assessment reporting, Public Environment reporting, Environmental and site Management Plans, rehabilitation management, environmental Compliance Audits.

The Group currently has no trade, and no employees other than the Directors and has one sub-lease office. Therefore, the Group has minimal carbon emissions and therefore qualifies as low energy user and no further disclosures are made.

The Company is required to make disclosures under the framework recommended by the Task Force on Climate Related Disclosures (TCFD). These are designed to help investors and wider stakeholders understand how companies are managing climate related financial risks.

As the Group remains in the early stages of development without any current physical operations across its portfolio of projects, it is not practical to obtain and analyse emissions data for the Group operations. However, given the minor level of physical operations in the year, and the lack of any plant and minor office space, the carbon footprint and climate change impact of the Group's operations are considered to be negligible, and in any event below the 40 MWh threshold prescribed for detailed emissions disclosures. As such, the Group does not consider determination of the relevant emissions data be practical. Once the Group has commenced the leasing of physical premises across any of its projects, and hence transitioned into an operating company, it will revisit its position on climate related emissions disclosures accordingly.

Oil & Gas extraction plays a vital part in the economic and social development of Australia's economy and in this regard it is likely to be vulnerable to the disruptive and potentially destructive impacts from climate change and extreme weather events. The Group, which currently is in the exploration phase, is not aware of current climate-related impediments but monitors risks and physical impacts in order to implement better plans to prepare for and adapt to risks arising.

There is a wide range of factors that influence the adaption and resilience to climate change. However, at the prospecting or exploration level, the main risks to our operations are physical factors manifested in acute impacts (severe and short-term) and chronic impacts (long-term, gradual change). Acute physical risk can be in the form of extreme weather and weather- related events such as excessive rainfall (during the wet season) or wildfires (during the dry season) while chronic impacts refer to enduring changes and shifts in, for example, air and land temperatures. Extreme weather conditions may pose challenges to access to site and lead to delays in exploration activities.

Management conducts its operations in the light of seasonal weather conditions to mitigate risk.

For the purposes of financial reporting requirements and disclosure, at our current level of operations, climate-related risks are negligible. Should exploration activities lead to a discovery and hence more permanent, year-round, activities, the Group will reassess its position with regard to climate-related management.

A split of the Directors by gender at the end of the financial year is as follows:

The Group recognises the need to operate a gender diverse business, however given the current minimal level of Group operations, and therefore streamlining of the management team, it does not consider it practicable to achieve gender balance in the Board at the present time. The Board will ensure any future employment expansion takes into account the necessary diversity requirements and compliance with all employment law.

The Board has experience and sufficient training and qualifications in dealing with such issues to ensure they would meet all requirements. More detail will be disclosed in the future annual reports once the Company transitions to an operating gas production company.

These financial statements are prepared on the going concern basis. The going concern basis assumes that the group will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities, loans and commitments in the normal course of business.

The Directors have undertaken cashflow forecasting to determine the funding needs of the Group for a period from 31 January 2026, at which point the Group held approx. £0.27m in cash reserves, to 31 October 2027. The Group has forecasted cash outflow over the assessment period. Furthermore, on 1 May 2026 the group completed a £1m (before expenses) equity fundraise, providing approx. 45% of the funding required over the period of assessment. However, in order to meet its planned corporate and exploration activity expenditure, additional funding will be required over the period of assessment.

The Group has access to a number of potential sources of additional funding over this period, including the undertaking of further equity fundraisings, the issuance of further convertible loan notes and the extension of support from the Company's existing debtholders via agreement to defer repayment of principal or interest due within the period of assessment. Furthermore, the Company has entered into an arrangement with an offtake finance provider for the provision of project development funding over the Group's Hussar project, alleviating the need for the Group to raise the funding necessary to bring this asset into production.

Consequently, the Directors have determined that the Group and Company remains a going concern over the period of assessment. However, as there may be no certainty over the securing of additional funding over this period, there exists a material uncertainty which may cast significant doubt on the group's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern.

The Group has not formally adopted corporate governance code as is not required by statute and due to limited operations and size of the operations and team. However, the Group intends to adopt the code in the future when operations increase and currently tries to adopt best practices based on the size of the operations and Group.

The Company's Articles of Association require all Directors to retire by rotation and seek reappointment by the shareholders at a general meeting every two years.

The Board has a share dealing code that complies with the requirements of the Market Abuse Regulations. All persons discharging management responsibilities (comprising only the Directors) comply with the share dealing code.

The Directors are responsible for the Group's system of internal financial control. Although no system of internal financial control can provide absolute assurance against material misstatement or loss, the Group's processes are designed to provide reasonable assurance that problems are identified on a timely basis and dealt with appropriately and expeditiously.

The Group's reporting and control processes were put into place at the time of its re-admission to the LSE on 30 July 2024. The Board approved at that time a Financial Position and Prospects Procedures (“FPPP”) document that set out in detail the system of controls. This system includes a number of checks and controls over expenditures and other areas.

The Group has limited operations and no employees beyond the Board due to being in the early stage of the exploration value cycle and so has streamlined financial controls in place considered suitable for a Group of this size. The Board keeps its systems of financial control under regular review to ensure it remains suitable for purpose and appropriate to the Group's size and operations, noting that as operations grow so will the need for more advanced and comprehensive systems of control.

The Board of Directors reviews the effectiveness of the group's system of internal controls in line with the requirement of the Code. The internal control system is designed to manage the risk of failure to achieve its business objectives. This covers internal financial and operational controls, compliances and risk management. The group has necessary procedures in place for the year under review and up to the date of approval of the Annual Report and financial statements. The Directors acknowledge their responsibility for the group's system of internal controls and for reviewing its effectiveness. The Board confirms the need for an ongoing process for identification, evaluation and management of significant risks faced by the group. The Directors carry out a risk assessment before signing up to any commitments.

The Board has adopted an Anti-bribery and Corruption policy. All Board members have read and approved this policy. All new staff members are required to abide by this policy, as will any third parties in their business relations with the group.

The Group has a Board it believes is well suited for the purposes of implementing its business strategy, combining skill sets for the assessment of investment and acquisition of royalties and streams in the energy and mining sector.

The Directors are responsible for carrying out the Group's objectives, implementing its business strategy and conducting its overall supervision. Acquisition, divestment and other strategic decisions will all be considered and determined by the Board. The Board will provide leadership within a framework of prudent and effective controls. The Board will establish the corporate governance values of the Group and will have overall responsibility for setting the Group's strategic aims, defining the business plan and strategy and managing the financial and operational resources of the Group.

The Board aims to hold meetings at least on a quarterly basis and is regularly in contact to discuss prospective acquisition opportunities.

The Articles of the Company contain express provisions relating to conflicts of interest in line with the Companies Act 2006.

The Audit Committee has responsibility for, among other things, the monitoring of the integrity of the financial statements of the Company and its Group and the involvement of the Group's auditors in that process. It focuses in particular on compliance with accounting policies and ensuring that an effective system of external audit and financial control is maintained, including considering the scope of the annual audit and the extent of the non-audit work undertaken by external auditors and advising on the appointment of external auditors. The ultimate responsibility for reviewing and approving the annual report and accounts and the half-yearly reports remains with the Board. The Audit Committee will meet at least three times a year at the appropriate times in the financial reporting and audit cycle.

The members of the Audit Committee are Roy Pitchford, who acts as chairman of the committee, and Peter Bradley.

The Group's external auditor is PKF Littlejohn LLP. They have been the Group auditor since 2025 commencing for the period ended 31 January 2025. The Audit Committee closely monitors the level of audit and non-audit services that it provides to the Company and Group.

During the year ended 31 January 2026, the Audit Committee considered the following key issues in relation to the Financial Statements:

The remuneration committee reviews the performance of the Executive Directors and makes recommendations to the Board on matters relating to their remuneration and terms of employment. The committee also makes recommendations to the Board on proposals for the granting of share awards and other equity incentives pursuant to any share award scheme or equity incentive scheme in operation from time to time. The Remuneration Committee will meet at least twice a year.

The members of the Remuneration Committee are Peter Bradley, who acts as chairman of the committee, and Roy Pitchford. The Remuneration Committee did not meet in the year.

The Board is responsible for ensuring that workforce policies and practices are consistent with the Group's values and support its long-term sustainable success, and that staff can raise any matters of concern. The Non-executive Director designated to engage with the workforce on these matters is Roy Pitchford. Mr Pitchford, and in turn the Board, review the Group's policies and procedures, including anti-harassment and discrimination policies, sexual harassment reporting procedures, and procedures for reporting grievances or other concerns, and oversee the proportionate and independent investigation of any matters arising from them. These policies are provided to workers prior to the start of their work with the Group, and hard copies are posted prominently in the Group's operating premises together with other legally required notices.

The Group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The group is headed by an effective Board which is collectively responsible for the long-term success of the group.

The role of the Board: the Board sets the group's strategy, ensuring that the necessary resources are in place to achieve the agreed strategic priorities, and reviews management and financial performance. It is accountable to shareholders for the creation and delivery of strong, sustainable financial performance and long-term shareholder value. To achieve this, the Board directs and monitors the group's affairs within a framework of controls which enable risk to be assessed and managed effectively. The Board also has responsibility for setting the group's core values and standards of business conduct and for ensuring that these, together with the group's obligations to its stakeholders, are widely understood throughout the group. The Board has a formal schedule of matters reserved which is provided later in this report.

Board Meetings: the core activities of the Board are carried out in scheduled meetings of the Board. These meetings are timed to link to key events in the group's corporate calendar and regular reviews of the business are conducted. Additional meetings and conference calls are arranged to consider matters which require decisions outside the scheduled meetings. During the year, the Board met formally on 11 occasions.

Outside the scheduled meetings of the Board, the Directors maintain frequent contact with each other to discuss any issues of concern they may have relating to the group or their areas of responsibility, and to keep them fully briefed on the group's operations.

Matters reserved specifically for the Board: the Board has a formal schedule of matters reserved that can only be decided by the Board. The key matters reserved are the consideration and approval of:

Summary of the Board's work in the year: during the year, the Board considered all relevant matters within its remit but focused in particular on cash flow management and project development (Hussar and Mt. Winter) of the group.

The Board is pleased with the high level of attendance and participation of Directors at Board and committee meetings.

Non-Executive Directors: the Non-Executive Directors bring a broad range of business and commercial experience to the group and have a particular responsibility to challenge independently and constructively the performance of the Executive management (where appointed) and to monitor the performance of the management team in the delivery of the agreed objectives and targets.

Other governance matters: all of the Directors are aware that independent professional advice is available to each Director in order to properly discharge their duties as a Director. In addition, each Director and Board committee has access to the advice of the Company Secretary.

For the period under review, the Board comprised a Chief Executive Officer, two other Executive Directors, a Non-Executive Chairman, and one independent Non-Executive Director. Biographical details of the Board members are set out on page 15 of this report.

The Directors are of the view that the Board and its committees consist of Directors with an appropriate balance of skills, experience, independence and diverse backgrounds to enable them to discharge their duties and responsibilities effectively.

Independence: the Non-Executive Directors bring a broad range of business and commercial experience to the group. The Board considers each of the Non-Executive Directors to be independent in character and judgement.

Appointments: the Board is responsible for reviewing the structure, size and composition of the Board and making recommendations to the board with regards to any required changes.

Commitments: all Directors have disclosed any significant commitments to the Board and confirmed that they have sufficient time to discharge their duties.

Induction: all new Directors receive an induction as soon as practical on joining the Board.

Conflict of interest: a Director has a duty to avoid a situation in which he or she has, or can have, a direct or indirect interest that conflicts, or possibly may conflict with the interests of the group. The Board had satisfied itself that there is no compromise to the independence of those Directors who have appointments on the Boards of, or relationships with, companies outside the group. The Board requires Directors to declare all appointments and other situations which could result in a possible conflict of interest.

Board performance and evaluation: Georgina Energy plc has a policy of appraising Board performance annually. Having reviewed various approaches to Board appraisal, it has concluded that for a group of its current scale, an internal process in which all Board members submit answers to during Board Meetings that considers the functionality of the Board, and its committees is most appropriate at this stage.

Peter Bradley, Non-executive Chairman and director, is a corporate lawyer with around 35 years' experience advising on corporate transactions including capital raising and mergers and acquisitions on private and public markets. He has advised company boards from start-ups to some of the world's largest listed companies.

Mr Bradley has practised extensively in both Europe and Asia, both as a partner in City firms and in-house.

Mr Pitchford brings over 30 years' executive and managerial expertise as well as a proven track record in Southern Africa in the junior mining industry to the group. He has particular responsibilities for co-ordinating and reviewing potential reverse takeover targets.

During his career in the resource development arena, Mr Pitchford has held the position of Chief Executive Officer for Cluff Resources Zimbabwe Ltd, Masasa Mines (Pvt) Ltd, Zimbabwe Platinum Mines Ltd, African Platinum Plc, African Minerals Ltd, and Vast Resources Plc. Roy is a qualified Chartered Accountant (CA (Z)).

Mr Hamilton is a Managing Partner, Westmarket Capital Plc, is a Fellow of the Institute of Directors in London and is an Accountant by profession with over 35 years of extensive experience in international business, from investment advisory to Oil & Gas, exploration and production of gold, diamonds, base metals and property development.

Mr. Hamilton's experience has encompassed the role as CEO of an Oil & Gas company in South Texas, USA, raising US$55 million for the refurbishment and re-establishing of operations producing 28 MMCFGD, managing both onshore and offshore operations. Mr. Hamilton is also accredited with developing Zimbabwe and North America's first commercial diamond mines with hands on expertise to develop assets from discovery to production.

Mr Heugh holds a BSc (Hons) in geology and has completed 6 units of drilling engineering from the University of Texas, Austin. He has extensive experience in helium exploration and target identification expertise, oil and gas exploration geology, including wellsite geology, project generation, operations geology and engineering support.

Mr Heugh was the founding Director and MD of Central Petroleum Ltd, the biggest acreage holder in Australia of prime petroleum exploration and appraisal ground (70 million acres). He was also the founding Director and Executive Vice-Chairman of PetroAfrique Oil&Gas Ltd, as well as Gryphon Mining & Energy Melanesia Pty Ltd. Additionally he has been involved in the raising of over $100 million for exploration, initial development & discovery. Other achievements include orchestrating over $500 million of JV expenditure potential, discovering over one trillion tons of coal, a 300 km² tight gas sand prospect, generated the first horizontal well onshore in Australia, and delivered first commercial oil to surface in the western Amadeus ever.

Mr Wallace is a Managing Partner, Westmarket Capital Plc, holds a Bachelor of Economics and Accounting, is a Chartered Accountant and has over 25 years expertise in the global financial markets having held positions with internationally renowned Investment Banks and advisory firms including Standard Chartered Capital Markets, Cantor Fitzgerald and Credit Lyonnais in London and Natwest Capital Markets in Sydney.

Mr. Wallace has significant experience and expertise in funding for the development of production and operational assets across numerous commodities and extensive knowledge of off-take markets.

The Directors present their report together with the audited financial statements, for the period ended 31 January 2026.

The Company was incorporated on 28 January 2013 in England and Wales, as private company, and it re-registered as a public limited company on 22 October 2018. The company was subsequently listed on the Main Market for listed securities of the London Stock Exchange on 6 March 2020. The Company was suspended on 7 October 2021 and readmitted on 30 July 2024.

The results for the period are set out in the Statement of Comprehensive Income on page 30. The Directors do not recommend the payment of a dividend (2025: nil) on the ordinary shares.

The interest and deemed interest in the share capital of the Company by the Directors at the end of financial period are as follows:

As at 28 May 2026 the total number of issued Ordinary Shares with voting rights in the Company was 165,697,654. The Company has been notified of the following interests of 3 per cent or more in its issued share capital as at the date of this report.

The group's current intention is to retain any earnings for use in its business operations, and the group does not anticipate declaring any dividends in the foreseeable future. The group will only pay dividends to the extent that to do so is in accordance with all applicable laws. The group does not currently have any distributable reserves to facilitate payment of a dividend.

The Board is mindful of the value of diversity of all types, including not only gender, sexuality, and ethnicity, but also socio-demographic background and neurodiversity. The group is at an early stage with a small management team and has not yet appointed female board members but monitors the situation regarding suitably qualified candidates, although due to its early stage has not yet set specific targets and will do so once the operations mature.

The following tables are disclosed in accordance with the requirements of LR 9.8.6(10) and is as at 31 January 2026. The prescribed form of the disclosures below defines the senior positions of the Board as being the CEO, CFO and Chair. For the purposes of disclosure in the table below, Executive Management is deemed to comprise each of the executive Directors.

In accordance with LR 9.8.6R(9) and (10) the approach to collecting the data forming the basis of the gender and ethnic diversity of the Board and executive management was consistent across each individual for whom data was reported. Board members have confidentially self-reported on their gender and ethnicity in accordance with definitions set out in the UK listing rules.

An indication of the likely future developments in the business of the group are included in the Strategic Report. An explanation of the group's financial risk management objectives, policies and strategies is set out in note 13.

The auditors, PKF Littlejohn LLP, have expressed their willingness to continue in office and a resolution to reappoint them will be proposed at the Annual General Meeting.

On 16 April 2026 the Company announced that it had awarded the drill contract for the Hussar drilling program to Ensign Australia Pty Ltd, with final terms of the contract to be agreed between the parties prior to execution of a definitive contract for the provision of drilling services.

On 20 April 2026 the Company undertook a capital reorganisation, resulting in the subdivision of its existing ordinary shares of 5 pence each into one ordinary share of 1 pence each and one deferred share of 4 pence each.

On 28 April 2026 the Company announced the allotment of 1,066,667 new ordinary shares of 1 pence each at a price of 3.75 pence per share, to a service provider in settlement of fees in lieu of cash.

On 1 May 2026 the Company announced the completion of a fundraising of £1m before expenses through the issuance of 37,037,000 new ordinary shares of 1 pence each at a price of 2.7 pence per share. As part of the raising each investor was issued with one warrant for every two placing shares with an exercise price of 5 pence per share valid for 5 years from grant. The Company also issued a further 2,222,220 broker warrants for raising fees, exercisable at 2.7 pence per share for 5 years from grant.

On 6 May 2026 the Company announced the termination of the proposed acquisition of Central Petroleum oil & gas assets following failure of the parties to agree amendments of the terms to the SPA prior to the long stop date.

On 22 May 2026 the Company announced the allotment of 5.1m new ordinary shares at a price of 2.7 pence per share as conversion of £137.7k of convertible loan notes issued on 4 November 2025. On the same date the Company announced the allotment of 960,000 new ordinary shares at a price of 7.5 pence per share and 213,333 new ordinary shares at a price of 3.75 pence per share to service providers in settlement of amounts owing in lieu of cash.

On 27 May 2026 the Company announced the exercise of 2,222,220 broker warrants at 2.7 pence per share and 13,518,500 investor warrants at 5 pence per share. The gross proceeds of £736k will be dedicated to work programmes and general working capital.

The Directors' Report was approved by the Board of Directors on 28 May 2026 and is signed on its behalf by:

The Directors of the Company during the year were as disclosed on page 15 of the Directors' Report.

Directors' remuneration for the period is disclosed in note 12 to these financial statements.

The group's Remuneration Committee reviews the scale and structure of the Directors' fees, taking into account the interests of shareholders and the performance of the group and Directors. The Remuneration Committee did not meet in the year.

Statement of Georgina Energy plc's Policy on Directors' Remuneration by the Chairman of the Remuneration Committee

As Chairman of the Remuneration Committee, I am pleased to introduce our Directors' Remuneration Report. One of the Remuneration Committee's aims is to provide clear, transparent remuneration reporting for our shareholders which adheres to the best practice corporate governance principles that are required for listed organisations.

A key focus of the Directors' Remuneration Policy is to align the interests of the Directors to the long term interests of the shareholders and aims to support a high-performance culture with appropriate reward for superior performance, without creating incentives that will encourage excessive risk taking or unsustainable group performance. This is underpinned through the implementation and operation of incentive plans.

The Remuneration Committee comprises the following independent Non-Executive Directors:

The group remunerates Directors in line with best market practice in the industry in which it operates. The components of Director remuneration that are considered by the Board for the remuneration of Directors in future years are likely to consist of:

The Executive Directors has entered into a service agreement with the group and the Non-Executive Directors have entered into letters of appointment with the group.

All such contracts impose certain restrictions as regards the use of confidential information and intellectual property and the Executive Directors' service contracts imposes restrictive covenants which apply following the termination of the agreement.

The group does not currently have any annual or long-term incentive schemes or any other scheme interests in place for any of the Directors.

Base salary levels will take into account market data for the relevant role, internal relativities, their individual experience and their current base salary. Where an individual is recruited at below market norms, they may be re-aligned over time (e.g. two to three years), subject to performance in the role. Benefits will generally be in accordance with the approved policy.

For external and internal appointments, the Board may agree that the group will meet certain relocation and/or incidental expenses as appropriate.

The Committee will honour Executive Directors' contractual entitlements. Service contracts do not contain liquidated damages clauses. If a contract is to be terminated, the Committee will determine such mitigation as it considers fair and reasonable in each case. There is no agreement between the group and its Executive Directors or employees, providing for compensation for loss of office or employment that occurs because of a takeover bid.

The Committee reserves the right to make additional payments where such payments are made in good faith in discharge of an existing legal obligation (or by way of damages for breach of such an obligation); or by way of settlement or compromise of any claim arising in connection with the termination of an Executive Director's office or employment.

The Executive Directors' service agreement had an initial term of two years and may subsequently be terminated by the Company or the Executive Director by giving notice.

The terms of the Non-Executive Directors' appointments are subject to their re-election by the Company's shareholders at any Annual General Meeting at which the Non-Executive Directors stand for re-election.

The table below sets out the remuneration received by each Executive Director for the year ended 31 January 2026.

The table below sets out the remuneration received by each Executive Director for the period ended 31 January 2025.

The table below sets out the remuneration received by each Non-Executive Director during the years ended 31 January 2026:

The table below illustrates the year-on-year change in total remuneration compared to distributions to shareholders and loss before tax for the financial years ended 31 January 2026 and 2025:

Total employee pay includes wages and salaries, social security costs and healthcare cost for employees in continuing operations. Further details on Employee remuneration are provided in Note 12.

Operational cash outflow has been shown in the table above as cash flow monitoring and forecasting is an important consideration for the Remuneration Committee and Board of Directors when determining cash-based remuneration for Directors and employees.

The Board considers shareholder feedback received and guidance from shareholder bodies. This feedback, plus any additional feedback received from time to time, is considered as part of the Company's annual policy on remuneration.

We draw attention to note 2 in the financial statements, where it indicates the Group had cash reserves of approximately £0.27 million at 31 January 2026 and has forecast large cash outflows over the period to 31 October 2027. Cash reserves as at 15 May 2026 was £466,000. While the Group successfully completed a £1 million equity fundraise on 1 May 2026, additional funding will be required to meet its planned expenditure over the assessment period. The Directors have identified a number of potential sources of funding, including further equity raises, issuance of convertible loan notes and support from existing debtholders. However, there can be no certainty that such funding will be secured when required. As stated in note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

•	reviewing management's assessment of going concern and discussing with management the future strategic plans of the group and sources of funding that are expected to be available, as well as available paths for cash preservation;
•	reviewing management-prepared cash flow forecasts up to as least 12 months from date of approval of the financial statements, including confirmation of mathematical accuracy, and assessing their reasonableness through reference to current period actual financial information;
•	obtaining corroborative evidence for, and providing appropriate challenge to, the key assumptions and inputs used in the cashflow forecast;
•	performing stress testing of the cash flow forecast based on reasonably possible scenarios;
•	reviewing the adequacy and completeness of disclosures surrounding going concern in the financial statements; and
•	reviewing and corroborating post balance sheet events in relation to the group's and parent company's ability to raise funds and any impact on the assumptions used in the forecast.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

In determining materiality and performance materiality, we considered the following factors:

For each component in the scope of our group audit, we allocated a performance materiality based on the relative significance of each component to the group and aggregation risk. The performance materiality allocated across components was £25,500 (2025: £22,000 and £35,200).

We agreed with the Audit Committee that we would report on the misstatements identified during our audit above £3,200 (2025: £3,000) for the group financial statements and £3,200 (2025: £2,640) company financial statements as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.

Our audit was risk based and was designed to focus our efforts on the areas at greatest risk of material misstatement, aspects subject to significant management judgement as well as greatest complexity, risk and size. In designing our audit, we determined materiality, as above, and assessed the risk of material misstatement in the financial statements. We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements, considering the structure of the group.

The group includes the listed parent company, Georgina Energy Plc ('GEP') in the United Kingdom, and its subsidiaries - Georgina Production Limited (‘GPL') in the United Kingdom and Westmarket Oil & Gas Pty Ltd (‘WMOG') in Australia.

The scope of our audit was based on the significance of component's operations and materiality. Each component was assessed as to whether they were significant or not to the group by either their size or risk. Based on the assessment, we have undertaken a full scope audit on all the 3 components.

The group's key accounting function is based in the United Kingdom and Australia, and our audit was performed by our team in London with regular contact maintained with the group throughout.

In designing our audit approach, we considered those areas which were deemed to involve significant judgement and estimation by the directors, such as the key audit matter surrounding the recoverability of the carrying value of investments in and advance to subsidiaries, and classification and valuation for convertible loan notes. Other judgemental areas related to management assessment of going concern and the accounting and valuation of warrants issued to loan note holders. We also addressed the risk of management override of controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

In addition to the matter described in the Material uncertainty related to going concern section we have determined the matters described below to be the key audit matters to be communicated in our report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit team remained alert to instance of non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities.This description forms part of our auditor's report.

We were appointed by the Board of Directors on 17 October 2024 to audit the financial statements for the period ending 31 January 2025 and subsequent financial periods. Our total uninterrupted period of engagement is 2 years, covering the periods ending 31 January 2025 to 31 January 2026.

The non-audit services prohibited by the FRC's Ethical Standard were not provided to the company and we remain independent of the company in conducting our audit.

Our audit opinion is consistent with the additional report to the audit committee.

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465) were approved by the Board of Directors and authorised for issue on 28 May 2026.

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

The Company was incorporated on 28 January 2013 in England and Wales as a limited company, limited by shares and with Registered Number 08377465 under the Companies Act 2006. The Company's registered office address is: 167-169 Great Portland Street, Fifth Floor, London W1W 5PF. The company re-registered as a public limited company on 22 October 2018. On 30 July 2024 the Company changed its name from Mining Minerals & Metals plc to Georgina Energy plc.

On 30 July 2024, the Company completed the acquisition of 100% of the ordinary share capital of Georgina Energy plc (later renamed “Georgina Production Ltd”), a company incorporated in England and Wales with company number 11954589, and its fully owned subsidiary Westmarket Oil & Gas Pty Ltd, a Company incorporated in Australia with company number 630241397. Following this acquisition, the Company became the ultimate parent entity of the Group with the objective of the exploration for and exploitation of helium, hydrogen and hydrocarbon resources in Australia.

Georgina Production Limited is entitled to exemption from audit under section 479A of the Companies Act 2006. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.

The material accounting policies adopted by the Group and Company in the preparation of these Financial Statements are set out below on pages 36-44.

The financial statements comply with UK adopted International Accounting Standards (“IAS”).

Adoption of new Standards and Interpretations to standards in future years; The Directors anticipate that the adoption of new Standards and Interpretations in future years will have no material impact on the financial statements of the Company. The Company expects to adopt all relevant Standards and Interpretations as and when they become effective.

None of the standards which became effective during the year which are applicable to the Company have had a material impact.

Adoption of new Standards and Interpretations to standards in future years

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of a financial instrument. Financial assets and financial liabilities are offset if there is a legally enforceable right to set off the recognised amounts and interests and it is intended to settle on a net basis.

In preparing the financial statements judgement was used in considering whether or not a material uncertainty exists in relation to going concern. See the above Going Concern disclosures for details.

The corporation tax in the UK and Australia applied during the year was 19% and 30% respectively.

The charge for the period can be reconciled to the loss in the Statement of Comprehensive income as follow:

During the current year, the office space lease was renewed for a period of a further 5 years, giving rise to the recognition of a new right of use asset and lease liability associated with this office space. The new lease commenced on 1 December 2025 and terminates on 1 December 2030.

The share based payment reserve arises on recognition of the fair value of options and warrants issued to date where, other than for any warrants issued to investors deemed to form part of the value of the investment and therefore not recognised in the financial statements.

As at 31 January 2024, the Company had 17.17m warrants in issue exercisable at £0.04 per share and expiring on 6 September 2024. These warrants lapse during the prior period.

On 19 September 2024 the Company issued 1,286,366 “F” warrants with a strike price of £0.15625 each exercisable for 2 years to creditors of the Company.

On 3 September 2025 the Company issued 1,200,000 ‘'G'' warrants with a strike price of £0.05 each exercisable for 3 years to the brokers of the company.

On 3 November 2025 the Company issued 1,500,000 ‘'H'' warrants with a strike price of £0.08 each exercisable for 4 years to the providers of a convertible loan note to the Company.

On 3 November 2025 the Company issued 1,000,000 “H” warrants with a strike price of £0.08 each exercisable for 4 years to investors in an equity placing undertaken by the Company.

On 27 January 2026 the Company issued 2,500,000 ‘'I'' warrants with a strike price of £0.08 each exercisable for 4 years to the providers of a convertible loan note to the Company .

The below table provides details on the assumptions used in arriving at the calculation of Fair Value for each of the above tranches of share warrants issued in the year and prior year, using the Black Scholes method.

The 21,196,160 “E” warrants issued in the prior year formed part of a debt novation agreement and so are considered to form part of the fair value of the debt instrument. Consequently, no fair value has been recognised in these financial statements for the grant of these warrants. The warrants were exercised in the prior year on the “cashless” basis, with the share capital and premium recognised on exercise calculated with reference to the market value of the shares on admission and the corresponding expense recognised as a share based payment expense within finance costs in the period.

In the prior year, the Company did not have past share price trading data to draw on in estimating the expected future volatility of its share price for the purposes of utilising the Black Scholes valuation model as noted above. Consequently, for the prior year fair value calculations, the Directors had to draw on the historic share price trading data of alternative projects which it deemed to be analogous to the Group's operations, based on the nature and jurisdiction of the projects, listing location and market capitalisation. During the current year the Directors have used the Company share price performance from the date of readmission to trading on 31 July 2024 to the date of grant of warrants and options as an analogue to expected future volatility for the purposes of undertaking the fair value calculation of these instruments.

During the current year, the series “D” warrants were subject to a modification, with the exercise price being reduced from 12.5 pence per share to 5 pence per share, and with the term of the warrants extended from 30 July 2027 expiry to 27 October 2030 expiry. A fair value assessment of the warrants under the new modified terms, as if these warrants had been issued as new on the date of the modification, was undertaken using a Black Scholes model (5p share price on date of grant, 33.83% volatility, 3.89% risk free return and 5 year life) and resulted in a lover fair value that that which was recognised initially on the grant of the pre-modification warrants. Consequently, no fair value adjustment has been recognised in these financial statements associated with the modification to the terms of these warrants.

As at 31 January 2026 13,930,450 warrants were exercisable with a weighted average remaining useful life of 1.1 years (2025: 13,930,450 exercisable for 1.8 years). A fair value charge in the current period of £3,924 has been recognised in finance costs associated with these warrants (2025: £1,166,963), with a FV deduction from share premium of £17,616 also having been recognised in the year (2025: £104,167). No fair value charges remain to be recognised in future years associated with warrants in issue at the year end.

The current borrowings balance of £949k includes the following related party balances:

Included in current borrowings is the amount of £264,752 (2025: £859,275) payable to CSS Alpha Global, which is denominated in USD with $363,685 in principal and interest outstanding at the year end. The loan accrues interest on a monthly basis at 1.5% of amounts outstanding (principal and interest), is subject to monthly repayments of £20,000 (approx. $25,000) and is repayable in full at maturity on 31 March 2026.

The non-current borrowings balance of £898k is made up of the following related party balances:

The inputs into the risk weighted Black Scholes (“BS”) valuation model for the purposes of arriving at the fair value of the derivative liability in the prior year were as follows:

The BS valuation model was undertaken for a variety of scenarios, being conversion at different market prices and in different timeframes over the period of convertibility of the loan, with a fair value determined for each and being assigned a risk weighting based on management's assessment of the probability of each scenario being the likely outcome, with the risk weighted average fair value being taken as the best estimate for fair value of the embedded derivative.

During the current year, the Directors undertook the use of a Monte Carlo valuation model for the purposes of revaluing the above embedded derivative at the reporting date. The inputs into the Monte Carlo valuation model for the purposes of arriving at the fair value of the derivative liability in the current year were as follows:

Inputs into the Monte Carlo valuation model for the purposes of arriving at the fair values of derivative liabilities. In the current year were as follows:

No amount was paid or became payable to any of the Directors of the Company and there were no staff costs as no staff was employed by the Company during the period ended 31 January 2026.

*Amounts paid in shares represent a capital award on completion of the reverse takeover in the year.

The Company uses a limited number of financial instruments, comprising cash and various items such as trade payables, which arise directly from operations. The Company does not trade in financial instruments.

The Company's activities expose it to a variety of financial risks: credit risk and liquidity risk. The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance.

The Company's principal financial instruments comprise cash and cash equivalents, loans and other payables. The Company's accounting policies and method adopted, including the criteria for recognition, the basis on which income and expenses are recognised in respect of each class of financial assets, financial liability and equity instrument are set out in Note 2. The Company do not use financial instruments for speculative purposes.

The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:

Trade and other payables fall due for settlement within 3 months of the reporting date.

Lease Liabilities comprise £31,712 falling due in less than 1 year, £163,743 falling due between 2 and 5 years and nil falling due in more than 5 years.

Borrowings include £96,578 falling due in less than 3 months, £855,211 falling due in 3-12 months and £897,977 falling due in 2-5 years (2025: £264,752 falling due in less than 3 months, £684,364 falling due in 3-12 months and £968,367 falling due in 2-5 years). It does not include payment of interest.

The loss per share has been calculated using the loss for the year and the weighted average number of ordinary shares entitled to dividend rights which were outstanding during the year. There were no potentially dilutive ordinary shares at the year end.

Basic loss per share amounts are calculated by dividing net loss for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year.

Diluted loss per share amounts are calculated by dividing the net loss attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

As at 31 January 2026 and 31 January 2026 the effects of all potentially dilutive instruments in issue for consideration in arriving at the fully diluted loss per share have been omitted as the impacts of all such instruments as at the year end are anti-dilutive as the Group operated to a loss for the period.

On 30 July 2024, Mining Minerals and Metals plc (later renamed Georgina Energy plc or “GEP”) acquired 100% of the share capital of Georgina Energy plc (later renamed Georgina Production ltd or “GPL”) (the ‘Legal Subsidiary') for 26,000,000 firm Consideration Shares at a deemed valuation of £0.125 per share (nominal value £0.05), and conditional consideration of 31,500,000 Deferred Consideration Shares at a deemed valuation of £0.125 per share (nominal value £0.05) valuing the Company at £7,187,500.

The acquisition was treated as a reverse acquisition and hence accounted for in accordance with IFRS 2.

Although the transaction resulted in GPL becoming a wholly owned subsidiary of the Company, the transaction constitutes a reverse acquisition as the previous shareholders of GPL own a substantial majority of the Ordinary Shares of the Company and the executive management of GPL became the executive management of GEP. In substance, the shareholders of GPL acquired a controlling interest in the Company and the transaction has therefore been accounted for as a reverse acquisition. The reverse acquisition falls under IFRS 2 rather than IFRS 3 as the activities of GEP (the ‘Legal Parent') do not constitute a business.

The following table summarises the consideration paid for the Legal Parent through the reverse acquisition and the amounts of the assets acquired and liabilities assumed on the acquisition date. The financial comparatives relate to Legal Subsidiary rather than the Legal Parent as the consolidated financial statements represent a continuation of the financial statements of the Legal Subsidiary.

In accordance with IFRS 2, the value of obtaining the listing under a reverse acquisition is calculated on the net assets of the legal parent. The share based payment of £2,415,663 arising from the acquisition is attributable to the value of the parent company being an LSE main market listed entity to the Legal Subsidiary and has been recognised as an expense in the statement of comprehensive income.

*The deferred consideration shares have been recognised in the Shares to issue reserve in equity following determination that the conditions for allotment meet the criteria for equity recognition.

In a reverse acquisition the acquisition date fair value of the consideration transferred by the Legal Subsidiary is based on the number of equity instruments that the Legal Subsidiary would have had to issue to the owners of the Legal Parent to give the owners of the Legal Parent the same percentage of equity interests that results from the reverse acquisition. However, in the absence of a reliable valuation of the Legal Subsidiary, the cost of the reverse acquisition was calculated using the fair value of all the pre-acquisition issued equity instruments of the Legal Parent as at the date of the acquisition. The fair value was based on the published price of the Legal Parent shares immediately prior to the acquisition being £0.195 per share.

All acquisition related costs incurred by the Legal Parent had been accrued as at the date of the completion of the acquisition and are consequently included in the pre-acquisition retained earnings which have been eliminated on consolidation along with other pre-acquisition losses in the Legal Parent in accordance with the requirements of IFRS 2.

The fair values of the recognised amounts of identifiable assets acquired and liabilities assumed equate to their carrying values as stated above.

The Group statement of comprehensive income for the prior period included an operating loss of £1,892,379 in the period since acquisition, which is attributable to the Legal Parent.

The following table summarises the movements in the Reverse Acquisition Reserve for the prior period.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not included its own income statement and statement of comprehensive income in these Financial Statements. The Company's loss for the period from continuing operations amounted to £1,838,639.

The notes to the financial statements on pages 36-70 form an integral part of these financial statements.

The notes to the financial statements on pages 36-70 form an integral part of these financial statements

The accounting policies for the Company financial statements are the same as those of the Group, as detailed in Note 1 of the Group financial statements.

The share capital and share based payments for the Company are the same as the Group, see note 9 to the consolidated financial statements for details.

The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:

Trade and other payables and lease liabilities fall due for settlement within 3 months of the reporting date.

Borrowings include £nil falling due in less than 3 months, £805,211 falling due in 3-12 months and £861,399 falling due in 2-5 years (2025: £110,000 falling due in less than 3 months, £809,184 falling due in 3-12 months and £785,816 falling due in 2-5 years). This excludes interest on the loan.

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COMPANY INFORMATION

Directors	Peter Bradley
	Roy Pitchford
	Anthony Hamilton
	John Heugh
	Mark Wallace

Company Number	08377465

Company Secretary	Silvertree Partners LLP

Registered Office	167-169 Great Portland Street
	Fifth Floor
	London, England
	W1W 5PF

Financial Advisor and Broker	Tavira Financial Limited
	13^th Floor
	88 Wood Street
	London
	EC2V 7DA

Auditors	PKF Littlejohn LLP
	30 Churchill Place, Canary Wharf
	London
	E14 5RE

Registrars	Neville Registrars Limited
	Steelpark Road
	Halesowen
	B62 8HD

Company Website	www.georginaenergy.com

(a)	the likely consequences of any decision in the long term;
(b)	the interests of the company's employees;
(c)	the need to foster the company's business relationships with suppliers, customers and others;
(d)	the impact of the company's operations on the community and the environment;
(e)	the desirability of the company maintaining a reputation for high standards of business conduct; and
(f)	the need to act fairly as between members of the company.

•	Hussar
	ᴼ	Entered into indigenous agreements through direct interaction
	ᴼ	Increase the resource estimates of the tenement
	ᴼ	Entered into Heritage agreements with traditional land owners
	ᴼ	The appointment of Aztech Engineers for the purposes of designing the well-development site
	ᴼ	Engaging environmental consultant (Low Ecological Services) to ensure that the Company complies with local, State and Federal legislation
•	Mt Winter
	ᴼ	Entered into indigenous agreements through direct interaction
	ᴼ	Increase the resource estimates of the tenement
	ᴼ	Engaging environmental consultant to ensure that the Company complies with local, State and Federal legislation

	Units	Updated Estimate			Original CPR
		1U	2U	3U	1U	2U	3U
EP 513 Hussar Prospect
Helium	BCFG	6.55	196	2,556	6.22	155	2,046
Hydrogen	BCFG	1.42	218	3,123	1.35	173	2,501
Hydrocarbons	BCFG	103	2,030	15,049	100	1,750	13,000

•	The Company completed a site & airstrip inspection, preliminary engineering, and environmental survey with the traditional landowners addressing heritage matters; a requirement of the drill permit granting process from the Department of Energy, Mines, Industry Regulation and Safety (“DEMIRS”).
•	A project scoping study was finalised by an independent consultant to assist potential off-takers with their final investment decision. The study confirmed:
	ᴼ	Project viability: The study confirms the potential for a commercial gas field development at Hussar, capable of producing helium, hydrogen, LNG, and argon.
	ᴼ	Strong financials: A 40MMscfd raw gas flow scenario generates an IRR of 27.3% and an NPV of US$1.64 billion (10% discount rate).
	ᴼ	Revenue potential: Pre-tax profits estimated between US$7.3 million to US$208 million per annum, depending on production rates and gas prices.
	ᴼ	Capital Expenditure (Capex): US$1.13 billion (for a 40MMscf/day separation plant).

CONTENTS	PAGE

Company Information	1

Chairman's Statement	2

Strategic Report	3

Corporate Governance Statement	11

Board of Directors	15

Directors' Report	16

Directors' Remuneration Report	20

Independent Auditor's Report to Members	24

Statement of Comprehensive Income	30

Statement of Financial Position	31

Statement of Changes in Equity	33

Statement of Cash Flow	35

Notes to the Financial Statements	36

1.	£1.0 million in gross funds in August 2025 via Clear Capital;

2.	£200,000 in gross funds in November 2025 via Riverfort by direct equity investment;

3.	£300,000 in gross funds in November 2025 via Riverfort by direct debt instrument; and

4.	£500,000 in gross funds in January 2026 via Riverfort by direct debt instrument .

•	The Company announced on 20 February 2025 that it had reached an agreement to acquire 100% of working interest in EPA155 (Mt Winter) held by Mosman Oil & Gas plc (“Mosman”) subsidiary Oilco Pty Ltd, subject to the execution of formal Contracts of Sale. Details of the purchase are:

	ᴼ	The purchase consideration for the deal is AU$350,000;
	ᴼ	An amount of $50,000 was subsequently paid with a net amount outstanding of $300,000;
	ᴼ	Georgina is entitled to 100% of the returns from any future production, less a modest 2.5% royalty to Mosman;
	ᴼ	Additional production royalties will include 10% of sales receipts, less certain deductions, to the Northern Territory Government under the Petroleum Royalty Act 2023 NT, and c.3-4% (negotiable) on the same basis to the Central Land Council, benefiting the relevant Traditional Owners;
	ᴼ	Upon the granting of an exploration permit, and in accordance with the Sale and Purchase Agreement between Oilco and Westmarket Oil and Gas, the Company's 100% interest will be registered. The Company will then proceed with the planned seismic reprocessing and remapping prior to submission of an application for drilling approval for the Mt Winter 1 re-entry.

•	Work program committed at Hussar and Mt Winter;
•	Administrative expenses;
•	Cash holdings.

•	Credit risk is the risk of an unexpected loss if a counter party to a financial instrument fails to meet its commercial obligations. Credit risk is managed by ensuring that funds are deposited with financial institutions with a credit rating equivalent to, or above, the main UK clearing banks.
•	Prudent liquidity risk management implies maintaining sufficient cash such that the Group can ensure it has adequate resource to discharge all its liabilities. Liquidity risk is managed by management via maintenance and regular review of cashflow forecasts against existing cash reserves and planned future sources of funding to ensure any forecast liquidity deficits are addressed in good time with adequate buffers to accommodate unforeseen circumstances and changes to funding availability.
•	Foreign currency risk - the Group undertakes transactions in currencies other than its reporting currency, however, the Group manages foreign currency risk by forecasting the need for foreign currency to settle planned future transactions and monitoring trends in the key currency exchange rates to consider whether advance currency purchases are merited, driven by observed volatility and materiality of transactional currency needs. The Group does not engage in any structured foreign currency hedging strategies.

•	industrial demand;
•	levels of production;
•	rapid short-term changes in supply and demand because of speculative or hedging activities; and
•	global or regional political or economic events.

1.	Re-entry of the well target at Hussar is scheduled for the 3^rd Quarter of calendar 2026. A drilling contract was executed on 20^th May 2026 with Ensign Drilling Australia to undertake the drilling program at the Hussar EP513 site.

2.	Following the formal drilling approval for the re-entry of the Hussar prospect in November 2025, long lead items will be ordered to affect the re-entry of the prospect to the main target zone, the Townsend Formation. In addition, the potential of fractured basement to host commercial gases will be tested by drilling beneath the main target zone. Fractured basement reservoirs account for a large proportion of global petroleum reserves.

3.	Well testing at Hussar to determine commercial flow and percentage concentrations of helium and hydrogen. During the drilling process, any gases or fluids entering the mud stream will be analysed by sampling both on-site and by sending representative samples to independently certified analytical laboratories for the most accurate testing of the various percentages of different components including helium, hydrogen and hydrocarbons. In addition, either during or following the drilling of potentially commercial zones, downhole sampling tools will be run to test sample such zones and to measure reservoir pressure drawdowns to enable accurate calculations of likely reserves. Finally, after drilling has been completed, potentially commercial zones may be flow tested to the surface for extended periods of days, weeks and in some cases, months.

4.	Completion of the acquisition of Mt Winter
	Once the Central Land Council agrees to a negotiated Aboriginal Land Rights Act Agreement, the Northern Territory Department of Mines and Energy will grant EP155 hosting the Mt. Winter prospect and the acquisition agreement with Adagio Resources Pty Ltd, the current owners of 100% of the shares of Oilco Pty Ltd will complete via a final cash payment of AU$300,000. The Company, via its wholly owned subsidiary Westmarket Oil and Gas Pty Ltd will then own 100% of EP 155. This transaction was detailed in the RNS dated the 22nd January 2025.

5.	Drilling approval of Mt. Winter
	Subject to the granting of the Mt Winter tenement, EP155, the Northern Territory Department of Mining and Energy (NTDME) will request the Company to submit a detailed Well Management Plan, (WMP), a detailed HSE safety plan and a comprehensive Environmental Management Plan; subject to approval thereof with any required additions or modifications, the Company will be issued a formal drilling approval for the Mt. Winter well. This process may take several months following grant.

	Planned prospect re-entry to determine presence of commercial gases and percentage of helium hydrogen and natural gas.
	Subject to the granting of the tenement EP155, long lead items will be ordered and an appropriate drilling rig and crew will be contracted. Following this, the prospect will be re-entered to test the main target zone, the subsalt Heavitree Formation as well as the potential of fractured basement to host commercial gases anticipated to be composed of helium, hydrogen and hydrocarbons. If the casing on Mt. Winter 1, the planned re-entry target well is deemed incompetent, the Company has several backup sites already chosen to drill a new test well or wells.

Issue	Action
Accounting policies	The Committee reviewed and discussed the significant accounting policies with management and the external auditor and reached the conclusion that each policy was appropriate to the Group.
Going concern review	The Committee considered the ability of the Group to operate as a Going Concern considering cash flow forecasts for the next 12 months and milestone achievements. It was determined by the Committee that it was reasonable to expect that the Group has or will have access to sufficient funding in order to achieve its 12-month milestone targets and that it was appropriate for the Financial Statements to be prepared on a going concern basis. See the Going Concern disclosures in note 2 to these financial statements for more details.
Review of audit and non-audit services and fees	The external auditor is not engaged by the Group to carry out any non-audit work in respect of which it might, in the future, be required to express an audit opinion. The Committee reviewed the fees charged for the provision of audit and non-audit services and determined that they were in line with fees charged to companies of similar size and stage of development. The Committee considered and was satisfied with the external auditor's assessment of its own independence.

•	settle the terms of payment with suppliers when agreeing the terms of each transaction;
•	ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
•	pay in accordance with the Group's contractual and other legal obligations.

Name	Number of Ordinary Shares held	Percentage of Existing Ordinary Shares
Roy Pitchford	800,000	0.63%
Anthony Hamilton*	14,038,558	11.00%
Mark Wallace*	14,038,558	11.00%
Peter Bradley	266,667	0.21%
John Heugh	-	-

Shareholder	Number of Ordinary Shares held	Percentage of Existing Ordinary Shares
Westmarket Corporation Pty Ltd*	27,943,579	16.86%
CSS Alpha Fund	5,304,646	3.20%
Robert Allen Papiri	4,588,191	2.77%

Name	Basic Salary (£'000)	Pension (£'000)	Total (£'000)
Anthony Hamilton	150	0	150
John Heugh	105	0	105
Mark Wallace	150	0	150
TOTAL	405	0	405

Name	Basic Salary (£'000)	Pension (£'000)	Total (£'000)
Anthony Hamilton	75	0	75
John Heugh	52.5	0	52.5
Mark Wallace	75	0	75
TOTAL	202.5	0	202.5

•	The group's overall strategy;
•	Financial statements and dividend policy;
•	Management structure including succession planning, appointments and remuneration; material acquisitions and disposal, material contracts, major capital expenditure projects and budgets;
•	Capital structure, debt and equity financing and other matters;
•	Risk management and internal controls;
•	The group's corporate governance and compliance arrangements; and
•	Corporate policies.

Individual	Position	Number held and entitled to attend	Number attended
Peter Bradley	Non-Executive Chairman	6	6
Roy Pitchford	Non-Executive Director	6	4
Anthony Hamilton	Executive Director	6	6
John Heugh	Executive Director	6	4
Mark Wallace	Executive Director	6	6

•	Peter Bradley - Non-Executive Chairman;
•	Roy Pitchford - Non-Executive Director;
•	Anthony Hamilton - Executive Director & CEO;
•	John Heugh - Executive Director;
•	Mark Wallace - Executive Director; and
•	Robin Fryer - Non-Executive Director (resigned 11 February 2025).

	Number of Board members	Percentage of the Board	Number of senior Board members	Number in executive management	Percentage of executive management
Men	5	100%	5	3	60%
Women	-	-	-	-	-
Other	-	-	-	-	-
Not specified	-	-	-	-	-


	Number of Board members	Percentage of the Board	Number of senior Board members	Number in executive management	Percentage of executive management
White British or other white	5	100%	5	3	60%
Mixed ethnic groups	-	-	-	-	-
Asian ethnic	-	-	-	-	-
Black, African, Caribbean ethnic	-	-	-	-	-
Other ethnic	-	-	-	-	-
Not specified	-	-	-	-	-

•	there is no relevant audit information of which the group's statutory auditor is unaware; and
•	each Director has taken all the necessary steps he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the group's statutory auditor is aware of that information.

•	select suitable accounting policies and then apply them consistently;
•	make judgements and estimates that are reasonable and prudent;
•	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.

•	financial statements are prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and Company;
•	the Strategic Report includes a fair review of the development and performance of the business and the financial position of the Group and Company, together with a description of the principal risks and uncertainties that it faces;
•	the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group and company's performance, business model and strategy; and
•	financial statements are prepared in accordance with Companies Act 2006, UK Listing rules and Disclosure Guidance and Transparency Rules.

•	to determine and agree with the Board the framework or broad policy for the remuneration of the group's chairman, chief executive, the executive Directors, the company secretary and such other members of the executive management as it is designated to consider;
•	in determining such policy, take into account all factors which it deems necessary including relevant legal and regulatory requirements. The objective of such policy shall be to ensure that members of the executive management of the group are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the group;
•	recommend and monitor the level and structure of remuneration for senior management;
•	when setting remuneration policy for Directors, review and have regard to the remuneration trends across the group, and review the on-going appropriateness and relevance of the remuneration policy;
•	obtain reliable, up-to-date information about remuneration in other companies. To help it fulfil its obligations the Committee shall have full authority to appoint remuneration consultants and to commission or purchase any reports, surveys or information which it deems necessary, within any budgetary restraints imposed by the Board;
•	be exclusively responsible for establishing the selection criteria, selecting, appointing and setting the terms of reference for any remuneration consultants who advise the Committee;
•	approve the design of, and determine targets for, any performance related pay schemes operated by the group and approve the total annual payments made under such schemes;

•	review the design of all share incentive plans for approval by the Board and shareholders. For any such plans, determine each year whether awards will be made, and if so, the overall amount of such awards, the individual awards to executive Directors, company secretary and other designated senior executives and the performance targets to be used;
•	ensure that contractual terms on termination, and any payments made, are fair to the individual, and the group, that failure is not rewarded and that the duty to mitigate loss is fully recognised; and
•	oversee any major changes in employee benefits structures throughout the group.

Name	Position	Date of Appointment	Date Resigned/Terminated
Peter Bradley	Chairman	12 February 2025
Roy Pitchford	Member	30 July 2024
Robin Fryer	Chairman	30 July 2024	11 February 2025

•	Base salaries;
•	Pension and other benefits;
•	Annual bonus; and
•	Share incentive arrangements.

Name	Date of Service Agreement	Notice Period by Company (months)	Notice period by Director (Months
Anthony Hamilton	11 July 2024	12	12
John Heugh	11 July 2024	3	3
Mark Wallace	11 July 2024	12	12

Name	Date of Service Agreement	Current Term (years)	Notice Period by Company (months)	Notice period by Director (Months	Date of Resignation/Termination
Peter Bradley	11 July 2024	3 years	1	1
Roy Pitchford	11 July 2024	3 years	1	1
Robin Fryer	10 July 2024	3 years	1	1	11 February 2025

Period End	Distributions to shareholders	Total employee pay (including stock based compensation)	Operational cash outflow
	£		£
		£
Period ended 31 January 2025	-	459,265	255,000
Period Ended 31 January 2026	-	-	-
Percentage Change	N/A	100%	100%

•	the financial statements give a true and fair view of the state of the group's and of the company's affairs as at 31 January 2026 and of the group's loss for the year then ended;
•	the group and company financial statements have been properly prepared in accordance with UK-adopted international accounting standards; and
•	the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

•	our cumulative knowledge of the group and parent company and their environment;
•	the change in the level of judgement required in respect of the key accounting estimates;
•	significant transactions during the period;
•	the stability in key management personnel; and
•	the level of misstatements identified in prior periods.

•	the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
•	the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements and the part of the directors' remuneration report to be audited are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

•	We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.
•	We determined the principal laws and regulations relevant to the company in this regard to be those arising from:
	o	Companies Act 2006;
	o	International Financial Reporting Standards;
	o	UK Bribery Act 2010;
	o	GDPR Legislation 2018;
	o	The Money Laundering and Terrorist Financing (Amendment) Regulations 2019;
	o	Listing Rules;
	o	Disclosure and Transparency Rules;
	o	UK income tax and employment laws and;
	o	Corporations Act 2001 (Australia).
	o	Mining industry regulations in Australia

•	We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to:
	o	Making enquiries of management,
	o	Review of board minutes;
	o	Confirming with management on compliance with laws and regulations;
	o	Reviewing the nature of legal and professional fees;
	o	Review Regulatory News Service announcements; and
	o	Reviewing post balance sheet events.