General Announcement::9M2021 Results Briefing 25 November 2021

An exceptional record 9M2021 operational and financial performance

9M2021 Results Briefing

Tung Kum Hon

CEO/Director

Singapore

25 Nov 2021

Forward Looking Statements

This announcement contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in nature. These forward looking statements may generally be identified by the use of forward looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is expected", "seeks", "continues", "assumes", "is subject to, "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "projects", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, assumptions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy, any of which could prove to be inaccurate. By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Geo Energy Resources Limited ("Geo Energy"). Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. There is no certainty or assurance as at the date of this announcement that any transaction disclosed in this announcement will proceed or be completed or that no changes will be made to the terms thereof. Important factors that could cause these uncertainties include, but are not limited to, those discussed in Geo Energy's Annual Report 2020. Neither Geo Energy nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this announcement. Other than in accordance with its legal or regulatory obligations (including under the listing rules of the Singapore Exchange Securities Trading Limited), Geo Energy is not under any obligation and Geo Energy and its affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This announcement shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Geo Energy since the date of this announcement or that the information contained herein is correct as at any time subsequent to its date. No statement in this announcement is intended as a profit forecast or a profit estimate. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this announcement does not constitute a recommendation regarding any securities. Shareholders, investors and other persons are advised to exercise caution in trading the securities of the Group.

GEO

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3Q2021 Financial Performance

A strong operational and financial performance, with record quarterly revenue of US$153.6 million, EBITDA of US$65.8 million and profit from operations of US$58.5 million. 9M2021 revenue and net profit surge to US$373.9 million and US$94.0 million, respectively

GEO

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	3Q2021					Key Operating Matrix
	Highlights
							% change
	3 Months - 30 Sep 2021		3Q2020	4Q2020	1Q2021	2Q2021	3Q2021	(B - A) /
					(A)				(B)	(A)
	Key Performance			In Mt
			Sales volume	2.5	3.1	2.9	2.4	2.6	4
	Indicators
	Increases in ASP (149%)		Production volume - FG	2.7	3.2	2.9	2.4	2.6	(2)
	and production cash cost
	(67%), both in line with
	higher ICI4 as certain	In US$ / tonne
	costs are linked to index
		Average ICI41	23.95	31.97	41.84	53.71	72.28	202
	prices.
	Note: ICI4 coal price as at	Average selling price (ASP)1	23.46	27.84	38.85	43.53	58.51	149
	Production cash cost	19.58	19.75	23.14	29.57	32.71	67
	19 Nov 2021 - US$70.70
	per tonne.			Cash profit	3.88	8.09	15.71	13.96	25.80	565
4		GEO				© G E O E N E R G Y	R E S O U R C E S

1 Increased difference in ASP vs ICI4 due to surge in ICI4 coal prices against the 25% Domestic Mandatory Obligations (DMO) sales in Indonesia to PLN capped at US$38/tonne for 4,200 GAR coal

Mt: Million tonnes

3Q2021 Highlights

3 Months - 30 Sep 2021

Key Performance Indicators

Q3 Revenue of US$154M.

12-mthtrailing EBITDA was US$166M.

FCF in 3Q2021 of US$60M.

Key Financials

						%
						change
	3Q2020	4Q2020	1Q2021	2Q2021	3Q2021	(B - A) /
In US$M	(A)				(B)	(A)
Income Statement
Revenue	59.4	86.7	114.5	105.8	153.6	159
EBITDA	7.2	22.2	44.8	32.7	65.8	813
12-mth trailing EBITDA	39.5	57.0	87.7	106.9	165.5	319
Net profit	25.11	3.5	28.5	20.0	45.5	81

Note: 3Q2020 included
gain on repurchases of	Cash flows
the US$ Bond of US$31M.	CAPEX	0.3	6.1	0.1	0.7	1.2	276
GEO
	Free cash flow (FCF) 2	(0.8)	22.9	29.7	25.2	59.9	nm

M: Million

1 Includes US$31M gain on the US$ Bond repurchases

2 Free cash flow is calculated as net cash from operating activities less net cash used in investing activities

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