Invictus Energy (IVZ) Investor presentation summary

Project highlights and resource base

• Holds sole oil and gas license in Zimbabwe's Cabora Bassa Basin, covering 3,600 km² with multi-TCF gas and billion-barrel oil potential.

• Mukuyu gas-condensate field is Sub-Saharan Africa's 2nd largest 2023 discovery, with high-quality gas and minimal impurities.

• Musuma-1 well, targeting 1.2 Tcf gas and 73 million bbls condensate, is scheduled for drilling in November 2026.

• Portfolio includes 12 prospects totaling 4.2 Tcf gas and 264 million bbls condensate, plus 5 basin margin oil prospects with 1.1 billion bbls.

• 100% drilling success rate to date, supported by modern seismic and well data.

Strategic priorities and upcoming catalysts

• $10M capital raise and execution of Petroleum Production Sharing Agreement (PPSA) with Zimbabwe to support near-term activities.

• Complete farmout or alternative financing, and pursue new venture acquisitions with non-dilutive funding.

• Musuma-1 drilling in H2 2026, Mukuyu-3 appraisal, and well testing to confirm commerciality.

• Advance Eureka Gas-to-Power pilot project to Final Investment Decision (FID) for early revenue.

• Active screening for producing and near-term development assets to diversify and scale the portfolio.

Commercialisation and market opportunities

• Multiple monetisation paths: pilot gas-to-power for Eureka Mine, regional supply, and gas price > US$10/mcf.

• Southern Africa faces a 2,500 MW domestic and >10,000 MW regional power shortfall, with strong demand from mining, industrial, and fertilizer sectors.

• Infrastructure options include SSLNG/CNG trucking, pipelines, and integration with the Southern Africa Power Pool.

• Early phase focuses on SSLNG to mines, with scalable expansion to regional customers and grid integration.

• Pilot project at Eureka Gold Mine to demonstrate gas-to-power model and gather reservoir data.