REG - Geo Exploration Ltd - Final Results for the Year Ended 30 June 2025
16/10/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251016:nRSP5674Da&default-theme=true
RNS Number : 5674D Geo Exploration Limited 16 October 2025
16 October 2025
GEO Exploration Limited
("GEO " or the "Company")
Final Results for the Year Ended 30 June 2025
GEO Exploration Limited (LSE AIM: GEO) announces its financial results for the
year ended 30 June 2025.
HIGHLIGHTS
Operational
· Rapid advancement of the Juno Project (Western Australia), with
multiple surveys completed (gravity, aeromagnetic, LiDAR, EM/IP) and
commencement of the maiden drilling programme in September 2025 with DDH1 as
contractor.
· Drillhole JUD001 completed at 810m on 15 September 2025,
intersecting all targeted sequences; assays expected Q4 2025. JUD002 drilling
underway.
· Expanded tenure at Juno to 450 km² through further licence
acquisitions, with further licence application pending which will increase the
footprint to 644 km².
· Continued farm-out process for Namibian licence PEL0094, with
advanced talks ongoing and additional companies in the data room.
· Independent technical update confirmed 4.31 billion barrels gross
mean prospective resources, a 22% uplift, with GEO's share increasing to 614
MMbbl unrisked (103 MMbbl risk-adjusted).
Financial
· Group recorded a loss after tax of US$1.09m (2024: US$1.04m).
· Year-end cash balance US$1.07m (30 June 2024: US$0.19m).
· Fundraising rounds completed in August 2024 and January 2025
raised c.£2.40m, with an additional £10k via warrant exercise.
· Further fundraise in September 2025 raised c.£1.11m (post
year-end).
· CEO interest-free loan of US$270k repaid in September 2025,
leaving GEO debt free.
Corporate
· Strengthened board and management team:
- Omar Ahmad appointed CEO & Executive Director on 5 September
2024.
- Hamza Choudhry appointed CFO & Executive Director appointed on
5September 2024.
- Azib Khan appointed CCO & Executive Director.
- Brian Chu appointed Non-Executive Director & Company Secretary
on 5 December 2024.
· Departures: Cecilia Yu ceased on 23 October 2024 and Andrew
Draffin retired on 5 December 2024.
Strategy and Outlook
· GEO continues to pursue its dual focus in gold exploration
(Australia) and oil exploration (Namibia).
· Strong gold market backdrop, with Juno Project drilling programme
positioning the Company to capitalise on a potentially district scale
opportunity.
· Namibia is rapidly emerging as a world-class oil province, with
the Walvis Basin attracting majors such as Chevron following Orange Basin
discoveries.
· GEO aims to farm-out for PEL0094 which will be value accretive
for shareholders.
· The Company maintains a disciplined capital allocation strategy,
targeting selective, high-quality opportunities and periodic review of all
licences.
Post Balance Sheet Events
Since the year-end, the Company has announced several material developments:
· Appointment of Drilling Contractor - On 18 August 2025, GEO
entered into a contract with DDH1 Drilling Pty Ltd, Australia's leading
provider of diamond core drilling services, to undertake the maiden programme
at the Juno Project.
· Commencement of Maiden Drilling Programme - On 2 September 2025,
GEO commenced its maiden drilling programme at Juno, with drill hole JUD001
completed on 15 September 2025 to a final depth of 810 metres. All targeted
sequences were intersected, with assays expected in calendar Q4 2025. Drilling
of JUD002 is underway.
· Capital Raise - On 8 September 2025, GEO successfully completed a
placing of 277,250,000 new Ordinary Shares at 0.4 pence per share, raising
£1.11m before expenses.
· Loan Repayment - On 18 September 2025, the Company repaid in full
the interest-free loan of US$270,000 provided by CEO Omar Ahmad. Following
repayment, the Company is debt free.
Omar Ahmad, Chief Executive Officer, commented:
"GEO has delivered a year of transformation, strengthening our project
portfolio and balance sheet while executing on our strategy to deliver value
for shareholders.
At Juno, we are now drilling what we believe has the potential to be a
district-scale discovery, backed by a world-class team. In Namibia, we
continue to focus on securing a transaction that is clearly value-accretive
for our shareholders.
We enter the new financial year with strong momentum - debt free and
strategically positioned to grow the Company. This is an exciting time for
GEO, and we remain focused on delivering results for our shareholders."
The Company confirms that a full copy of its latest Annual Report and Accounts
for Year Ended 30 June 2025 will be available immediately on the Company's
website: www.geoexplorationlimited.com (http://www.geoexplorationlimited.com)
The information contained within this announcement is deemed by the Company to
constitute inside information under the UK Market Abuse Regulations ("MAR").
Upon the publication of this announcement via a Regulatory Information Service
("RIS"), this inside information is now considered to be in the public domain.
For further information please visit: www.geoexplorationlimited.com
(http://www.geoexplorationlimited.com) or contact:
GEO Exploration Limited investors@geoexpltd.com
Hamza Choudhry, CFO and Executive Director
SPARK Advisory Partners Limited (Nominated Adviser) +44 (0) 20 3368 3555
Andrew Emmott, Jade Bayat
CMC Markets (Joint Broker) +44 (0) 20 3003 8632
Douglas Crippen
SI Capital Limited (Joint Broker) +44 (0) 14 8341 3500
Nick Emerson
Follow us on social media
This announcement has been issued by and is the sole responsibility of the
Company.
LETTER TO SHAREHOLDERS
Dear Shareholders,
Iam pleased to present to you the GEO Exploration Limited ("GEO" or the
"Company") Annual Financial Report for the year ended 30 June 2025.
Operations
GEO's primary focus during the reporting period has been the rapid progression
of the work programme for Juno Project in Western Australia and the continued
farm-out process for the Namibian licence PEL 0094 ("Licence") alongside a
significant technical update and 22% increased resource upgrade.
In August 2024, GEO acquired a 70% interest (subsequently increased to 80%) in
ajoint venture with world-class mineral resource geologist Callum Baxter for
the advancement of a mineral exploration licence 08/3497 located in Western
Australia. GEO's primary aim is to conduct exploration for large Intrusion
Related Gold Systems (IRGS) which have the potential to host precious and base
metal mineralisation similar to the Havieron discovery in Western Australia
which Callum Baxter was integral to. During the period, GEO also acquired
exploration licences E52/4391 and E08/3744 thus taking GEO's total tenure in
Project Juno to 450 square kilometres. The Company has also applied for a new
Exploration Licence 08/3792, which upon grant will take the total tenure to
644 square kilometres.
During the reporting period, the Company expedited the Juno Project work
programme and completed several milestones in order to begin its drilling
campaign. This included: ground-based gravity survey, airborne aeromagnetic
survey, airborne Light Detection and Ranging (LiDAR) and geophysical modelling
whose results are very encouraging as we head towards our initial drill
campaign. Most recently the Company has executed the Heritage Agreement with
Traditional Owners Nharnuwangga Wajarri and Ngarlawangga and concluded
Electrical Geophysical programmes to allow drill targets to be identified. In
August 2025, the Company engaged DDH1, a world-class drilling contractor, to
undertake our maiden drill programme. Our maiden drill programme at the Juno
Project commenced in Q3 of calendar year 2025 and drill hole JUD001 was
completed on 15 September 2025 to a final depth of 810 metres, successfully
intersecting all targeted sequences. The assays are expected during calendar
Q4 2025 and drilling of the second hole, JUD002, is now underway.
The farm-out process has been the primary focus for the Namibian licence PEL
0094. Our aim at GEO is to execute a farm-out for the licence on terms which
represent the most value accretive to our shareholders. With one party in
advanced talks with GEO and other companies now in our data room, we are
excited about the increased interest in the licence and see Walvis Basin as
the next frontier of oil delivery in Namibia.
An independent technical study on the Licence was conducted, confirming a
gross mean prospective resource of 4.31 billion barrels, a 22% uplift on the
previous total resource total. GEO's working-interest share significantly
increases now to 614 MMbbl unrisked(103 MMbbl risk-adjusted) supported by the
newly mapped Emerald and Beryl sandstone plays in robust, fault-bounded traps
validated by direct hydrocarbon indicators. The Licence covers 5,798 km² in
the Walvis Basin "sweet-spot," analogue to Namibia's recent world-class
discoveries.
During the reporting period, we observed heightened activity in the offshore
sector of Namibia, particularly in the Orange Basin. The recent Capricornus
-1X discovery by Rhino Resources and Azule, a joint venture between BP and
Eni, further indicate that Namibia is emerging as a world-class petroleum
province, characterised by significant resource potential.
The oil in the Orange Basin is interpreted both by the operators of
discoveries in the region and the Company to be sourced from the
Barremian-Aptian Kudu Shale. Work undertaken by the Company has demonstrated
that this source rock is likely generating oil in and around the Company's
PEL0094 licence. In addition, there are further similarities between some of
the reservoirs and trapping styles in the Orange Basin and those mapped by the
Company within its licence with significant charge in our Welwitschia Deep and
Marula prospects. Accordingly, the Company is positive that the Walvis Basin,
where PEL0094 is situated, also has the potential to be extremely successful,
and has the advantage of much shallower water depths generally than the
discoveries in the south.
Regarding Italy, in September 2023 the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed by the Council of State
(having previously been dismissed by the Tribunal in Rome). The actions were
brought by the Municipality of Margherita di Savoia in Puglia against the
relevant Italian Ministries and entities - with GEO joined as an "interested
party" - and related to all four of the Company's exploration permit
applications in the Southern Adriatic
("Applications").
The Company submitted further documentation in connection with the
Applications in 2023 to the Italian Ministry of Ecological Transition and has
been awaiting further dialogue with the Ministry regarding the process going
forward.
Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.
Financial Position and Corporate
The Company successfully completed equity fundraising rounds in August 2024
and January 2025 totalling £2,401,050, with a further £10,000 proceeds from
awarrant exercise in December 2024. These funds were primarily focused on
advancing the acquisition, exploration and development of the Juno Project, in
respect of which we have sufficient funds for the current drill campaign (as
part of the £750,000 commitment for Juno Project), along with operational and
farm-out costs in Namibia, and general working capital. I also provided an
interest-free loan to the company totalling US$270,000, which I extended to
September 2025 to allow for funds to be deployed to accelerate the Company's
projects.
During the reporting period, Hamza Choudhry and I were appointed as Executive
Directors, with Hamza as Chief Financial Officer and myself as Chief Executive
Officer. In November and December 2024, we were pleased to have Azib Khan join
as Chief Commercial Officer and Executive Director with Brian Chu joining as
Non-Executive Director and Company Secretary.
Ms Cecilia Yu ceased as Executive Director on 21 October 2024 and Andrew
Draffin retired from the board on 5 December 2024.
The current leadership team underscores our commitment to driving the
Company's growth, through its commercial, financial and market expertise with
its aim to deliver results which will drive significant value growth to
shareholders.
Financial Results
During the year ended 30 June 2025, the Group recorded a loss after tax of
US$1,094,288 (2024: US$1,041,261) with cash balances at 30 June 2025 amounting
to US$ 1,072,198 (30 June 2024: US$193,070).
Strategy and Outlook
GEO's strategy is to maximise its exposure to exploration success with the
objective of enhancing shareholder value across high-impact projects in gold
and oil exploration.
The price of gold continues to perform strongly, recently reaching all-time
highs and further bolstering market sentiment. At our flagship Juno Project,
we have significantly expanded our footprint, recently securing new licences
which doubled our exploration area, with an additional application still
pending. Our partnership with a world-class technical operator Callum Baxter
has accelerated our programme, and we commenced drilling in the second half of
this year. This momentum positions GEO to capitalise fully on the buoyant gold
market environment.
Namibia continues to emerge as one of the most promising oil provinces
globally, driven by substantial recent discoveries in the Orange Basin,
including the significant Rhino & Azule Energy Capricornus -1X find.
Industry focus is now shifting swiftly northwards to the Walvis Basin,
underlined by Chevron's recent farm-in on neighbouring acreage. GEO is
strategically located at the heart of this new exploration frontier, and our
latest independent technical update demonstrates clear geological similarities
to the high-impact discoveries in the Orange Basin. Our resource upgrade to
4.31 billion barrels underscores the immense potential of our block. Advanced
discussions are progressing with a potential partner and other potential
farm-out partners are continuing to advance their interest, which we are
aiming to conclude as swiftly as possible whilst ensuring the best terms for
GEO and its shareholders.
Overall, GEO remains committed to actively expanding our project portfolio,
focusing exclusively on value-accretive opportunities. Our strategy is clear:
we will selectively invest in high-quality projects and where possible
collaborate closely with expert operators, leveraging their expertise to
accelerate projects to deliver results for our shareholders. In line with this
disciplined approach, the Board undertakes a periodic review of all licences
and projects to ensure an efficient allocation of resources. In addition,
through disciplined capital allocation, we intend to build a diversified,
balanced portfolio designed to deliver sustained growth and meaningful
shareholder returns. GEO is optimistic about its future prospects and remains
focused on delivering value to shareholders as it navigates this exciting
period of growth.
Omar Ahmad
Chief Executive Officer
OPERATING AND FINANCIAL REVIEW
Juno Project - Western Australia
As part of the Company's transformation agenda, in August 2024, the Company
announced the acquisition of a 70% interest in a joint venture ("the JV") with
Callum Baxter. The JV is focused on the advancement of mineral exploration
licence 08/3497 located in Western Australia, in a region recognised for its
rich mineral deposits.
Callum Baxter was Chief Technical Officer of Greatland Gold plc and was
Chairman and CEO of Starvest plc. Callum was the key Geologist in the
advancement and exploration of the Havieron Gold discovery in Western
Australia, one of the largest high-grade gold discoveries in Australia in the
last two decades. Callum Baxter is a member of the Australian Institute of
Geoscientists and the Australasian Institute of Mining and Metallurgy.
Under the terms of the Joint Venture,
GEO:
· acquired an initial 70% of the licence for consideration of
£200,000.
· exercised a 3 month option to purchase an additional 10% of the
licence for £50,000 thus increasing GEO's interest to 80% of the licence,
with Callum Baxter retaining
20%.
· is committed to a minimum expenditure of £750,000 (capital
commitment) under the JV over the 12 months following
completion.
· is to fund 100% of the JV expenditure up to the "Decision to
Mine", after which both parties will contribute according to their JV
interests.
· is the JV Manager and responsible for all exploration activities
and must furnish technical reports to Callum Baxter.
· will pay up to a 5% royalty on any future production from the
Licence. This royalty structure ensures that both parties benefit
proportionally from the success of the project.
The Company has subsequently been granted two further Exploration Licences,
52/4391 and 08/3744, adjacent to the licence, via its wholly owned subsidiary
Juno Gold Pty Ltd. The total area of the Juno Project has increased from 106
square kilometres initially to 450 square kilometres covering multiple
magnetic features.
In February 2025, GEO applied for a new Exploration Licence, 08/3792, north of
the current Exploration Licence 08/3497 in Western Australia, via its wholly
owned subsidiary Juno Gold Pty Ltd. Upon the licence being granted, the total
tenure for Juno will be 644 square kilometres covering multiple magnetic
features.
Figure 1 - Juno Project tenure showing existing granted
licence E08/3497, E52/4391 and E08/3744
The Project, targeting Intrusion-Related Gold Systems (IRGS), has seen
significant advancements through a series of geophysical surveys, including
aeromagnetic, gravity, and LiDAR data collection. These activities have been
aimed at identifying and refining high-potential drill targets, with the
ultimate goal of discovering large-scale gold and copper mineralisation
similar to the Havieron deposit in the Paterson Province.
In early October 2024, Geo Exploration commenced an Airborne geophysical
Survey at the Juno Project. This survey, which covered over 3,900 line
kilometres, was designed to acquire high-resolution aeromagnetic data to
better understand the subsurface geology. This survey was completed by
mid-October, marking a significant milestone in the exploration program. The
data collected revealed a strong, discrete magnetic feature, consistent with
the characteristics of IRGS deposits, in the northern part of the Project
area, this magnetic feature, not visible in historical lower-resolution
surveys, provided the first clear indication of the Project's potential.
During September 2024, Callum Baxter, Geo Exploration's Joint Venture Partner,
conducted a site visit to assess access to the Project area and engage with
local stakeholders. The visit confirmed that access to the site was viable via
historical tracks, and discussions with local pastoralists were positive, with
strong support for the exploration activities.
Following the successful completion of the aeromagnetic survey, Geo
Exploration initiated a ground-based gravity survey in late November 2024.
This survey, conducted on a 400m x 200m grid (with 200m x 200m spacing in
areas requiring higher resolution), focused on the northern part of the
Project area.
In early January 2025, Geo Exploration received the final LiDAR (Light
Detection and Ranging) data for the Juno Project. The LiDAR survey, which
provides high-resolution topographic and surface imagery, delivered Digital
Terrain Models (DTMs) at 0.5m and 1.0m resolution, along with detailed digital
imagery of the ground surface. The spatial accuracy of the LiDAR data was less
than 20cm, making it a critical tool for refining drill targets and planning
exploration activities. The LiDAR data, combined with the aeromagnetic and
gravity data, has significantly enhanced the Company's ability to model the
subsurface and identify high-potential drill sites.
In mid-January 2025, the delivery of ground gravity data was received
confirming a significant residual gravity response coinciding with the large
magnetic feature previously identified. The gravity response covers an area of
approximately 4km x 2km (8 sq km) with a peak amplitude of 2mgal, which is
larger and more intense than the response observed at the Havieron deposit.
The coincident magnetic and gravity response is a strong indicator of IRGS and
IOCG (Iron Oxide Copper-Gold) mineralization, further validating the Project's
potential.
Figure 2 - Juno Aeromagnetics and Ground Gravity
Historical drilling attempts in the 1990s and early 2000s targeted the
magnetic feature but failed to reach the target depth due to limitations in
drilling technology. Modern drilling equipment and advanced geophysical
modelling techniques are expected to overcome these challenges, providing a
clear pathway for exploration drilling.
In May 2025, geophysical modelling showed independent 3-D magnetic-gravity
inversions locked onto a single, coherent 4 × 2 km intrusive body, with the
top of the system interpreted at ~600 m depth. Historic drillhole PHD001
terminated just short of this target, confirming immediate drillability. The
modelling provides centimetre-scale collar positions for the maiden drill
programme.
Figure 3 - Juno Project 3D unconstrained results showing
coincident magnetic and gravity model bodies
Figure 4 - Juno Project 3D Forward Modelling results
showing primary target
Figure 5 - Juno Project Forward Modelling Profile 17
showing primary target model body 19
In May 2025, a comprehensive Heritage Agreement was executed with the
Nharnuwangga Wajarri & Ngarlawangga Traditional Owners. The agreement
establishes clear protocols for activities from reconnaissance to potential
development, removing the final non-technical barrier to drilling while
ensuring protection of cultural heritage.
In June 2025, IP & EM Surveys were conducted where field crews mobilised
for dipole-dipole induced-polarisation (IP) and moving-loop electromagnetic
(EM) surveys across the northern anomaly. In July 2025, the IP and EM
responses were successfully modelled from subsurface data and the geophysical
responses observed have upgraded the Juno Project from an IRGS perspective.
This resulted in the proposed maiden drillhole locations being confirmed and
will be drilled to depths of between 750m and 1000m and are planned to be
vertical. In August 2025, the Company engaged DDH1, a world-class drilling
contractor, to undertake our maiden drill programme. Our maiden drill
programme at the Juno Project commenced in Q3 of calendar year 2025. Drill
hole JUD001 was completed on 15 September 2025 to a final depth of 810 metres,
successfully intersecting all targeted sequences. The assays are expected
during calendar Q4 2025 and drilling of the second hole, JUD002, is now
underway.
Together, these milestones have advanced the Juno Project from target
delineation to drill-ready status, and following the capital raise in January
2025, the Company is well-capitalised as per the capital commitment terms
outlined above for its maiden drilling campaign which commenced in September
2025.
Figure 6 - Arrival of Drilling Equipment
Figure 7 - Drilling at JUD001
Figure 8 - Drilling equipment on site at drill hole JUD002
Figure 9 - Drill hole at JUD002
Namibian Project
The Namibian Project consists of an operated 78 per cent participating
interest in Petroleum Exploration Licence ("PEL") 0094 (acquired in 2018)
which covers Block 2011A.
Since the Company was awarded PEL0094, it has purchased and interpreted
historic 2D and 3D seismic data over Block 2011A and across the Walvis Basin
to enable a better understanding of the petroleum system and the resource
potential of PEL0094. Various studies have been undertaken which have
confirmed the view that PEL 0094 is very prospective.
The Company purchased additional 2D seismic data in 2022 and carried out
further technical interpretation both on the principal prospects (Marula and
Welwitschia Deep) and on the leads in the eastern part of PEL0094.
On 20 May 2025, the Company announced an independent significant resource
upgrade for PEL0094. Licence-wide unrisked gross mean Prospective Resources
have risen 22 % to c.4.31 billion barrels, with GEO's 78 % working interest
translating to c.3.37 billion barrels unrisked (429 MMbbl risk-adjusted). The
update introduced two new sandstone leads, Emerald (Albian) and Beryl
(Cenomanian), which together account for c.792 MMbbl gross mean resources and
materially de-risk the eastern sector of the block. In total, nine 2D-defined
leads in the east now contain c.3 billion barrels gross mean resources, while
the drill-ready 3D-imaged prospects Marula and Welwitschia Deep remain the
primary near-term targets. Structural mapping shows robust dip- and
fault-bounded closures in water depths of c. 750 m, supported by direct
hydrocarbon indicators such as gas chimneys and flat spots.
On 14 August 2023, the Company announced that the Namibian authorities had
given approval for the Company and its partners to proceed to the First
Renewal Exploration Period ("FREP"), which commenced on September 2023.
Importantly, the usual requirement at the end of the Initial Exploration
Period ("IEP") to relinquish 50 per cent of PEL 0094 area was waived. The work
commitment for the FREP is to acquire, process and interpret 2,000 kms of 3D
seismic data (the "3D Seismic") - carried over from the IEP and to drill a
well contingent upon the results of interpretation of the 3D Seismic.
Since early 2022, Namibia's oil and gas exploration sector has transformed due
to significant oil discoveries in the Orange Basin. Total Energies and its
partners made the Venus discovery and later drilled Mangetti-1X. Galp also
made a significant discovery at Mopane-1X. The Orange Basin has
seen increased activity with Woodside, Chevron, and Azule entering the region,
providing reason to believe Namibia is on the path to becoming a major
petroleum-producing province.
In April 2025, operator Rhino Resources and partner Azule Energy (BP & Eni
JV) reported a light-oil discovery at the Capricornus-1X well in PEL 85 in
Namibia's deep-water Orange Basin. This further underpins the upward potential
of the region with interest now moving north to the Walvis basin.
In January 2025, Shell announced an approximately US$400m write-down in
Namibia due to the high gas-to-oil ratio and gas condensate in its PEL0039
discoveries. This, combined with low rock permeability and high extraction
costs, has meant that PEL0039 discoveries are yet to be confirmed for
commercial viability.
Chevron in the Orange basin for Block 2813B within PEL 90 also did not
discover any commercial hydrocarbons in January 2025. Despite these setbacks,
Namibia's oil potential remains strong, with other companies advancing more
promising offshore projects and attention has shifted to the Walvis Basin,
where PEL0094 is located. Public comments made by operators working in the
Orange Basin have indicated that some of the reservoirs have low
permeabilities and that there is a substantial volume of gas in the
discoveries to date. The shallower reservoirs in PEL94 are less buried than
their counterparts in the Orange Basin discoveries so, all other things being
equal, should be less diagenetically altered and have higher permeabilities.
Petroleum systems modelling carried out in conjunction with GEO's team by
world-renowned geochemical consultancy IGI Ltd indicates that the source rock
in the migration segments for the prospects and leads in PEL94 is in the main
to early oil windows, and, although from a source rock of this type some gas
would be expelled with the oil, the predominant hydrocarbon phase is modelled
to be oil.
Chevron's farm-in announcement in 2024 for PEL0082 close to PEL0094 has
increased industry interest in the Walvis Basin, with more recent activity in
January 2025 with Tower Resources announcing a farm-out agreement with Prime
Global Energies Limited in the adjacent PEL0096 licence.
In 2024, the Company entered and advanced negotiations with a potential farmee
for the PEL0094 licence. These discussions are ongoing. Additionally, given
increased interest in the Walvis Basin as discussed above and the Company's
PEL0094 licence, the Company is engaging in talks with other potential
farmees, some of whom are currently in the data room. GEO is aiming to secure
the best transaction for the Company and shareholders alike whereby maximum
value can be extracted from the licence.
Figure 10 - Map of Namibia showing PEL0094
Italian Applications
In August 2013, the Company submitted applications for four offshore
exploration areas in the Southern Adriatic, which are contiguous with the
Italian median lines with Croatia, Montenegro, and Albania. Following a series
of appeals against the environmental decrees related to these applications,
the European Court confirmed in January 2022 that the applications did not
violate EU law.
In February 2019, the Italian Parliament suspended all hydrocarbon exploration
activities for 18 months to evaluate their suitability under a new Plan, which
came into effect in February 2022. This Plan mandates that only gas
exploration is permitted, leading to a re-perimeterisation of the Company's
application areas. The Italian Ministry of Ecological Transition later
confirmed that the amended applications complied with the Plan.
In September 2023, the Company announced that appeals against the
environmental decrees granted in its favour had been dismissed by the Council
of State. These appeals were related to all four of the Company's exploration
permit applications in the Southern Adriatic. There have been no updates since
June 2024. The Company will continue to assess its options regarding the
applications and make further announcements as needed.
Overall, across the business GEO applies a disciplined approach to capital
allocation, with a fluid and continuous assessment of its project portfolio.
Licences that no longer demonstrate clear value-add or progression potential
will be reconsidered for impairment or exit.
Figure 11 - Map of Permit Applications - Italy Offshore
EVENTS SUBSEQUENT TO REPORTING DATE
Since the end of the financial year, the Company has announced several
material developments:
· Appointment of Drilling Contractor - On 18 August 2025, GEO
entered into a contract with DDH1 Drilling Pty Ltd, Australia's leading
provider of diamond core drilling services, to undertake the maiden diamond
drilling programme at the Juno Project in Western Australia. Mobilisation and
final site preparations were completed during August 2025.
· Commencement of Maiden Drilling Programme - On 2 September 2025,
GEO announced the commencement of its maiden drilling programme at the Juno
Project, with drill hole JUD001 underway. This programme marks a significant
milestone, targeting a large IRGS (Intrusion-Related Gold System) anomaly
identified through integrated geophysical modelling.
· Capital Raise - On 8 September 2025, GEO successfully completed a
capital raise of £1,109,000 (before expenses) through the placing of
277,250,000 new Ordinary Shares at 0.4 pence per share. The proceeds will fund
ongoing operational costs. In addition, 5,555,556 Ordinary Shares were issued
in settlement of consultancy fees.
· Repayment of CEO Interest Free Loan - On 18 September 2025, the
Board resolved and repaid in full the interest-free loan of US$270,000
provided by the Company's Chief Executive Officer, Mr Omar Ahmad. The early
repayment leaves GEO debt free and further strengthens the balance sheet.
· First Drill Hole Complete and Second Commenced - On 15 September
2025, the Company completed its first drill hole (JUD001) at the Juno Project
in Western Australia to a final depth of 810 metres. The geology team
confirmed that all targeted sequences were intersected. Assay results are
expected in calendar Q4 2025. Following completion of JUD001, drilling of the
second hole (JUD002) commenced and remains underway.
The Directors are not aware of any other matter or circumstance that has
arisen since 30 June 2025 which has significantly affected, or may
significantly affect, the operations of the Group, the results of those
operations, or the state of affairs of the Group in subsequent financial
periods.
LETTER TO SHAREHOLDERS
Dear Shareholders,
I am pleased to present to you the GEO Exploration Limited ("GEO" or the
"Company") Annual Financial Report for the year ended 30 June 2025.
Operations
GEO's primary focus during the reporting period has been the rapid progression
of the work programme for Juno Project in Western Australia and the continued
farm-out process for the Namibian licence PEL 0094 ("Licence") alongside a
significant technical update and 22% increased resource upgrade.
In August 2024, GEO acquired a 70% interest (subsequently increased to 80%) in
a joint venture with world-class mineral resource geologist Callum Baxter for
the advancement of a mineral exploration licence 08/3497 located in Western
Australia. GEO's primary aim is to conduct exploration for large Intrusion
Related Gold Systems (IRGS) which have the potential to host precious and base
metal mineralisation similar to the Havieron discovery in Western Australia
which Callum Baxter was integral to. During the period, GEO also acquired
exploration licences E52/4391 and E08/3744 thus taking GEO's total tenure in
Project Juno to 450 square kilometres. The Company has also applied for a new
Exploration Licence 08/3792, which upon grant will take the total tenure to
644 square kilometres.
During the reporting period, the Company expedited the Juno Project work
programme and completed several milestones in order to begin its drilling
campaign. This included: ground-based gravity survey, airborne aeromagnetic
survey, airborne Light Detection and Ranging (LiDAR) and geophysical modelling
whose results are very encouraging as we head towards our initial drill
campaign. Most recently the Company has executed the Heritage Agreement with
Traditional Owners Nharnuwangga Wajarri and Ngarlawangga and concluded
Electrical Geophysical programmes to allow drill targets to be identified. In
August 2025, the Company engaged DDH1, a world-class drilling contractor, to
undertake our maiden drill programme. Our maiden drill programme at the Juno
Project commenced in Q3 of calendar year 2025 and drill hole JUD001 was
completed on 15 September 2025 to a final depth of 810 metres, successfully
intersecting all targeted sequences. The assays are expected during calendar
Q4 2025 and drilling of the second hole, JUD002, is now underway.
The farm-out process has been the primary focus for the Namibian licence PEL
0094. Our aim at GEO is to execute a farm-out for the licence on terms which
represent the most value accretive to our shareholders. With one party in
advanced talks with GEO and other companies now in our data room, we are
excited about the increased interest in the licence and see Walvis Basin as
the next frontier of oil delivery in Namibia.
An independent technical study on the Licence was conducted, confirming a
gross mean prospective resource of 4.31 billion barrels, a 22% uplift on the
previous total resource total. GEO's working-interest share significantly
increases now to 614 MMbbl unrisked(103 MMbbl risk-adjusted) supported by the
newly mapped Emerald and Beryl sandstone plays in robust, fault-bounded traps
validated by direct hydrocarbon indicators. The Licence covers 5,798 km² in
the Walvis Basin "sweet-spot," analogue to Namibia's recent world-class
discoveries.
During the reporting period, we observed heightened activity in the offshore
sector of Namibia, particularly in the Orange Basin. The recent Capricornus
-1X discovery by Rhino Resources and Azule, a joint venture between BP and
Eni, further indicate that Namibia is emerging as a world-class petroleum
province, characterised by significant resource potential.
The oil in the Orange Basin is interpreted both by the operators of
discoveries in the region and the Company to be sourced from the
Barremian-Aptian Kudu Shale. Work undertaken by the Company has demonstrated
that this source rock is likely generating oil in and around the Company's
PEL0094 licence. In addition, there are further similarities between some of
the reservoirs and trapping styles in the Orange Basin and those mapped by the
Company within its licence with significant charge in our Welwitschia Deep and
Marula prospects. Accordingly, the Company is positive that the Walvis Basin,
where PEL0094 is situated, also has the potential to be extremely successful,
and has the advantage of much shallower water depths generally than the
discoveries in the south.
Regarding Italy, in September 2023 the Company announced that it had been
informed that appeals against the environmental decrees granted in its favour
by the Italian authorities had recently been dismissed by the Council of State
(having previously been dismissed by the Tribunal in Rome). The actions were
brought by the Municipality of Margherita di Savoia in Puglia against the
relevant Italian Ministries and entities - with GEO joined as an "interested
party" - and related to all four of the Company's exploration permit
applications in the Southern Adriatic
("Applications").
The Company submitted further documentation in connection with the
Applications in 2023 to the Italian Ministry of Ecological Transition and has
been awaiting further dialogue with the Ministry regarding the process going
forward.
Once this process is complete, the Company will assess its options in relation
to the Applications and make a further announcement accordingly.
Financial Position and Corporate
The Company successfully completed equity fundraising rounds in August 2024
and January 2025 totalling £2,401,050, with a further £10,000 proceeds from
a warrant exercise in December 2024. These funds were primarily focused on
advancing the acquisition, exploration and development of the Juno Project, in
respect of which we have sufficient funds for the current drill campaign (as
part of the £750,000 commitment for Juno Project), along with operational and
farm-out costs in Namibia, and general working capital. I also provided an
interest-free loan to the company totalling US$270,000, which I extended to
September 2025 to allow for funds to be deployed to accelerate the Company's
projects.
During the reporting period, Hamza Choudhry and I were appointed as Executive
Directors, with Hamza as Chief Financial Officer and myself as Chief Executive
Officer. In November and December 2024, we were pleased to have Azib Khan join
as Chief Commercial Officer and Executive Director with Brian Chu joining as
Non-Executive Director and Company Secretary.
Ms Cecilia Yu ceased as Executive Director on 21 October 2024 and Andrew
Draffin retired from the board on 5 December 2024.
The current leadership team underscores our commitment to driving the
Company's growth, through its commercial, financial and market expertise with
its aim to deliver results which will drive significant value growth to
shareholders.
Financial Results
During the year ended 30 June 2025, the Group recorded a loss after tax of
US$1,094,288 (2024: US$1,041,261) with cash balances at 30 June 2025 amounting
to US$ 1,072,198 (30 June 2024: US$193,070).
Strategy and Outlook
GEO's strategy is to maximise its exposure to exploration success with the
objective of enhancing shareholder value across high-impact projects in gold
and oil exploration.
The price of gold continues to perform strongly, recently reaching all-time
highs and further bolstering market sentiment. At our flagship Juno Project,
we have significantly expanded our footprint, recently securing new licences
which doubled our exploration area, with an additional application still
pending. Our partnership with a world-class technical operator Callum Baxter
has accelerated our programme, and we commenced drilling in the second half of
this year. This momentum positions GEO to capitalise fully on the buoyant gold
market environment.
Namibia continues to emerge as one of the most promising oil provinces
globally, driven by substantial recent discoveries in the Orange Basin,
including the significant Rhino & Azule Energy Capricornus -1X find.
Industry focus is now shifting swiftly northwards to the Walvis Basin,
underlined by Chevron's recent farm-in on neighbouring acreage. GEO is
strategically located at the heart of this new exploration frontier, and our
latest independent technical update demonstrates clear geological similarities
to the high-impact discoveries in the Orange Basin. Our resource upgrade to
4.31 billion barrels underscores the immense potential of our block. Advanced
discussions are progressing with a potential partner and other potential
farm-out partners are continuing to advance their interest, which we are
aiming to conclude as swiftly as possible whilst ensuring the best terms for
GEO and its shareholders.
Overall, GEO remains committed to actively expanding our project portfolio,
focusing exclusively on value-accretive opportunities. Our strategy is clear:
we will selectively invest in high-quality projects and where possible
collaborate closely with expert operators, leveraging their expertise to
accelerate projects to deliver results for our shareholders. In line with this
disciplined approach, the Board undertakes a periodic review of all licences
and projects to ensure an efficient allocation of resources. In addition,
through disciplined capital allocation, we intend to build a diversified,
balanced portfolio designed to deliver sustained growth and meaningful
shareholder returns. GEO is optimistic about its future prospects and remains
focused on delivering value to shareholders as it navigates this exciting
period of growth.
Omar Ahmad
Chief Executive Officer
OPERATING AND FINANCIAL REVIEW
Juno Project - Western Australia
As part of the Company's transformation agenda, in August 2024, the Company
announced the acquisition of a 70% interest in a joint venture ("the JV") with
Callum Baxter. The JV is focused on the advancement of mineral exploration
licence 08/3497 located in Western Australia, in a region recognised for its
rich mineral deposits.
Callum Baxter was Chief Technical Officer of Greatland Gold plc and was
Chairman and CEO of Starvest plc. Callum was the key Geologist in the
advancement and exploration of the Havieron Gold discovery in Western
Australia, one of the largest high-grade gold discoveries in Australia in the
last two decades. Callum Baxter is a member of the Australian Institute of
Geoscientists and the Australasian Institute of Mining and Metallurgy.
Under the terms of the Joint Venture,
GEO:
· acquired an initial 70% of the licence for consideration of
£200,000.
· exercised a 3 month option to purchase an additional 10% of the
licence for £50,000 thus increasing GEO's interest to 80% of the licence,
with Callum Baxter retaining
20%.
· is committed to a minimum expenditure of £750,000 (capital
commitment) under the JV over the 12 months following
completion.
· is to fund 100% of the JV expenditure up to the "Decision to
Mine", after which both parties will contribute according to their JV
interests.
· is the JV Manager and responsible for all exploration activities
and must furnish technical reports to Callum Baxter.
· will pay up to a 5% royalty on any future production from the
Licence. This royalty structure ensures that both parties benefit
proportionally from the success of the project.
The Company has subsequently been granted two further Exploration Licences,
52/4391 and 08/3744, adjacent to the licence, via its wholly owned subsidiary
Juno Gold Pty Ltd. The total area of the Juno Project has increased from 106
square kilometres initially to 450 square kilometres covering multiple
magnetic features.
In February 2025, GEO applied for a new Exploration Licence, 08/3792, north of
the current Exploration Licence 08/3497 in Western Australia, via its wholly
owned subsidiary Juno Gold Pty Ltd. Upon the licence being granted, the total
tenure for Juno will be 644 square kilometres covering multiple magnetic
features.
Figure 1 - Juno Project tenure showing existing granted
licence E08/3497, E52/4391 and E08/3744
The Project, targeting Intrusion-Related Gold Systems (IRGS), has seen
significant advancements through a series of geophysical surveys, including
aeromagnetic, gravity, and LiDAR data collection. These activities have been
aimed at identifying and refining high-potential drill targets, with the
ultimate goal of discovering large-scale gold and copper mineralisation
similar to the Havieron deposit in the Paterson Province.
In early October 2024, Geo Exploration commenced an Airborne geophysical
Survey at the Juno Project. This survey, which covered over 3,900 line
kilometres, was designed to acquire high-resolution aeromagnetic data to
better understand the subsurface geology. This survey was completed by
mid-October, marking a significant milestone in the exploration program. The
data collected revealed a strong, discrete magnetic feature, consistent with
the characteristics of IRGS deposits, in the northern part of the Project
area, this magnetic feature, not visible in historical lower-resolution
surveys, provided the first clear indication of the Project's potential.
During September 2024, Callum Baxter, Geo Exploration's Joint Venture Partner,
conducted a site visit to assess access to the Project area and engage with
local stakeholders. The visit confirmed that access to the site was viable via
historical tracks, and discussions with local pastoralists were positive, with
strong support for the exploration activities.
Following the successful completion of the aeromagnetic survey, Geo
Exploration initiated a ground-based gravity survey in late November 2024.
This survey, conducted on a 400m x 200m grid (with 200m x 200m spacing in
areas requiring higher resolution), focused on the northern part of the
Project area.
In early January 2025, Geo Exploration received the final LiDAR (Light
Detection and Ranging) data for the Juno Project. The LiDAR survey, which
provides high-resolution topographic and surface imagery, delivered Digital
Terrain Models (DTMs) at 0.5m and 1.0m resolution, along with detailed digital
imagery of the ground surface. The spatial accuracy of the LiDAR data was less
than 20cm, making it a critical tool for refining drill targets and planning
exploration activities. The LiDAR data, combined with the aeromagnetic and
gravity data, has significantly enhanced the Company's ability to model the
subsurface and identify high-potential drill sites.
In mid-January 2025, the delivery of ground gravity data was received
confirming a significant residual gravity response coinciding with the large
magnetic feature previously identified. The gravity response covers an area of
approximately 4km x 2km (8 sq km) with a peak amplitude of 2mgal, which is
larger and more intense than the response observed at the Havieron deposit.
The coincident magnetic and gravity response is a strong indicator of IRGS and
IOCG (Iron Oxide Copper-Gold) mineralization, further validating the Project's
potential.
Figure 2 - Juno Aeromagnetics and Ground Gravity
Historical drilling attempts in the 1990s and early 2000s targeted the
magnetic feature but failed to reach the target depth due to limitations in
drilling technology. Modern drilling equipment and advanced geophysical
modelling techniques are expected to overcome these challenges, providing a
clear pathway for exploration drilling.
In May 2025, geophysical modelling showed independent 3-D magnetic-gravity
inversions locked onto a single, coherent 4 × 2 km intrusive body, with the
top of the system interpreted at ~600 m depth. Historic drillhole PHD001
terminated just short of this target, confirming immediate drillability. The
modelling provides centimetre-scale collar positions for the maiden drill
programme.
Figure 3 - Juno Project 3D unconstrained results showing
coincident magnetic and gravity model bodies
Figure 4 - Juno Project 3D Forward Modelling results
showing primary target
Figure 5 - Juno Project Forward Modelling Profile 17
showing primary target model body 19
In May 2025, a comprehensive Heritage Agreement was executed with the
Nharnuwangga Wajarri & Ngarlawangga Traditional Owners. The agreement
establishes clear protocols for activities from reconnaissance to potential
development, removing the final non-technical barrier to drilling while
ensuring protection of cultural heritage.
In June 2025, IP & EM Surveys were conducted where field crews mobilised
for dipole-dipole induced-polarisation (IP) and moving-loop electromagnetic
(EM) surveys across the northern anomaly. In July 2025, the IP and EM
responses were successfully modelled from subsurface data and the geophysical
responses observed have upgraded the Juno Project from an IRGS perspective.
This resulted in the proposed maiden drillhole locations being confirmed and
will be drilled to depths of between 750m and 1000m and are planned to be
vertical. In August 2025, the Company engaged DDH1, a world-class drilling
contractor, to undertake our maiden drill programme. Our maiden drill
programme at the Juno Project commenced in Q3 of calendar year 2025. Drill
hole JUD001 was completed on 15 September 2025 to a final depth of 810 metres,
successfully intersecting all targeted sequences. The assays are expected
during calendar Q4 2025 and drilling of the second hole, JUD002, is now
underway.
Together, these milestones have advanced the Juno Project from target
delineation to drill-ready status, and following the capital raise in January
2025, the Company is well-capitalised as per the capital commitment terms
outlined above for its maiden drilling campaign which commenced in September
2025.
Figure 6 - Arrival of Drilling Equipment
Figure 7 - Drilling at JUD001
Figure 8 - Drilling equipment on site at drill hole JUD002
Figure 9 - Drill hole at JUD002
Namibian Project
The Namibian Project consists of an operated 78 per cent participating
interest in Petroleum Exploration Licence ("PEL") 0094 (acquired in 2018)
which covers Block 2011A.
Since the Company was awarded PEL0094, it has purchased and interpreted
historic 2D and 3D seismic data over Block 2011A and across the Walvis Basin
to enable a better understanding of the petroleum system and the resource
potential of PEL0094. Various studies have been undertaken which have
confirmed the view that PEL 0094 is very prospective.
The Company purchased additional 2D seismic data in 2022 and carried out
further technical interpretation both on the principal prospects (Marula and
Welwitschia Deep) and on the leads in the eastern part of PEL0094.
On 20 May 2025, the Company announced an independent significant resource
upgrade for PEL0094. Licence-wide unrisked gross mean Prospective Resources
have risen 22 % to c.4.31 billion barrels, with GEO's 78 % working interest
translating to c.3.37 billion barrels unrisked (429 MMbbl risk-adjusted). The
update introduced two new sandstone leads, Emerald (Albian) and Beryl
(Cenomanian), which together account for c.792 MMbbl gross mean resources and
materially de-risk the eastern sector of the block. In total, nine 2D-defined
leads in the east now contain c.3 billion barrels gross mean resources, while
the drill-ready 3D-imaged prospects Marula and Welwitschia Deep remain the
primary near-term targets. Structural mapping shows robust dip- and
fault-bounded closures in water depths of c. 750 m, supported by direct
hydrocarbon indicators such as gas chimneys and flat spots.
On 14 August 2023, the Company announced that the Namibian authorities had
given approval for the Company and its partners to proceed to the First
Renewal Exploration Period ("FREP"), which commenced on September 2023.
Importantly, the usual requirement at the end of the Initial Exploration
Period ("IEP") to relinquish 50 per cent of PEL 0094 area was waived. The work
commitment for the FREP is to acquire, process and interpret 2,000 kms of 3D
seismic data (the "3D Seismic") - carried over from the IEP and to drill a
well contingent upon the results of interpretation of the 3D Seismic.
Since early 2022, Namibia's oil and gas exploration sector has transformed due
to significant oil discoveries in the Orange Basin. Total Energies and its
partners made the Venus discovery and later drilled Mangetti-1X. Galp also
made a significant discovery at Mopane-1X. The Orange Basin has
seen increased activity with Woodside, Chevron, and Azule entering the region,
providing reason to believe Namibia is on the path to becoming a major
petroleum-producing province.
In April 2025, operator Rhino Resources and partner Azule Energy (BP & Eni
JV) reported a light-oil discovery at the Capricornus-1X well in PEL 85 in
Namibia's deep-water Orange Basin. This further underpins the upward potential
of the region with interest now moving north to the Walvis basin.
In January 2025, Shell announced an approximately US$400m write-down in
Namibia due to the high gas-to-oil ratio and gas condensate in its PEL0039
discoveries. This, combined with low rock permeability and high extraction
costs, has meant that PEL0039 discoveries are yet to be confirmed for
commercial viability.
Chevron in the Orange basin for Block 2813B within PEL 90 also did not
discover any commercial hydrocarbons in January 2025. Despite these setbacks,
Namibia's oil potential remains strong, with other companies advancing more
promising offshore projects and attention has shifted to the Walvis Basin,
where PEL0094 is located. Public comments made by operators working in the
Orange Basin have indicated that some of the reservoirs have low
permeabilities and that there is a substantial volume of gas in the
discoveries to date. The shallower reservoirs in PEL94 are less buried than
their counterparts in the Orange Basin discoveries so, all other things being
equal, should be less diagenetically altered and have higher permeabilities.
Petroleum systems modelling carried out in conjunction with GEO's team by
world-renowned geochemical consultancy IGI Ltd indicates that the source rock
in the migration segments for the prospects and leads in PEL94 is in the main
to early oil windows, and, although from a source rock of this type some gas
would be expelled with the oil, the predominant hydrocarbon phase is modelled
to be oil.
Chevron's farm-in announcement in 2024 for PEL0082 close to PEL0094 has
increased industry interest in the Walvis Basin, with more recent activity in
January 2025 with Tower Resources announcing a farm-out agreement with Prime
Global Energies Limited in the adjacent PEL0096 licence.
In 2024, the Company entered and advanced negotiations with a potential farmee
for the PEL0094 licence. These discussions are ongoing. Additionally, given
increased interest in the Walvis Basin as discussed above and the Company's
PEL0094 licence, the Company is engaging in talks with other potential
farmees, some of whom are currently in the data room. GEO is aiming to secure
the best transaction for the Company and shareholders alike whereby maximum
value can be extracted from the licence.
Figure 10 - Map of Namibia showing PEL0094
Italian Applications
In August 2013, the Company submitted applications for four offshore
exploration areas in the Southern Adriatic, which are contiguous with the
Italian median lines with Croatia, Montenegro, and Albania. Following a series
of appeals against the environmental decrees related to these applications,
the European Court confirmed in January 2022 that the applications did not
violate EU law.
In February 2019, the Italian Parliament suspended all hydrocarbon exploration
activities for 18 months to evaluate their suitability under a new Plan, which
came into effect in February 2022. This Plan mandates that only gas
exploration is permitted, leading to a re-perimeterisation of the Company's
application areas. The Italian Ministry of Ecological Transition later
confirmed that the amended applications complied with the Plan.
In September 2023, the Company announced that appeals against the
environmental decrees granted in its favour had been dismissed by the Council
of State. These appeals were related to all four of the Company's exploration
permit applications in the Southern Adriatic. There have been no updates since
June 2024. The Company will continue to assess its options regarding the
applications and make further announcements as needed.
Overall, across the business GEO applies a disciplined approach to capital
allocation, with a fluid and continuous assessment of its project portfolio.
Licences that no longer demonstrate clear value-add or progression potential
will be reconsidered for impairment or exit.
Figure 11 - Map of Permit Applications - Italy Offshore
EVENTS SUBSEQUENT TO REPORTING DATE
Since the end of the financial year, the Company has announced several
material developments:
· Appointment of Drilling Contractor - On 18 August 2025, GEO
entered into a contract with DDH1 Drilling Pty Ltd, Australia's leading
provider of diamond core drilling services, to undertake the maiden diamond
drilling programme at the Juno Project in Western Australia. Mobilisation and
final site preparations were completed during August 2025.
· Commencement of Maiden Drilling Programme - On 2 September 2025,
GEO announced the commencement of its maiden drilling programme at the Juno
Project, with drill hole JUD001 underway. This programme marks a significant
milestone, targeting a large IRGS (Intrusion-Related Gold System) anomaly
identified through integrated geophysical modelling.
· Capital Raise - On 8 September 2025, GEO successfully completed a
capital raise of £1,109,000 (before expenses) through the placing of
277,250,000 new Ordinary Shares at 0.4 pence per share. The proceeds will fund
ongoing operational costs. In addition, 5,555,556 Ordinary Shares were issued
in settlement of consultancy fees.
· Repayment of CEO Interest Free Loan - On 18 September 2025, the
Board resolved and repaid in full the interest-free loan of US$270,000
provided by the Company's Chief Executive Officer, Mr Omar Ahmad. The early
repayment leaves GEO debt free and further strengthens the balance sheet.
· First Drill Hole Complete and Second Commenced - On 15 September
2025, the Company completed its first drill hole (JUD001) at the Juno Project
in Western Australia to a final depth of 810 metres. The geology team
confirmed that all targeted sequences were intersected. Assay results are
expected in calendar Q4 2025. Following completion of JUD001, drilling of the
second hole (JUD002) commenced and remains underway.
The Directors are not aware of any other matter or circumstance that has
arisen since 30 June 2025 which has significantly affected, or may
significantly affect, the operations of the Group, the results of those
operations, or the state of affairs of the Group in subsequent financial
periods.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE YEAR ENDED 30 JUNE 2025
2025 2024
US$ US$
Continuing Operations
Other income - 46,048
Write back of provision of annual leave - 259,751
Employee benefits expense (706,446) (211,953)
Administrative expense (426,501) (441,559)
Exploration and business development expenses - (10,248)
Depreciation and amortisation expense - (9,719)
Share based payments (14,770) (477,475)
Other expenses (116,695) (150,954)
Loss on extinguishment of liability - (52,803)
Foreign exchange gain (loss) 151,954 268
Results from operating activities (1,112,458) (1,048,644)
Finance income 18,170 7,383
Net finance income 18,170 7,383
(Loss) from continuing operations before tax (1,094,288) (1,041,261)
Tax expense - -
(Loss) from continuing operations after tax (1,094,288) (1,041,261)
(Loss) for the year (1,094,288) (1,041,261)
Other comprehensive income, net of tax
Foreign currency translation differences (49,375) -
Other comprehensive income for the year, net of tax (49,375) -
Total comprehensive income attributable to members of the parent entity (1,143,663) -
Earnings per share
From continuing and discontinued operations
Basic earnings per share (cents) (0.03) 0.07
Diluted earnings per share (cents) (0.03) 0.07
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
2025 2024
US$ US$
Assets
Current assets
Cash and cash equivalents 1,072,198 193,070
Trade and other receivables - 24,030
Other assets 424,604 130,050
Total current assets 1,496,802 347,150
Non-current assets
Exploration and evaluation assets 3,589,780 2,017,693
Total non-current assets 3,589,780 2,017,693
Total assets 5,086,582 2,364,843
Liabilities
Current liabilities
Trade and other payables 308,263 324,175
Provisions 39,864 -
Borrowings 270,000 -
Total current liabilities 618,127 324,175
Total liabilities 618,127 324,175
Net assets 4,468,455 2,040,668
Equity
Issued capital 49,023,068 45,451,618
Reserves 812,808 862,183
Accumulated losses (45,367,421) (44,273,133)
Total equity 4,468,455 2,040,668
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
Issued Share Option Reserve US$ Foreign Currency Translation Reserve US$ Accumulated Total
Capital Losses US$
US$ US$
Consolidated Group
Balance at 1 July 2023 44,343,531 283,817 570,410 (43,231,872) 1,965,886
Comprehensive income
Loss for the year attributable to owners of the parent - - - (1,041,261) (1,041,261)
Other comprehensive income for the year attributable to owners of the parent -
Total comprehensive income for the year attributable to owners of the parent - - - (1,041,261) (1,041,261)
Transactions with owners, in their capacity as owners, and other transfers
Issue of shares 1,177,724 - - 1,177,724
Transaction costs (69,637) - - (69,637)
Issue of options - 7,956 - 7,956
Expiry of options - - - -
Total transactions with owners and other transfers 1,108,087 7,956 - - 1,116,043
Balance at 30 June 2024 45,451,618 291,773 570,410 (44,273,133) 2,040,668
Balance at 1 July 2024 45,451,618 291,773 570,410 (44,273,133) 2,040,668
Comprehensive income
Loss for the year attributable to owners of the parent - - (1,094,288) (1,094,288)
Other comprehensive income for the year attributable to owners of the parent (49,375) (49,375)
Total comprehensive income for the year attributable to owners of the parent - - (49,375) (1,094,288) (1,143,663)
Transactions with owners, in their capacity as owners, and other transactions
Issue of shares 3,676,534 - - 3,676,534
Transaction costs (105,084) - - (105,084)
Unrealised FX gain/(loss) - -
Issue of options - - - -
Expiry of options - - - -
Total transactions with owners and other transactions 3,571,450 - - - 3,571,450
Balance at June 30 2025 49,023,068 291,773 521,035 (45,367,421) 4,468,455
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
2025 2024
US$ US$
Cash flows from operating activities
Interest received 18,170 7,383
Payments to suppliers and employees (1,226,214) (651,050)
Net cash (used in) by operating activities (1,208,044) (643,667)
Cash flows from investing activities
Payments for exploration and business development expenditure (885,249) (257,854)
Payment of Bank Guarantee (270,000 -
Net cash (used in) investing activities (1,155,249) (257,854)
Cash flows from financing activities
Proceeds from issue of shares 2,925,551 808,102
Payments for capital raising costs (105,084) (69,637)
Loan 270,000 -
Net cash provided by financing activities 3,090,467 738,465
Net decrease in cash held 727,174 (163,056)
Cash and cash equivalents at beginning of financial period 193,070 356,389
Effect of exchange rates on cash holdings in foreign currencies 151,954 (263)
Cash and cash equivalents at end of financial period 1,072,198 193,070
Ends
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR FLFFTIRLELIE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on GEO Exploration
See all newsREG - Geo Exploration Ltd - Notice of AGM
AnnouncementREG - Geo Exploration Ltd - Juno Project – Drilling Update
AnnouncementREG - Geo Exploration Ltd - Acquisition of New Highly Prospective Gold Licence
AnnouncementREG - Geo Exploration Ltd - Final Results for the Year Ended 30 June 2025
AnnouncementREG - Geo Exploration Ltd - Juno Project – Drilling Update
Announcement