Final Results and Annual Report 2025.

28 April 2026

FINAL RESULTS for year ended 31 december 2025 AND ANNUAL REPORT

Aminex PLC ('Aminex' or the 'Company') is pleased to announce its audited financial results for the year ended 31 December 2025.

Operational Highlights (2025 and early 2026):

·      Following the award of the Engineering, Procurement and Construction contract for the Ntorya-Madimba pipeline (the "Pipeline") in July 2025:

o  85% of route clearing activities have been completed.

o  Approximately 50% of pipeline welding has been completed.

o  Trenching activities are scheduled to recommence in May 2026, following the planned suspension due to the current rainy season.

·      The contract for the provision of processing facilities at Ntorya-2 ("NT-2"), Chikumbi-1 ("CH-1") and Ntorya-1 ("NT-1") has been agreed in principle.

·      Preparations are ongoing for the drilling of CH-1, with the rig tender process completed in Q4 2025 and continued engagement with contractors. Approximately 90% of drilling-related service and equipment tenders have been issued, with evaluation and award processes advancing in line with the planned drilling schedule.

Financial Highlights:

·      The Company raised US$3.94 million (approximately £2.92 million), before expenses, in October 2025 to fund operations through to the expected receipt of revenue from the Ntorya field.

·      Eclipse Investments LLC converted its loan of US$1.60 million into equity as part of the fundraise, leaving the Company debt-free.

·      The Ruvuma PSA Farm-Out Carry of US$35 million covered all 2025 Ntorya costs, with US$28.42 million of the Carry remaining as at 31 December 2025.

·      Gross G&A costs (before one-off costs and non-cash items) were US$1.83 million for the year.

·      Loss for the year was US$4.98 million (2024: loss of US$5.30 million), reflecting continued impairment of the Kiliwani North and Nyuni Area assets and the recognition of a loss of US$1.56 million relating to the accounting treatment of warrants issued as part of the equity fundraise.

Outlook for the remainder of 2026:

·      Pipeline construction progressing in line with schedule, with completion and commissioning on track for September 2026.

·      NT-2 testing and hook-up to follow Pipeline completion.

·      CH-1 drilling and completion remains on schedule.

·      NT-1 workover to be undertaken following CH-1 drilling.

·      Installation of processing facilities and flowlines to enable integration of NT-2, CH-1 and NT-1 into the Pipeline.

·      Progression to gas production and revenue generation from the Ntorya development following completion of these activities.

Paper copies of the Annual Report together with the Notice of Annual General Meeting, including the Form of Proxy, will be mailed in due course to those shareholders who have elected to receive paper copies. A copy of the Company's Annual Report will be submitted to the National Storage Mechanism and the full unedited text of the Annual Report made available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Annual Report is also available on the Company's website at www.aminex-plc.com  

The Company will announce details of the Annual General Meeting in due course. 

The Executive Chairman's Statement from the Annual Report follows below:

Executive Chairman's Statement

Dear Shareholder,

In 2025, Aminex moved decisively from preparation to execution on Ntorya - the most significant step in the Company's history.  After many years of technical preparation, regulatory engagement, financial restructuring, and partnership building, Ntorya is now under construction. The pipeline is being built, with pipe already on the ground. Aminex is fully financed through to first gas on the project and is positioned to transition from a development-stage company into a revenue-generating gas producer with long- term cash flow potential. This inflection - from preparation to delivery - fundamentally changes the profile, outlook and value proposition of the Company.

From Planning to Construction

The most significant milestone during the year was the formal entry of the Ntorya-Madimba pipeline into its construction phase. The award of the Engineering, Procurement and Construction contract marked the moment when planning converted into a physical path to monetisation. Procurement commenced immediately, long-lead items were secured, and pipe has now been delivered and significant construction is underway. Civil works and route preparation began on schedule, with contractor mobilisation progressing steadily. According to the Tanzania Petroleum Development Corporation ("TPDC"), completion and commissioning of the pipeline remain targeted for no later than September 2026.

The importance of this infrastructure cannot be overstated. The 35km, 14-inch pipeline will connect Ntorya to the Madimba Gas Processing Plant and onwards into Tanzania's national gas transmission system. It represents the final critical link required to begin the monetisation of Ntorya's substantial gas resources.

Once the pipeline is commissioned, the Ntorya-2 well is expected to be brought into production, enabling first gas sales shortly thereafter. For Aminex, this will represent the first sustained revenue generation from Ntorya and the fulfilment of a long-held strategic objective. It is the turning point from development to commercialisation.

In parallel with pipeline construction, operational preparations across the field have advanced materially. The contracting process for drilling the Chikumbi-1 well and undertaking the workover of Ntorya-1 is imminent, with tenders evaluated and necessary materials already in country. Civil works at well pads and associated infrastructure have commenced. These activities are designed to ensure that Ntorya-2, Ntorya-1 and Chikumbi-1 are capable of delivering initial production of approximately 60 MMcfd in the first phase of development.

Each of these milestones brings us closer to first gas - and to revenue.

A National Strategic Project

Ntorya is not merely an operational development; it is a project of national strategic importance.

The field benefits from a 25-year Development Licence and a Gas Sales Agreement is already in place. It is potentially the largest onshore gas development in Tanzania and is central to the Government's domestic gas strategy. Throughout the year, the consistent support and engagement of the Government of Tanzania, the Ministry of Energy, the TPDC and the Petroleum Upstream Regulatory Authority ("PURA") have been instrumental in advancing the project.

The alignment between the authorities, the operator ARA Petroleum Tanzania, and Aminex has enabled steady progress across regulatory approvals, work programme endorsement and infrastructure development. The Tanzanian Government has been clear in its desire to expedite domestic gas production, recognising its importance for economic growth, industrial expansion and improved living standards.

Ntorya is central both to Tanzania's growth trajectory and to Aminex's future value creation.

Tanzania's Energy Landscape

The scale of the Ntorya opportunity must be understood within the context of Tanzania's broader economic and demographic trajectory.

Tanzania's population is expected to double by 2050 to approximately 140 million. Electricity demand is forecast to grow robustly, with estimates of annual growth in the order of 10-15%. The industrial sector, including fertiliser production and manufacturing, remains constrained by a lack of affordable and reliable energy. Domestic gas supply is therefore critical.

Tanzania is investing heavily in infrastructure to unlock its energy potential. The expansion of processing capacity, pipeline networks and power generation facilities reflects a country intent on industrialisation. Gas is central to this strategy - as a cleaner-burning fuel capable of supporting power generation, industrial growth and agricultural development.

Ntorya is positioned to deliver reliable, domestic gas at scale. It is not only a commercial asset; it is an enabler of economic development.

A Phased Development with Long-Term Scale

Whilst the immediate focus is on the timely execution of the initial phase, the long-term vision for Ntorya is considerably larger.

During the year, the operator submitted an updated Field Development Plan incorporating the extensive results of the 3D seismic campaign - the largest onshore seismic acquisition programme undertaken in East Africa. The enhanced subsurface understanding has allowed a more granular mapping of the hydrocarbon pore volume and supports a phased approach to development.

The development is envisaged in four stages:

•   Initial Phase: Production from Ntorya-2, Ntorya-1 and Chikumbi-1 of up to 60 MMcfd.

•   First Phase: Drilling of three additional wells to increase production to 140 MMcfd - the full capacity of the Ntorya-Madimba pipeline.

•   Second Phase: Further development drilling to increase production up to 280 MMcfd.

•   Third Phase: In-field compression combined with additional wells to maintain a plateau of 280 MMcfd.

At plateau, Ntorya has the potential to deliver 280 for 20 years or more. This multi-decade production profile positions the project not as a short-term opportunity but as a long-term cash flow engine capable of supporting sustained corporate growth.

The phased approach also enables production to scale alongside demand growth, both domestically and potentially regionally.

Near-Term Milestones and Value Progression

The path to revenue is now clearly defined.

Key milestones over the coming 12 months include:

•   completion and commissioning of the Ntorya-Madimba pipeline;

•   testing and hook-up of Ntorya-2;

•   drilling and completion of Chikumbi-1;

•   workover of Ntorya-1; and

•   commencement of gas production and revenue flow.

Each of these steps progressively de-risks the project and advances Aminex toward cash flow generation. The transition from construction to commissioning to production represents a sequence of operational achievements that collectively underpin and grow shareholder value.

Financial Discipline and Corporate Positioning

The progress achieved during 2025 has been underpinned by disciplined financial management.

The 2020 Ruvuma PSA Farm-Out continues to provide a carry of up to US$35 million net to Aminex in respect of development expenditure. This carry has been fundamental in enabling the Company to advance Ntorya without placing undue strain on shareholders.

In October 2025, the Board strengthened the balance sheet further through a placing that raised nearly US$4 million before expenses. Concurrently, outstanding borrowings were converted into equity, leaving the Company debt free. Aminex is therefore fully funded through to anticipated revenues from first gas.

Operating costs have been maintained at lean levels, although some costs did increase in 2025, as described in the Finance Review on page 4. Since 2020, management has significantly reduced general and administrative expenses while preserving core capabilities. The Company is structured to be efficient, disciplined and focused on value creation.

Aminex is today:

•   carried through to first gas and beyond;

•   debt free;

•   supported by a strong cornerstone investor;

•   partnered with a technically capable and well-capitalised operator; and

•   aligned with a supportive and business-friendly government.

This repositioning has materially de-risked the Company compared to prior years. As with any major infrastructure project, execution and schedule risks remain. We are managing these through our experienced operator, robust alignment with the Tanzanian authorities and the strong contractual framework underpinning the development. We will keep shareholders updated as we deliver against each milestone.

2026: Execution and Delivery

2026 will be a pivotal year - a year in which plans and aspirations become operational realities.

With pipeline construction underway, materials on site and contractors mobilised, execution risk is significantly diminishing. The approved work programme encompasses infrastructure completion, upstream facility installation, drilling operations and commissioning activities. Delivery is now the central focus.

The narrative of Aminex is changing. It is no longer about survival or restructuring. It is about execution, production and growth.

Beyond First Gas

The transition from developer to producer is not merely operational; it is strategic.

A producing asset provides financial resilience, enhanced credibility in capital markets and greater strategic flexibility. It enables long-term planning based on internally generated cash flow rather than external funding cycles.

Beyond first gas, Aminex will evaluate options for further value creation, including accelerated development phases, balance sheet strengthening and potential selective reinvestment within Tanzania. The Company retains additional licence interests which will be reassessed once Ntorya revenues are established. However, our immediate priority remains disciplined delivery of the initial phase of the Ruvuma development.

A New Chapter

It is worth reflecting on the journey that has brought us here. Over the past decade, Aminex has navigated commodity price volatility, funding challenges, regulatory complexity and operational delays. The progress achieved in 2025 is the result of persistence, strategic planning, strong partnership and disciplined financial management.

We have turned the corner.

The foundations have been laid. Infrastructure is under construction. Financial stability has been secured. The pathway to production is clear. The opportunity ahead is substantial and long-term.

I would like to extend my sincere thanks to our shareholders for their continued confidence, to our partner ARA Petroleum Tanzania for its professional execution of the development programme, and to the Government of Tanzania and its agencies for their commitment to advancing this nationally important project. I also thank the employees and advisers of Aminex whose dedication and resilience have underpinned the progress achieved this year.

I look forward to reporting to you next year as Ntorya moves into production and Aminex completes its transition to a producing gas company.

Yours sincerely,

Charles Santos

Executive Chairman