2025 Audited Final Results

30 June 2025

Georgina Energy plc

("Georgina Energy", "Georgina" or the "Company")

Audited Final Results for the Year Ended 31 January 2025

Georgina Energy plc is pleased to announce the publication of its audited results for the year ended 31 January 2025 ("FY 2025"). A copy of the full annual report and accounts can be found on the Company's website at www.georginaenergy.com and a summary is outlined in the Appendix.

Highlights:

- Successful RTO of Mining, Minerals and Metals PLC and raise of £5 million in July 2024

- Significant resource upgrade at Hussar of approx. 20% and extension of resource area by 50km2

- Terms agreed to acquire 100% of Mt Winter from Mosman Oil & Gas; subject to completion

- 15% increase of helium and hydrogen at Mt Winter following seismic reprocessing; included identification of further 60km2 structural closure

- Outlook:

o  Hussar:

§ Formal drilling approval for Hussar expected within weeks following successful submission of majority of required documentation to DEMIRS; Environmental Management Plan ("EMP") of expanded area due to be lodged imminently

§ Subject to formal approval, long lead items will be ordered for Hussar, along with contractors secured

§ Extension of resource area may provide additional future well target sites

o  Mt Winter:

§ Aboriginal Land Rights Act Agreement from Central Land Council expected imminently, following which 100% acquisition will be approved

§ Well Management Plan, detailed HSE plan and comprehensive EMP will be submitted to the Northern Territory Department of Mining and Energy ("NTDME")

§ Identification of second larger target structure within licence area offers significant future potential to increase production

o  The Company is progressing negotiations following the completion of a detailed review for potential advanced prospects with proven drilled occurrences of gas with high concentrations of helium, hydrogen and hydrocarbons under relevant Confidentiality Agreements. These potential targets are slated for re-entry and development following the completion of developments at Hussar and Mt Winter.

Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:

"We are pleased to publish the audited FY 2025 and now look forward to lifting the suspension of trading subject to FCA approval in the forthcoming days. Whilst we understand the frustration of the recent suspension, Georgina continues to focus on multiple workstreams to fulfil obligations for the Hussar drilling permit approval and completion of the Mt Winter acquisition along with preparing the re-entry plans for Mt Winter. We look forward to providing further updates in relation to our efforts and would like to thank shareholders for their patience and support."

Filing of FY 2025 with the National Storage Mechanism (NSM)

The Company is now working to format the FY2025 accounts into a the iXBRL format required for filing with the NSM and this workstream has commenced. The Company anticipates filing FY2025 with the NSM in the forthcoming days and subsequently requesting the lifting of suspension of the shares to trading by the Financial Conduct Authority.

Appendix

The Appendix contains the key reports and statements for FY2025. Please refer to the full annual report with regard to the notes to the accounts.

Enquiries

Georgina Energy

Tavira Financial Ltd - Financial Adviser and Joint Broker

Oak Securities - Joint Broker

Financial PR via [email protected]

Notes to Editors

Georgina Energy aims to become a leading player in the global energy market and is focused on establishing itself among the top producers of helium and hydrogen worldwide. With a strategic approach and leveraging the experienced management team's expertise, Georgina Energy aims to capitalize on opportunities in these critical energy sectors.

Georgina Energy has two principal onshore interests held through its wholly owned Australian subsidiary, Westmarket O&G. The first, the Hussar Prospect is located in the Officer Basin in Western Australia and Westmarket O&G holds a 100% working interest in the exploration permit. The second, the EPA155 Mt Winter Prospect, is located in the Amadeus Basin in the Northern Territory, which Georgina Energy will hold a 100% working interest on completion of the purchase agreement with Mosman Oil & Gas.

In line with market demand trends, Georgina Energy is well-positioned to capitalize on the growing gap between supply and demand for hydrogen and helium with the resource potential of EPA155 Mt Winter and EP513 Hussar projects for their potential accumulations.

For more information visit https://www.georginaenergy.com

Appendix

CHAIRMAN'S STATEMENT

Dear Shareholders,

I have pleasure in presenting the 2025 Annual Report and Accounts of Georgina Energy Plc (the "Company" or "Georgina") formerly known as Mining Metals and Minerals Plc ("MMM").

On 30 July 2024 the Company successfully completed the reverse takeover of Georgina Production Ltd formerly known as Georgina Energy Plc, raising gross proceeds of £5.0 million and was readmitted to the London Stock Exchange adopting the name of the target company. The listing code of the Company was changed to GEX.

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

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

Strategic Progress

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

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

Post period end the Company successfully agreed terms to acquire 100% of the share capital of the company holding with a 100% working interest in Mt Winter EPA 155, paid the required deposit post year end and is now subject to completion.

A resource upgrade study was commissioned for Hussar EP513, resulting in an overall increase of approximately 20% across the main commodities; BCFG 196 Helium, BCFG 218 Hydrogen and BCFG 2,030 Hydrocarbons. This increase has also resulted in an increase in the exploration footprint of approximately 50km2 (refer RNS dated 17 October 2024 and 10 January 2025).

Further works were conducted at Hussar with a scoping study completed by an Independent qualified consulting group which confirms the viability of a commercial gas field development at Hussar, capable of producing helium, hydrogen, LNG and argon.

The Company has completed initial site operations at Hussar and is currently completing its various reporting obligations including but not limited to the Environmental Impact Study (EIS2) to seek drilling approval.

Financial Stewardship

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

At period-end, the Group held a cash balance of £1.2 million, following a successful capital raise in July 2024, which was strongly supported by both institutional and retail investors. This funding has provided the resources necessary to progress our planned drilling program and maintain momentum through 2025.

Market Position and Outlook

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

Looking ahead, our primary focus is on delivering our maiden drilling campaign at Hussar - a key milestone that could unlock significant value. Discussions with potential off-take parties continue to progress, and we remain open to strategic partnerships that can accelerate our path to development while managing risk and capital exposure.

Governance and ESG Commitment

We are committed to high standards of corporate governance, transparency, and environmental responsibility. During the period, we began implementing frameworks that will support responsible operations as we transition from exploration to development.

In all our activities, we engage respectfully with local communities and stakeholders, ensuring that our presence brings shared value and long-term benefit to host regions.

Closing Remarks

While we have not yet achieved commercial production, we are steadily building the foundations of a company capable of delivering long-term value in a low-carbon future. I would like to thank our shareholders for their continued belief in our vision, our partners for their collaboration, and our dedicated team for their resilience and commitment.

2025/26 financial year will be pivotal for Georgina Energy, and I look forward to updating you on our progress as we take the next steps in our journey.

Peter Bradley

Chairman

27 June 2025

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GEORGINA ENERGY PLC

Opinion

We have audited the financial statements of Georgina Energy Plc (the 'parent company' or 'company') and its subsidiaries (the 'group') for the period ended 31 January 2025 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statements of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Financial Position, the Company Statements of Changes in Equity, the Company Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international accounting standards and as regards the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

In our opinion:

· the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2025 and of the group's loss for the period then ended;

· the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards;

· the parent company financial statements have been properly prepared in accordance with UK-adopted international accounting standards and as applied in accordance with the provisions of the Companies Act 2006; and

· the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to Note 2 in the financial statements, which indicates that the group and parent company is at present reliant on the continued support of its directors and lenders, which has been confirmed, as well as the support of other external creditors in not seeking immediate repayment of liabilities due in the ordinary course of business. There is a need to secure further financing in order to continue to progress the exploration projects and to meet its ongoing working capital needs as they fall due.

Whilst, based on the positive results from the initial exploration activities to date, successful fundraises and continued support from directors, lenders and creditors in the past, management is confident that they can secure the required funding, there is no guarantee that such funding would be secured within the required timelines. As stated in Note 2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's and parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the directors' assessment of the group's and parent company's ability to continue to adopt the going concern basis of accounting included:

· reviewing management's assessment of going concern and discussing with management the future strategic plans of the group and sources of funding that are expected to be available, as well as available paths for cash preservation;

· reviewing management-prepared cash flow forecasts up to 31 October 2026, including confirmation of mathematical accuracy, and assessing their reasonableness through reference to current period actual financial information;

· obtaining corroborative evidence for, and providing appropriate challenge to, the key assumptions and inputs used in the cashflow forecast;

· reviewing stress testing of the cash flow forecast prepared by management based on reasonably possible scenarios; 

· reviewing the adequacy and completeness of disclosures surrounding going concern in the financial statements; and

· reviewing and corroborating post balance sheet events in relation to the group's and parent company's ability to raise funds and any impact on the assumptions used in the forecast.

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

Our application of materiality

For the purposes of determining whether the financial statements are free from material misstatement, we define materiality as a magnitude of misstatement, including omission, that makes it probable that the economic decisions of a reasonably knowledgeable person, relying on the financial statements, would be changed, or influenced. We have also considered those misstatements including omissions that would be material by nature and would impact the economic decisions of a reasonably knowledgeable person based on our understanding of the business, industry and complexity involved. 

We apply the concept of materiality both in planning and throughout the course of audit, and in evaluating the effect of misstatements. Materiality is used to determine the financial statements areas that are included within the scope of our audit and the extent of sample sizes during the audit.

We also determine a level of performance materiality which we use to assess the extent of testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality for the financial statements as a whole.

The materiality applied to the group financial statements was set at £63,900. This was calculated based on 2% of net assets as per the draft group financial statements. The benchmark used is the one which we determined, in our professional judgment, to be the principal benchmark within the group financial statements relevant to shareholders of the group in assessing financial performance of the group as the focus is on the net investment in the business driving the exploration activities.

The materiality applied to the parent company financial statements was set at £37,700. This was initially calculated based on 2% of net assets as per the draft parent company financial statements but limited to 59% of group materiality due to audit aggregation risk.

The performance materiality for the group financial statements was set at £44,000 and the parent company financial statements was set at £26,400 being 70% of materiality for the financial statements as a whole respectively. The threshold was considered appropriate in light of the current size and level of complexity of the group and the parent company, and our assessment of inherent risk.

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

· our cumulative knowledge of the group and parent company and their environment;

· the change in the level of judgement required in respect of the key accounting estimates;

· significant transactions during the period;

· the stability in key management personnel; and

· the level of misstatements identified in prior periods.

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

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

Due to audit and management adjustments, the materiality benchmark reduced significantly from that communicated at the planning stage. As a result, the revised overall group material and parent company material was reduced to £30,000 and £18,000 respectively.

We re-assessed all the areas wherein testing could have been affected by the reduced level of materiality. Based on the assessment, we were able to determine that the audit evidences obtained through the current audit procedures were sufficient and appropriate to provide a reasonable basis for our opinion.

Our approach to the audit

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

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

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

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

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

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

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

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the group and parent company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion the part of the directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006.

In our opinion, based on the work undertaken in the course of the audit:

· the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

· the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

· adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

· the parent company financial statements and the part of the directors' remuneration report to be audited are not in agreement with the accounting records and returns; or

· certain disclosures of directors' remuneration specified by law are not made; or

· the part of the directors' remuneration report to be audited has not been properly prepared in accordance with the Companies Act 2006; or

· a corporate governance statement has not been prepared by the parent company; and

· we have not received all the information and explanations we require for our audit

Responsibilities of directors

As explained more fully in the directors' Responsibility Statement, the directors are responsible for the preparation of the group and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the group and parent company financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

· We obtained an understanding of the group and parent company and the sector in which they operate to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, and experience of the sector.

· We determined the principal laws and regulations relevant to the group and parent company in this regard to be those arising from

o  UK Listing Rules;

o  Disclosure Guidance and Transparency Rules;

o  UK Companies Act 2006;

o  UK income tax and employment laws;

o  Local company, taxation and employment laws and regulations applicable in Australia;

o  Mining industry regulations in Australia;

o  General Data Protection Regulations; and

o  Anti-bribery regulations.

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

· We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and parent company with those laws and regulations. These procedures included, but were not limited to:

o  Making enquiries of management;

o  Reviewing Board minutes;

o  Obtaining confirmation from group's company secretary and directors on compliance with laws and regulations;

o  Reviewing the nature of legal and professional fees;

o  Reviewing Regulatory News Service announcements; and

o  Reviewing post balance sheet events.

· We also considered the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for management bias existed in relation to the recoverability of the carrying value of investment in and advance to subsidiaries, determination of purchase consideration in respect of reverse takeover accounting and valuation of convertible loan note . We addressed this by challenging the judgements made by management when auditing these significant accounting judgements (refer to the key audit matter section).

· As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business

· Our review of non-compliance with laws and regulations incorporated the listed parent company and material components. The risk of actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.

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

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

Other matters which we are required to address

We were appointed by the Board of Directors on 17 October 2024 to audit the financial statements for the period ending 31 January 2025 and subsequent financial periods. This is our first period of appointment as statutory auditors.

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

Our audit opinion is consistent with the additional report to the Audit Committee.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Timothy Harris (Senior Statutory Auditor) 15 Westferry Circus

For and on behalf of PKF Littlejohn LLP Canary Wharf

Statutory Auditor London E14 4HD

27 June 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the period ended 31 January 2025

The notes to the financial statements on pages 42-72 form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 

The financial statements of Georgina Energy plc, formerly known as Mining, Minerals and Metals Plc (registered number 08377465) were approved by the Board of Directors and authorised for issue on 27 June 2025.

They were signed on its behalf by:

Anthony Hamilton

Director

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the period to 31 January 2025

The notes to the financial statements on pages 42-72 form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED

for the period to 31 January 2025 

CONSOLIDATED STATEMENT OF CASHFLOWS

for the period to 31 January 2025

There are no items of other comprehensive income included in the financial statements.

The notes to the financial statements on pages 42-72 form an integral part of these financial statements.