REG - Aminex PLC - Final Results and Annual Report 2025

AminexAnnouncement

28/04/2026 09:15

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RNS Number : 1942C  Aminex PLC  28 April 2026

28 April 2026

 

FINAL RESULTS for year ended 31 december 2025 AND ANNUAL REPORT

 

Aminex PLC ('Aminex' or the 'Company') is pleased to announce its audited
financial results for the year ended 31 December 2025.

 

Operational Highlights (2025 and early 2026):

·      Following the award of the Engineering, Procurement and
Construction contract for the Ntorya-Madimba pipeline (the "Pipeline") in July
2025:

o  85% of route clearing activities have been completed.

o  Approximately 50% of pipeline welding has been completed.

o  Trenching activities are scheduled to recommence in May 2026, following
the planned suspension due to the current rainy season.

·      The contract for the provision of processing facilities at
Ntorya-2 ("NT-2"), Chikumbi-1 ("CH-1") and Ntorya-1 ("NT-1") has been agreed
in principle.

·      Preparations are ongoing for the drilling of CH-1, with the rig
tender process completed in Q4 2025 and continued engagement with contractors.
Approximately 90% of drilling-related service and equipment tenders have been
issued, with evaluation and award processes advancing in line with the planned
drilling schedule.

 

Financial Highlights:

·      The Company raised US$3.94 million (approximately £2.92
million), before expenses, in October 2025 to fund operations through to the
expected receipt of revenue from the Ntorya field.

·      Eclipse Investments LLC converted its loan of US$1.60 million
into equity as part of the fundraise, leaving the Company debt-free.

·      The Ruvuma PSA Farm-Out Carry of US$35 million covered all 2025
Ntorya costs, with US$28.42 million of the Carry remaining as at 31 December
2025.

·      Gross G&A costs (before one-off costs and non-cash items)
were US$1.83 million for the year.

·      Loss for the year was US$4.98 million (2024: loss of US$5.30
million), reflecting continued impairment of the Kiliwani North and Nyuni Area
assets and the recognition of a loss of US$1.56 million relating to the
accounting treatment of warrants issued as part of the equity fundraise.

 

Outlook for the remainder of 2026:

·      Pipeline construction progressing in line with schedule, with
completion and commissioning on track for September 2026.

·      NT-2 testing and hook-up to follow Pipeline completion.

·      CH-1 drilling and completion remains on schedule.

·      NT-1 workover to be undertaken following CH-1 drilling.

·      Installation of processing facilities and flowlines to enable
integration of NT-2, CH-1 and NT-1 into the Pipeline.

·      Progression to gas production and revenue generation from the
Ntorya development following completion of these activities.

 

Paper copies of the Annual Report together with the Notice of Annual General
Meeting, including the Form of Proxy, will be mailed in due course to those
shareholders who have elected to receive paper copies. A copy of the Company's
Annual Report will be submitted to the National Storage Mechanism and the full
unedited text of the Annual Report made available for inspection
at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdata.fca.org.uk%2F%23%2Fnsm%2Fnationalstoragemechanism&data=05%7C02%7CDiana.Milford%40capricornenergy.com%7C77df91c1c20047c1fa1508dd7b55a595%7C6a30739f42ae4fff976f6454dfbc8f84%7C0%7C0%7C638802329975828922%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Hu46wfDByE4cnjsKFKsb0EyDcoas%2FWh4jmPU9CdceQ4%3D&reserved=0)
. The Annual Report is also available on the Company's website
at www.aminex-plc.com (http://www.aminex-plc.com)

 

The Company will announce details of the Annual General Meeting in due
course.

 

 

 

 

 

The Executive Chairman's Statement from the Annual Report follows below:

 

Executive Chairman's Statement

 

Dear Shareholder,

 

In 2025, Aminex moved decisively from preparation to execution on Ntorya - the
most significant step in the Company's history.  After many years of
technical preparation, regulatory engagement, financial restructuring, and
partnership building, Ntorya is now under construction. The pipeline is being
built, with pipe already on the ground. Aminex is fully financed through to
first gas on the project and is positioned to transition from a
development-stage company into a revenue-generating gas producer with long-
term cash flow potential. This inflection - from preparation to delivery -
fundamentally changes the profile, outlook and value proposition of the
Company.

 

From Planning to Construction

 

The most significant milestone during the year was the formal entry of the
Ntorya-Madimba pipeline into its construction phase. The award of the
Engineering, Procurement and Construction contract marked the moment when
planning converted into a physical path to monetisation. Procurement commenced
immediately, long-lead items were secured, and pipe has now been delivered and
significant construction is underway. Civil works and route preparation began
on schedule, with contractor mobilisation progressing steadily. According to
the Tanzania Petroleum Development Corporation ("TPDC"), completion and
commissioning of the pipeline remain targeted for no later than September
2026.

 

The importance of this infrastructure cannot be overstated. The 35km, 14-inch
pipeline will connect Ntorya to the Madimba Gas Processing Plant and onwards
into Tanzania's national gas transmission system. It represents the final
critical link required to begin the monetisation of Ntorya's substantial gas
resources.

 

Once the pipeline is commissioned, the Ntorya-2 well is expected to be brought
into production, enabling first gas sales shortly thereafter. For Aminex, this
will represent the first sustained revenue generation from Ntorya and the
fulfilment of a long-held strategic objective. It is the turning point from
development to commercialisation.

 

In parallel with pipeline construction, operational preparations across the
field have advanced materially. The contracting process for drilling the
Chikumbi-1 well and undertaking the workover of Ntorya-1 is imminent, with
tenders evaluated and necessary materials already in country. Civil works at
well pads and associated infrastructure have commenced. These activities are
designed to ensure that Ntorya-2, Ntorya-1 and Chikumbi-1 are capable of
delivering initial production of approximately 60 MMcfd in the first phase of
development.

 

Each of these milestones brings us closer to first gas - and to revenue.

 

A National Strategic Project

 

Ntorya is not merely an operational development; it is a project of national
strategic importance.

 

The field benefits from a 25-year Development Licence and a Gas Sales
Agreement is already in place. It is potentially the largest onshore gas
development in Tanzania and is central to the Government's domestic gas
strategy. Throughout the year, the consistent support and engagement of the
Government of Tanzania, the Ministry of Energy, the TPDC and the Petroleum
Upstream Regulatory Authority ("PURA") have been instrumental in advancing the
project.

 

The alignment between the authorities, the operator ARA Petroleum Tanzania,
and Aminex has enabled steady progress across regulatory approvals, work
programme endorsement and infrastructure development. The Tanzanian Government
has been clear in its desire to expedite domestic gas production, recognising
its importance for economic growth, industrial expansion and improved living
standards.

 

Ntorya is central both to Tanzania's growth trajectory and to Aminex's future
value creation.

 

Tanzania's Energy Landscape

 

The scale of the Ntorya opportunity must be understood within the context of
Tanzania's broader economic and demographic trajectory.

 

Tanzania's population is expected to double by 2050 to approximately 140
million. Electricity demand is forecast to grow robustly, with estimates of
annual growth in the order of 10-15%. The industrial sector, including
fertiliser production and manufacturing, remains constrained by a lack of
affordable and reliable energy. Domestic gas supply is therefore critical.

 

Tanzania is investing heavily in infrastructure to unlock its energy
potential. The expansion of processing capacity, pipeline networks and power
generation facilities reflects a country intent on industrialisation. Gas is
central to this strategy - as a cleaner-burning fuel capable of supporting
power generation, industrial growth and agricultural development.

 

Ntorya is positioned to deliver reliable, domestic gas at scale. It is not
only a commercial asset; it is an enabler of economic development.

 

A Phased Development with Long-Term Scale

 

Whilst the immediate focus is on the timely execution of the initial phase,
the long-term vision for Ntorya is considerably larger.

 

During the year, the operator submitted an updated Field Development Plan
incorporating the extensive results of the 3D seismic campaign - the largest
onshore seismic acquisition programme undertaken in East Africa. The enhanced
subsurface understanding has allowed a more granular mapping of the
hydrocarbon pore volume and supports a phased approach to development.

 

The development is envisaged in four stages:

•   Initial Phase: Production from Ntorya-2, Ntorya-1 and Chikumbi-1 of up
to 60 MMcfd.

•   First Phase: Drilling of three additional wells to increase production
to 140 MMcfd - the full capacity of the Ntorya-Madimba pipeline.

•   Second Phase: Further development drilling to increase production up
to 280 MMcfd.

•   Third Phase: In-field compression combined with additional wells to
maintain a plateau of 280 MMcfd.

 

At plateau, Ntorya has the potential to deliver 280 for 20 years or more. This
multi-decade production profile positions the project not as a short-term
opportunity but as a long-term cash flow engine capable of supporting
sustained corporate growth.

 

The phased approach also enables production to scale alongside demand growth,
both domestically and potentially regionally.

 

Near-Term Milestones and Value Progression

 

The path to revenue is now clearly defined.

 

Key milestones over the coming 12 months include:

•   completion and commissioning of the Ntorya-Madimba pipeline;

•   testing and hook-up of Ntorya-2;

•   drilling and completion of Chikumbi-1;

•   workover of Ntorya-1; and

•   commencement of gas production and revenue flow.

Each of these steps progressively de-risks the project and advances Aminex
toward cash flow generation. The transition from construction to commissioning
to production represents a sequence of operational achievements that
collectively underpin and grow shareholder value.

 

Financial Discipline and Corporate Positioning

 

The progress achieved during 2025 has been underpinned by disciplined
financial management.

 

The 2020 Ruvuma PSA Farm-Out continues to provide a carry of up to US$35
million net to Aminex in respect of development expenditure. This carry has
been fundamental in enabling the Company to advance Ntorya without placing
undue strain on shareholders.

 

In October 2025, the Board strengthened the balance sheet further through a
placing that raised nearly US$4 million before expenses. Concurrently,
outstanding borrowings were converted into equity, leaving the Company debt
free. Aminex is therefore fully funded through to anticipated revenues from
first gas.

 

Operating costs have been maintained at lean levels, although some costs did
increase in 2025, as described in the Finance Review on page 4. Since 2020,
management has significantly reduced general and administrative expenses while
preserving core capabilities. The Company is structured to be efficient,
disciplined and focused on value creation.

 

Aminex is today:

•   carried through to first gas and beyond;

•   debt free;

•   supported by a strong cornerstone investor;

•   partnered with a technically capable and well-capitalised operator;
and

•   aligned with a supportive and business-friendly government.

 

This repositioning has materially de-risked the Company compared to prior
years. As with any major infrastructure project, execution and schedule risks
remain. We are managing these through our experienced operator, robust
alignment with the Tanzanian authorities and the strong contractual framework
underpinning the development. We will keep shareholders updated as we deliver
against each milestone.

 

2026: Execution and Delivery

 

2026 will be a pivotal year - a year in which plans and aspirations become
operational realities.

 

With pipeline construction underway, materials on site and contractors
mobilised, execution risk is significantly diminishing. The approved work
programme encompasses infrastructure completion, upstream facility
installation, drilling operations and commissioning activities. Delivery is
now the central focus.

 

The narrative of Aminex is changing. It is no longer about survival or
restructuring. It is about execution, production and growth.

 

Beyond First Gas

 

The transition from developer to producer is not merely operational; it is
strategic.

 

A producing asset provides financial resilience, enhanced credibility in
capital markets and greater strategic flexibility. It enables long-term
planning based on internally generated cash flow rather than external funding
cycles.

 

Beyond first gas, Aminex will evaluate options for further value creation,
including accelerated development phases, balance sheet strengthening and
potential selective reinvestment within Tanzania. The Company retains
additional licence interests which will be reassessed once Ntorya revenues are
established. However, our immediate priority remains disciplined delivery of
the initial phase of the Ruvuma development.

A New Chapter

 

It is worth reflecting on the journey that has brought us here. Over the past
decade, Aminex has navigated commodity price volatility, funding challenges,
regulatory complexity and operational delays. The progress achieved in 2025 is
the result of persistence, strategic planning, strong partnership and
disciplined financial management.

 

We have turned the corner.

 

The foundations have been laid. Infrastructure is under construction.
Financial stability has been secured. The pathway to production is clear. The
opportunity ahead is substantial and long-term.

 

I would like to extend my sincere thanks to our shareholders for their
continued confidence, to our partner ARA Petroleum Tanzania for its
professional execution of the development programme, and to the Government of
Tanzania and its agencies for their commitment to advancing this nationally
important project. I also thank the employees and advisers of Aminex whose
dedication and resilience have underpinned the progress achieved this year.

 

I look forward to reporting to you next year as Ntorya moves into production
and Aminex completes its transition to a producing gas company.

 

Yours sincerely,

 

Charles Santos

Executive Chairman

 

 

 For further information:

 Aminex PLC                            +44 203 355 9909
 Charles Santos, Executive Chairman

 Knights Media & Public Relations      +44 203 653 0200
 Jason Knights, Anthea Pitt

 Davy                                  +353 1 679 6363
 Brian Garrahy

 Shard Capital Partners                +44 207 186 9952
 Damon Heath

 Axis Capital Markets                  +44 203 026 0320
 Richard Hutchison

 

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