REG - Geo Exploration Ltd - Half-year Financial Report
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RNS Number : 1783Y Geo Exploration Limited 26 March 2026
26 March 2026
GEO Exploration Limited
("GEO " or the "Company")
Financial Report - Half-Year Ended 31 December 2025
GEO Exploration Limited (AIM: GEO) announces its financial results for the
half year ended 31 December 2025.
Highlights
Corporate:
· GEO continued executing its strategy to build a diversified
exploration portfolio across Western Australian gold projects and the Namibian
offshore licence PEL 0094.
· During the period the Company advanced exploration activities
across its portfolio, including the completion of its maiden drilling
programme at the Juno Project.
· The Company agreed the acquisition of the 100%-owned Gorge
Project in Western Australia, expanding GEO's gold exploration footprint in
the Capricorn Orogen.
Operational:
· GEO agreed to acquire the Gorge Project (E08/3737) covering
approximately 81 km² within the Capricorn Orogen, prospective for large-scale
gold mineralisation.
· Historical exploration identified high-grade gold mineralisation
with rock chip samples up to 134 g/t Au and mineralisation extending over
approximately 5 km of strike, supporting the potential for a primary bedrock
gold source.
· GEO completed its maiden drilling programme at the Juno Project,
with drill holes JUD001 and JUD002 drilled to depths of 810.6m and 774.7m
respectively, intersecting the targeted geological sequences.
· GEO continued technical evaluation of its 78% operated interest
in Petroleum Exploration Licence 0094 (PEL 0094) in the Walvis Basin offshore
Namibia.
· The Company continued engagement with potential farm-in partners,
with multiple parties accessing the data room as part of the ongoing farm-out
process.
Financial:
· Losses after tax: USD $1,582,701 (31 December 2024: USD
$543,290).
· Cash and cash equivalents: USD $2,040,452 (30 June 2025: USD
$1,072,198).
· Net assets: approximately USD $5.7 million at 31 December 2025.
· Successful capital raises with institutional, family offices and
high-net-worth investors totalling £1,109,000 and £1,250,000 in the half
year to 31 December 2025.
· CEO Omar Ahmad was fully repaid his USD $270,000 interest free
loan to the Company in October 2025.
Strategy and Outlook:
· GEO will continue to advance exploration across its Western
Australian gold portfolio, including further geological interpretation and
targeting following the maiden drilling programme at the Juno Project.
· The Company will commence systematic exploration programmes at
the newly acquired Gorge Project, including geophysical surveys, geochemical
sampling and heritage surveys, with the objective of progressing the project
towards initial drilling.
· GEO will continue discussions with potential industry partners
regarding a farm-out of its Namibian offshore licence PEL 0094.
· The Board remains focused on maximising shareholder value through
disciplined capital allocation and the advancement of its exploration assets.
The Company confirms that a full copy of its latest Financial Report - Half
Year Ended 31 December 2025 will be available shortly 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, Dillon Wall
CMC Markets (Joint Broker) +44 (0) 20 3003 8632
Douglas Crippen
SI Capital Limited (Joint Broker) +44 (0) 14 8341 3500
Nick Emerson
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This announcement has been issued by and is the sole responsibility of the
Company.
OPERATING AND FINANCIAL REVIEW
Corporate
The half-year ending 31 December 2025 has seen significant progress made by
GEO Exploration Limited ("the Company") or ("Geo Exploration"), across its
multi-jurisdictional exploration portfolio.
During the period, the Company successfully completed its maiden drilling
campaign at the Juno Project in Western Australia. The programme intersected
low-tenor gold, copper, silver and zinc mineralisation, confirming the
presence of a mineralised system. While results indicate a peripheral position
within a larger system, they have provided valuable geological insight and
encouraged the Company to pursue further targeted drilling during 2026.
Subsequent to the period end, the Company completed the acquisition of the
100%-owned Gorge Project, a highly prospective gold exploration licence with
historic high-grade surface results and evidence of widespread gold
mineralisation. Planning is underway for modern, systematic exploration
activities, with initial field programmes expected to commence in 2026.
In parallel, the Company continues discussions with multiple parties regarding
apotential farm-out of its Namibian offshore licence.
The Directors remain focused on maximising shareholder value through
disciplined, value-accretive transactions and selectively expanding the
Company's portfolio where compelling opportunities arise.
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%.
· was committed to a minimum expenditure of £750,000 (capital
commitment) under the JV over the 12 months following completion. The Company
has fulfilled its capital commitment.
· 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 square 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. The Company's maiden drill programme
at the Juno Project commenced in Q3 of calendar year 2025. Drillhole JUD001
was completed on 15 September 2025 to a final depth of 810 metres,
successfully intersecting all targeted sequences. The drilling of the second
hole, JUD002, commenced after JUD001 had completed.
Together, these milestones advanced the Juno Project from target delineation
to drill-ready status, and following the capital raise in January 2025, the
Company was well-capitalised as per the capital commitment terms outlined
above for its maiden drilling programme which commenced in September 2025.
Figure 6 - Arrival of Drilling Equipment
Figure 7 - Drilling at JUD001
Figure 8 - Drilling equipment on site at drillhole
Figure 9 - Drillhole at JUD002
The Company conducted out its maiden drilling programme at the Juno Project in
September and October 2025. Safe and efficient progress was made during
drilling activities, JUD001 and JUD002 advanced as planned, intersected the
expected rock sequences, and achieved adequate depths to assess targets in the
chosen drillhole locations.
Drillhole JUD001 was vertical and drilled to a total depth of 810.6m, and
JUD002 was vertical and drilled to a total depth of 774.7m. Geology
intersected was late Proterozoic shales and carbonates underlain by early
Proterozoic carbonate rich metasediments. Depth to targeted basement was
246.7m in JUD001 and 262.0m in JUD002. Structural and metamorphic alteration
of intersected rocks was apparent.
Analytical work was carried out on JUD001 and JUD002 by Intertek Laboratories
in Perth where each 1m core sample was analysed for a comprehensive
multi-element suite of precious metals, base metals and pathfinder elements
(49 elements).
Gold and copper results were returned from targeted basement in JUD001 and
JUD002. Silver and zinc results were returned from overlying rocks in holes
JUD001 and JUD002.
Results show mineralisation was intersected in drillhole JUD001 and JUD002
with low tenor precious and base metals returned from laboratory analysis. In
the targeted basement sequence low tenor gold and copper sulphide
mineralisation was sporadically intercepted in the hole locations drilled. A
photo of example mineralisation from JUD001 is shown in Figure 10.
Considering the large multi kilometre scale of the modelled geophysical target
at Juno the Company believes mineralisation intersected in JUD001 and JUD002
may represent a peripheral portion of a larger system. Higher grade
mineralisation may be present proximal to these drillholes and further review
of analytical data with geological and geophysical information will be carried
out.
Figure 10 - Juno Project Drill Core Photos
Initial interpretation suggests the system may hold higher grade
mineralisation approximately 500 metres southeast of JUD001 and 2km southwest
of JUD001 (Figure 11) which remain as valid targets as per 24 July 2025 RNS.
Further review of data will be carried out and if other valid targets emerge
then the Company may direct 2026 drilling efforts to other locations within
the multi kilometre scale Juno geophysical target and updates will be provided
to the market accordingly.
The Company believes exploration is a systematic, multi-programme learning
process and further drilling is warranted to test for the presence of
higher-grade mineralisation within the large multi kilometre scale of the Juno
geophysical target.
Currently, additional drilling is scheduled for the earliest opportunity in
2026. The Company has now fulfilled its capital commitment, as outlined in the
14 August 2024 RNS, in respect of the initial Juno work programme, which
brings to a close the maiden drill programme.
Figure 11 - Drillhole Collar Locations
Gorge Project - Western Australia
GEO Exploration Limited recently acquired the licence, through its 100% owned
subsidiary Gorge Gold Pty Ltd, a new exploration licence covering the Gorge
Project (E08/3737) located in Western Australia.
The primary focus for Gorge Project is early-stage exploration for large scale
gold deposits in an area which has historically only seen sparse exploration
despite encouraging results from previous work. The acquisition expands the
Company's portfolio of highly prospective projects and provides a further
opportunity for a potential transformational discovery.
Exploration Licence 08/3737 Gorge is located approximately 110km west of the
town of Paraburdoo in Western Australia. Gorge covers an area of 81 square
kilometres of Proterozoic age metasediments of the Capricorn Orogen, with gold
mineralisation identified over approximately 5km of strike. It is prospective
for several styles of mineralisation, however the Company's primary focus will
be large scale gold deposits.
Figure 12 - Gorge Project tenure showing existing granted licence E08/3737
Historical records show sporadic exploration was carried out across the Gorge
licence in the mid to late 1980s and late 2000s. This work identified several
areas with rock chip results peaking at 134 g/t gold, with mineralisation
observed over approximately 5 km of strike.
In the mid to late 1980s broad spaced stream sediment sampling, soil sampling,
rock chip sampling, and Rotary Air Blast (RAB) drilling was completed within
the licence area. Drainage sampling returned gold results including 192ppb and
75ppb and was successful in outlining several areas hosting gold
mineralisation at surface.
Rock chip sampling at these areas returned gold up to 62.2g/t from quartz
veins and 35.7g/t from calcareous sediments. Soils returned up to 233.3g/t
gold and shallow RAB drilling of seven holes returned highest result of 36g/t
gold.
Follow-up work undertaken during the late 2000s included ground reconnaissance
and additional sporadic rock chip sampling, with results again peaking at 134
g/t gold and confirming mineralisation over more than five kilometres of
strike.
Several historical hard-rock gold workings, together with associated alluvial
and eluvial areas, were identified within the licence area, along with a
number of alluvial gold occurrences that are not associated with known
historical hard-rock workings.
Figure 13 - Gorge West Prospect Previous Exploration Results
No further exploration work has been carried out within the Gorge Project area
since the late 2000s. However, a comprehensive compilation and review of
historical datasets completed following acquisition confirmed the widespread
distribution of gold mineralisation across the licence.
In addition, near-surface gold nuggets, recovered from alluvial areas within
the licence prior to acquisition, have been reported, with individual nuggets
ranging in size from less than 2 grams to pieces exceeding 100 grams,
supporting the interpretation that a primary bedrock gold source may be
present within the project area.
Figure 14 - Gorge West Prospect. Examples of Gold Nuggets Collected from Near Figure 15 - Gorge West Prospect. Gold Nugget Collected from Near Surface
Surface
In January 2026, the acquisition of the licence was completed (see the
following page for acquisition details) and the Company is now preparing a
programme of systematic exploration activities at the Gorge Project.
Planned work programmes will focus on modern exploration techniques designed
to refine priority target areas and advance the project toward initial
drilling, following completion of the required heritage and access approvals.
Based on a review of historical exploration data and recent prospecting
information, the Company has outlined an exploration programme for 2026, which
includes high-resolution airborne magnetic and radiometric surveys, airborne
LiDAR surveying, followed by surface geochemical sampling and heritage
surveys. Subject to the results of these programmes, first-pass drilling,
likely comprising Rotary Air Blast (RAB) or Reverse Circulation (RC) drilling,
is planned during 2026.
Figure 16 - Drilling Equipment
Historical records show sporadic exploration was carried out across the Gorge
licence in the mid to late 1980s and late 2000s. This work identified several
areas with rock chip results peaking at 134 g/t gold, with mineralisation
observed over approximately 5 km of strike.
In the mid to late 1980s broad spaced stream sediment sampling, soil sampling,
rock chip sampling, and Rotary Air Blast (RAB) drilling was completed within
the licence area. Drainage sampling returned gold results including 192ppb and
75ppb and was successful in outlining several areas hosting gold
mineralisation at surface.
Rock chip sampling at these areas returned gold up to 62.2g/t from quartz
veins and 35.7g/t from calcareous sediments. Soils returned up to 233.3g/t
gold and shallow RAB drilling of seven holes returned highest result of 36g/t
gold.
Follow-up work undertaken during the late 2000s included ground reconnaissance
and additional sporadic rock chip sampling, with results again peaking at 134
g/t gold and confirming mineralisation over more than five kilometres of
strike.
Several historical hard-rock gold workings, together with associated alluvial
and eluvial areas, were identified within the licence area, along with a
number of alluvial gold occurrences that are not associated with known
historical hard-rock workings.
Figure 13 - Gorge West Prospect Previous Exploration Results
No further exploration work has been carried out within the Gorge Project area
since the late 2000s. However, a comprehensive compilation and review of
historical datasets completed following acquisition confirmed the widespread
distribution of gold mineralisation across the licence.
In addition, near-surface gold nuggets, recovered from alluvial areas within
the licence prior to acquisition, have been reported, with individual nuggets
ranging in size from less than 2 grams to pieces exceeding 100 grams,
supporting the interpretation that a primary bedrock gold source may be
present within the project area.
Figure 14 - Gorge West Prospect. Examples of Gold Nuggets Collected from Near Figure 15 - Gorge West Prospect. Gold Nugget Collected from Near Surface
Surface
In January 2026, the acquisition of the licence was completed (see the
following page for acquisition details) and the Company is now preparing a
programme of systematic exploration activities at the Gorge Project.
Planned work programmes will focus on modern exploration techniques designed
to refine priority target areas and advance the project toward initial
drilling, following completion of the required heritage and access approvals.
Based on a review of historical exploration data and recent prospecting
information, the Company has outlined an exploration programme for 2026, which
includes high-resolution airborne magnetic and radiometric surveys, airborne
LiDAR surveying, followed by surface geochemical sampling and heritage
surveys. Subject to the results of these programmes, first-pass drilling,
likely comprising Rotary Air Blast (RAB) or Reverse Circulation (RC) drilling,
is planned during 2026.
Figure 16 - Drilling Equipment
Gorge Project - Acquisition
Details
· Acquisition of 100% interest in the Gorge Project (E08/3737),
Western Australia.
· E08/3737 is granted and has executed Native Title Agreement in
place.
· Licence located 110km west of Paraburdoo, covering 81 km² of
Proterozoic metasediments in the Capricorn Orogen, with gold mineralisation
identified over approximately 5km of strike.
· Consideration: A$100,000 cash and A$400,000 equivalent in GEO
shares, issued at £0.004 per share, equating to 48,130,000 new ordinary
shares.
· The £0.004 issue price represents a 25% premium to GEO's
£0.0032 closing price on 16 October 2025. All consideration shares subject to
a12-month holding lock until 13/1/27.
· Surface Rights Deed: vendor retains near-surface gold rights to 2
metres (extendable to 4 metres with consent); capped at 10,000 tonnes
excavation; GEO holds exclusive rights at depth and an option to purchase
surface rights outright.
· Historic exploration at Gorge identified gold mineralisation with
rock chip samples up to 134g/t Au and soil samples up to 233g/t Au.
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 square
kilometres 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 and
subsequent announcement that it seeks drilling permits for up to 10 wells in
September 2025 has increased industry interest in the Walvis Basin, with other
recent activity in December 2025 with Eco Atlantic Oil & Gas entering into
astrategic partnership with Navitas Petroleum, which includes an option for
Navitas to acquire an interest in Eco's Walvis Basin Namibian licences.
In 2024, the Company entered and advanced negotiations with a potential
farminee for the PEL0094 licence pending fulfilment of certain financial
conditions by that party. However, given the time elapsed since 31 December
2024 and the recent increased interest in the licence from new parties, it
seems likely that the terms with original interested party would be amended if
an agreement is formalised with that party.
Since the Company reported that it was in advanced discussions in late 2024,
several new parties have accessed the data room.
GEO's strategy is to secure a farm-out partner to fund and lead the next
stages of exploration and development and seek the best transaction for the
Company and shareholders alike.
Figure 17 - 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 18 - Map of Permit Applications - Italy Offshore
DIRECTORS
The Directors of the Company at any time during or since the half-year are:
Executive
Mr Omar Ahmad Chief Executive Officer
Mr Hamza Choudhry Chief Financial Officer
Mr Azib Khan Chief Commercial Officer
Non-Executive
Mr Brian Chu Non-Executive Director
SUBSEQUENT EVENTS
In early January 2026, Geo Exploration announced results from its maiden
drilling programme at the Juno Project in Western Australia. Drillholes JUD001
and JUD002 intersected mineralisation containing gold, copper, silver and
zinc, with results interpreted as potentially representing a peripheral
position within a larger mineral system. The Company has indicated that
further geological review and targeted drilling are planned during 2026.
In January 2026, the Company completed the final administrative steps relating
to the acquisition of the Gorge Project in Western Australia, including the
payment of A$100,000 cash consideration and the issue of 48,130,000 ordinary
shares at £0.004 per share, which are subject to escrow arrangements until
January 2027.
In connection with the Gorge acquisition, the Company also issued 18,472,037
ordinary shares to Mr Callum Baxter in settlement of a consultancy fee valued
at A$50,000.
Subsequent to the half-year end, the Company announced that the Board had
approved a number of equity-based remuneration and incentive arrangements in
accordance with existing contractual obligations and the Company's long-term
incentive framework.
These arrangements included:
· The issue of 196,337,832 fully paid ordinary shares to Executive
Directors and a Non-Executive Director in satisfaction of accrued
remuneration;
· The grant of 490,000,000 share options to Executive Directors and
aNon-Executive Director, subject to performance-based and time-based vesting
conditions; and
· The extension of the expiry date of 240,000,000 outstanding
warrants by 36 months to 6 September 2029 on otherwise unchanged terms.
Application was made for the admission of the new ordinary shares to trading
on AIM, following which the Company's issued share capital increased to
5,859,444,991 ordinary shares.
OPERATING AND FINANCIAL REVIEW
Corporate
The half-year ending 31 December 2025 has seen significant progress made by
GEO Exploration Limited ("the Company") or ("Geo Exploration"), across its
multi-jurisdictional exploration portfolio.
During the period, the Company successfully completed its maiden drilling
campaign at the Juno Project in Western Australia. The programme intersected
low-tenor gold, copper, silver and zinc mineralisation, confirming the
presence of a mineralised system. While results indicate a peripheral position
within a larger system, they have provided valuable geological insight and
encouraged the Company to pursue further targeted drilling during 2026.
Subsequent to the period end, the Company completed the acquisition of the
100%-owned Gorge Project, a highly prospective gold exploration licence with
historic high-grade surface results and evidence of widespread gold
mineralisation. Planning is underway for modern, systematic exploration
activities, with initial field programmes expected to commence in 2026.
In parallel, the Company continues discussions with multiple parties regarding
a potential farm-out of its Namibian offshore licence.
The Directors remain focused on maximising shareholder value through
disciplined, value-accretive transactions and selectively expanding the
Company's portfolio where compelling opportunities arise.
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%.
· was committed to a minimum expenditure of £750,000 (capital
commitment) under the JV over the 12 months following completion. The Company
has fulfilled its capital commitment.
· 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 square 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. The Company's maiden drill programme
at the Juno Project commenced in Q3 of calendar year 2025. Drillhole JUD001
was completed on 15 September 2025 to a final depth of 810 metres,
successfully intersecting all targeted sequences. The drilling of the second
hole, JUD002, commenced after JUD001 had completed.
Together, these milestones advanced the Juno Project from target delineation
to drill-ready status, and following the capital raise in January 2025, the
Company was well-capitalised as per the capital commitment terms outlined
above for its maiden drilling programme which commenced in September 2025.
Figure 6 - Arrival of Drilling Equipment
Figure 7 - Drilling at JUD001
Figure 8 - Drilling equipment on site at drillhole
Figure 9 - Drillhole at JUD002
The Company conducted out its maiden drilling programme at the Juno Project in
September and October 2025. Safe and efficient progress was made during
drilling activities, JUD001 and JUD002 advanced as planned, intersected the
expected rock sequences, and achieved adequate depths to assess targets in the
chosen drillhole locations.
Drillhole JUD001 was vertical and drilled to a total depth of 810.6m, and
JUD002 was vertical and drilled to a total depth of 774.7m. Geology
intersected was late Proterozoic shales and carbonates underlain by early
Proterozoic carbonate rich metasediments. Depth to targeted basement was
246.7m in JUD001 and 262.0m in JUD002. Structural and metamorphic alteration
of intersected rocks was apparent.
Analytical work was carried out on JUD001 and JUD002 by Intertek Laboratories
in Perth where each 1m core sample was analysed for a comprehensive
multi-element suite of precious metals, base metals and pathfinder elements
(49 elements).
Gold and copper results were returned from targeted basement in JUD001 and
JUD002. Silver and zinc results were returned from overlying rocks in holes
JUD001 and JUD002.
Results show mineralisation was intersected in drillhole JUD001 and JUD002
with low tenor precious and base metals returned from laboratory analysis. In
the targeted basement sequence low tenor gold and copper sulphide
mineralisation was sporadically intercepted in the hole locations drilled. A
photo of example mineralisation from JUD001 is shown in Figure 10.
Considering the large multi kilometre scale of the modelled geophysical target
at Juno the Company believes mineralisation intersected in JUD001 and JUD002
may represent a peripheral portion of a larger system. Higher grade
mineralisation may be present proximal to these drillholes and further review
of analytical data with geological and geophysical information will be carried
out.
Figure 10 - Juno Project Drill Core Photos
Initial interpretation suggests the system may hold higher grade
mineralisation approximately 500 metres southeast of JUD001 and 2km southwest
of JUD001 (Figure 11) which remain as valid targets as per 24 July 2025 RNS.
Further review of data will be carried out and if other valid targets emerge
then the Company may direct 2026 drilling efforts to other locations within
the multi kilometre scale Juno geophysical target and updates will be provided
to the market accordingly.
The Company believes exploration is a systematic, multi-programme learning
process and further drilling is warranted to test for the presence of
higher-grade mineralisation within the large multi kilometre scale of the Juno
geophysical target.
Currently, additional drilling is scheduled for the earliest opportunity in
2026. The Company has now fulfilled its capital commitment, as outlined in the
14 August 2024 RNS, in respect of the initial Juno work programme, which
brings to a close the maiden drill programme.
Figure 11 - Drillhole Collar Locations
Gorge Project - Western Australia
GEO Exploration Limited recently acquired the licence, through its 100% owned
subsidiary Gorge Gold Pty Ltd, a new exploration licence covering the Gorge
Project (E08/3737) located in Western Australia.
The primary focus for Gorge Project is early-stage exploration for large scale
gold deposits in an area which has historically only seen sparse exploration
despite encouraging results from previous work. The acquisition expands the
Company's portfolio of highly prospective projects and provides a further
opportunity for a potential transformational discovery.
Exploration Licence 08/3737 Gorge is located approximately 110km west of the
town of Paraburdoo in Western Australia. Gorge covers an area of 81 square
kilometres of Proterozoic age metasediments of the Capricorn Orogen, with gold
mineralisation identified over approximately 5km of strike. It is prospective
for several styles of mineralisation, however the Company's primary focus will
be large scale gold deposits.
Figure 12 - Gorge Project tenure showing existing granted licence E08/3737
Historical records show sporadic exploration was carried out across the Gorge
licence in the mid to late 1980s and late 2000s. This work identified several
areas with rock chip results peaking at 134 g/t gold, with mineralisation
observed over approximately 5 km of strike.
In the mid to late 1980s broad spaced stream sediment sampling, soil sampling,
rock chip sampling, and Rotary Air Blast (RAB) drilling was completed within
the licence area. Drainage sampling returned gold results including 192ppb and
75ppb and was successful in outlining several areas hosting gold
mineralisation at surface.
Rock chip sampling at these areas returned gold up to 62.2g/t from quartz
veins and 35.7g/t from calcareous sediments. Soils returned up to 233.3g/t
gold and shallow RAB drilling of seven holes returned highest result of 36g/t
gold.
Follow-up work undertaken during the late 2000s included ground reconnaissance
and additional sporadic rock chip sampling, with results again peaking at 134
g/t gold and confirming mineralisation over more than five kilometres of
strike.
Several historical hard-rock gold workings, together with associated alluvial
and eluvial areas, were identified within the licence area, along with a
number of alluvial gold occurrences that are not associated with known
historical hard-rock workings.
Figure 13 - Gorge West Prospect Previous Exploration Results
No further exploration work has been carried out within the Gorge Project area
since the late 2000s. However, a comprehensive compilation and review of
historical datasets completed following acquisition confirmed the widespread
distribution of gold mineralisation across the licence.
In addition, near-surface gold nuggets, recovered from alluvial areas within
the licence prior to acquisition, have been reported, with individual nuggets
ranging in size from less than 2 grams to pieces exceeding 100 grams,
supporting the interpretation that a primary bedrock gold source may be
present within the project area.
Figure 14 - Gorge West Prospect. Examples of Gold Nuggets Collected from Near Figure 15 - Gorge West Prospect. Gold Nugget Collected from Near Surface
Surface
In January 2026, the acquisition of the licence was completed (see the
following page for acquisition details) and the Company is now preparing a
programme of systematic exploration activities at the Gorge Project.
Planned work programmes will focus on modern exploration techniques designed
to refine priority target areas and advance the project toward initial
drilling, following completion of the required heritage and access approvals.
Based on a review of historical exploration data and recent prospecting
information, the Company has outlined an exploration programme for 2026, which
includes high-resolution airborne magnetic and radiometric surveys, airborne
LiDAR surveying, followed by surface geochemical sampling and heritage
surveys. Subject to the results of these programmes, first-pass drilling,
likely comprising Rotary Air Blast (RAB) or Reverse Circulation (RC) drilling,
is planned during 2026.
Figure 16 - Drilling Equipment
Historical records show sporadic exploration was carried out across the Gorge
licence in the mid to late 1980s and late 2000s. This work identified several
areas with rock chip results peaking at 134 g/t gold, with mineralisation
observed over approximately 5 km of strike.
In the mid to late 1980s broad spaced stream sediment sampling, soil sampling,
rock chip sampling, and Rotary Air Blast (RAB) drilling was completed within
the licence area. Drainage sampling returned gold results including 192ppb and
75ppb and was successful in outlining several areas hosting gold
mineralisation at surface.
Rock chip sampling at these areas returned gold up to 62.2g/t from quartz
veins and 35.7g/t from calcareous sediments. Soils returned up to 233.3g/t
gold and shallow RAB drilling of seven holes returned highest result of 36g/t
gold.
Follow-up work undertaken during the late 2000s included ground reconnaissance
and additional sporadic rock chip sampling, with results again peaking at 134
g/t gold and confirming mineralisation over more than five kilometres of
strike.
Several historical hard-rock gold workings, together with associated alluvial
and eluvial areas, were identified within the licence area, along with a
number of alluvial gold occurrences that are not associated with known
historical hard-rock workings.
Figure 13 - Gorge West Prospect Previous Exploration Results
No further exploration work has been carried out within the Gorge Project area
since the late 2000s. However, a comprehensive compilation and review of
historical datasets completed following acquisition confirmed the widespread
distribution of gold mineralisation across the licence.
In addition, near-surface gold nuggets, recovered from alluvial areas within
the licence prior to acquisition, have been reported, with individual nuggets
ranging in size from less than 2 grams to pieces exceeding 100 grams,
supporting the interpretation that a primary bedrock gold source may be
present within the project area.
Figure 14 - Gorge West Prospect. Examples of Gold Nuggets Collected from Near Figure 15 - Gorge West Prospect. Gold Nugget Collected from Near Surface
Surface
In January 2026, the acquisition of the licence was completed (see the
following page for acquisition details) and the Company is now preparing a
programme of systematic exploration activities at the Gorge Project.
Planned work programmes will focus on modern exploration techniques designed
to refine priority target areas and advance the project toward initial
drilling, following completion of the required heritage and access approvals.
Based on a review of historical exploration data and recent prospecting
information, the Company has outlined an exploration programme for 2026, which
includes high-resolution airborne magnetic and radiometric surveys, airborne
LiDAR surveying, followed by surface geochemical sampling and heritage
surveys. Subject to the results of these programmes, first-pass drilling,
likely comprising Rotary Air Blast (RAB) or Reverse Circulation (RC) drilling,
is planned during 2026.
Figure 16 - Drilling Equipment
Gorge Project - Acquisition
Details
· Acquisition of 100% interest in the Gorge Project (E08/3737),
Western Australia.
· E08/3737 is granted and has executed Native Title Agreement in
place.
· Licence located 110km west of Paraburdoo, covering 81 km² of
Proterozoic metasediments in the Capricorn Orogen, with gold mineralisation
identified over approximately 5km of strike.
· Consideration: A$100,000 cash and A$400,000 equivalent in GEO
shares, issued at £0.004 per share, equating to 48,130,000 new ordinary
shares.
· The £0.004 issue price represents a 25% premium to GEO's
£0.0032 closing price on 16 October 2025. All consideration shares subject to
a 12-month holding lock until 13/1/27.
· Surface Rights Deed: vendor retains near-surface gold rights to 2
metres (extendable to 4 metres with consent); capped at 10,000 tonnes
excavation; GEO holds exclusive rights at depth and an option to purchase
surface rights outright.
· Historic exploration at Gorge identified gold mineralisation with
rock chip samples up to 134g/t Au and soil samples up to 233g/t Au.
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 square
kilometres 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 and
subsequent announcement that it seeks drilling permits for up to 10 wells in
September 2025 has increased industry interest in the Walvis Basin, with other
recent activity in December 2025 with Eco Atlantic Oil & Gas entering into
a strategic partnership with Navitas Petroleum, which includes an option for
Navitas to acquire an interest in Eco's Walvis Basin Namibian licences.
In 2024, the Company entered and advanced negotiations with a potential
farminee for the PEL0094 licence pending fulfilment of certain financial
conditions by that party. However, given the time elapsed since 31 December
2024 and the recent increased interest in the licence from new parties, it
seems likely that the terms with original interested party would be amended if
an agreement is formalised with that party.
Since the Company reported that it was in advanced discussions in late 2024,
several new parties have accessed the data room.
GEO's strategy is to secure a farm-out partner to fund and lead the next
stages of exploration and development and seek the best transaction for the
Company and shareholders alike.
Figure 17 - 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 18 - Map of Permit Applications - Italy Offshore
DIRECTORS
The Directors of the Company at any time during or since the half-year are:
Executive
Mr Omar Ahmad Chief Executive Officer
Mr Hamza Choudhry Chief Financial Officer
Mr Azib Khan Chief Commercial Officer
Non-Executive
Mr Brian Chu Non-Executive Director
SUBSEQUENT EVENTS
In early January 2026, Geo Exploration announced results from its maiden
drilling programme at the Juno Project in Western Australia. Drillholes JUD001
and JUD002 intersected mineralisation containing gold, copper, silver and
zinc, with results interpreted as potentially representing a peripheral
position within a larger mineral system. The Company has indicated that
further geological review and targeted drilling are planned during 2026.
In January 2026, the Company completed the final administrative steps relating
to the acquisition of the Gorge Project in Western Australia, including the
payment of A$100,000 cash consideration and the issue of 48,130,000 ordinary
shares at £0.004 per share, which are subject to escrow arrangements until
January 2027.
In connection with the Gorge acquisition, the Company also issued 18,472,037
ordinary shares to Mr Callum Baxter in settlement of a consultancy fee valued
at A$50,000.
Subsequent to the half-year end, the Company announced that the Board had
approved a number of equity-based remuneration and incentive arrangements in
accordance with existing contractual obligations and the Company's long-term
incentive framework.
These arrangements included:
· The issue of 196,337,832 fully paid ordinary shares to Executive
Directors and a Non-Executive Director in satisfaction of accrued
remuneration;
· The grant of 490,000,000 share options to Executive Directors and
a Non-Executive Director, subject to performance-based and time-based vesting
conditions; and
· The extension of the expiry date of 240,000,000 outstanding
warrants by 36 months to 6 September 2029 on otherwise unchanged terms.
Application was made for the admission of the new ordinary shares to trading
on AIM, following which the Company's issued share capital increased to
5,859,444,991 ordinary shares.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR
THE HALF-YEAR ENDED 31 DECEMBER 2025
2025 2024
US$ US$
Employee benefits expense (1,191,227) (332,372)
Administrative expense (395,921) (162,237)
Other expenses - (58,841)
Depreciation and amortisation expense (23)
Share based payments (19,638) -
Exploration and business development expenses (137,389) -
Foreign exchange gain (loss) (42,825) 96
Results from operating activities (1,787,000) (553,377)
Finance income 7,137 10,087
Net finance income 7,137 10,087
Loss before income tax (1,779,863) (543,290)
Tax benefit (expense) - -
Loss for the period (1,779,863) (543,290)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss when specific
conditions are met:
Exchange differences on translating foreign operations, net of tax 2,534 (119,777)
Total other comprehensive income/(loss) for the period 2,534 (119,777)
Total comprehensive income for the period (1,777,329) (663,067)
Net profit attributable to: (1,777,329) (543,290)
Owners of the parent entity (1,777,329) (543,290)
Total comprehensive income attributable to: (1,777,329) (663,067)
Owners of the parent entity (1,777,329) (663,067)
Earnings per share
From continuing and discontinued operations
Basic earnings/(loss) per share (cents) (0.0367) (0.0162)
Diluted earnings/(loss) per share (cents) (0.0367) (0.0162)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025 30 June 2025
US$ US$
Assets
Current assets
Cash and cash equivalents 2,040,452 1,072,198
Trade and other receivables - -
Other assets 66,057 24,554
Total current assets 2,106,509 1,096,752
Non-current assets
Exploration and evaluation assets 4,499,855 3,589,780
Other assets 400,050 400,050
Total non-current assets 4,899,905 3,989,830
Total assets 7,006,414 5,086,582
Liabilities
Current liabilities
Trade and other payables 1,034,919 308,263
Provisions 256,009 39,864
Borrowings - 270,000
Total current liabilities 1,290,928 618,127
Total liabilities 1,290,928 618,127
Net assets 5,715,486 4,468,455
Equity
Issued capital 52,047,428 49,023,068
Reserves 815,342 812,808
Accumulated losses (47,147,284) (45,367,421)
Total equity 5,715,486 4,468,455
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Issued Share Option Reserve $ Foreign Currency Translation Reserve $ Accumulated Total $
Capital $ Losses $
Consolidated Group
Balance at 1 July 2024 45,451,618 291,773 570,410 (44,273,133) 2,040,668
Comprehensive income
Loss for the period - - - (543,290) (543,290)
Other comprehensive income for the period - - (119,777) - (119,777)
Total comprehensive income/(loss) for the period - - (119,777) (543,290) (663,067)
Transactions with owners, in their capacity as owners, and other transfers
Shares issued during the year 1,852,828 - - - 1,852,828
Transaction costs net of tax (77,210) - - - (77,210)
Total transactions with owners and other transfers 1,775,618 - - - 1,775,618
Balance at 31 December 2024 47,227,236 291,773 450,633 (44,816,423) 3,153,219
Balance at 1 July 2025 49,023,068 291,773 521,035 (45,367,421) 4,468,455
Comprehensive income
Loss for the period - - - (1,779,863) (1,779,863)
Other comprehensive income for the period - - 2,534 - 2,534
Total comprehensive income/(loss) for the period - - 2,534 (1,779,863) (1,777,329)
Transactions with owners, in their capacity as owners, and other transactions
Shares issued during the year 3,220,815 - - - 3,220,815
Transaction costs net of tax (196,455) - - - (196,455)
Total transactions with owners and other transactions 3,024,360 - - - 3,024,360
Balance at 31 December 2025 52,047,428 291,773 523,569 (47,147,284) 5,715,486
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
2025 2024
US$ US$
Cash flows from operating activities
Interest received 7,137 10,087
Payments to suppliers and employees (823,239) (375,380)
Net cash generated by operating activities (816,102) (365,293)
Cash flows from investing activities
Payments for exploration and business development expenditure (910,075) (677,860)
Payments for increment in bank guarantee - (270,000)
Purchase of property, plant and equipment - (2,602)
Net cash (used in) investing activities (910,075) (950,462)
Cash flows from financing activities
Proceeds from issue of shares 3,189,494 1,114,258
Payments for capital raising costs (196,453) 270,000
Payments for capital raising costs - (77,210)
Repayment of borrowings (270,000)
Net cash provided by financing activities 2,723,041 1,307,048
Net increase in cash held 996,864 (8,707)
Cash and cash equivalents at beginning of financial period 1,072,198 193,070
Effect of exchange rates on cash holdings in foreign currencies (28,610) -
Cash and cash equivalents at end of financial period 2,040,452 184,363
Ends
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