Aminex Regulatory News (AEX)

29 April 2024

FINAL RESULTS for year ended 31 december 2023 AND ANNUAL REPORT

Aminex PLC ('Aminex' or the 'Company') is pleased to announce its audited financial results for the year ended 31 December 2023.

Highlights

Outlook:

• The operator of the Ruvuma PSA, ARA Petroleum Tanzania Limited ("APT") continues to progress operations at the Ntorya gas field, with the following planned for 2024, upon receipt of the Development Licence:

o  Contract a rig operator to undertake the drilling of the Chikumbi-1 appraisal well and, if successful, to complete the well as a gas producer.

o  Re-enter and repair a tubular leak in NT-1 to enable the well to be completed as a gas producer.

o  Undertake further testing on NT-2, currently suspended as a gas producer, using a mobile test unit and refine the design of in-field gas processing facilities.

o  Support the Tanzanian authorities in the construction of a spur pipeline to take gas from Ntorya to the Madimba Gas Plant and accommodate gas extraction from the field.

• The Company's largest shareholder, Eclipse Investments LLC, has agreed a funding facility for US$3 million, ensuring Aminex has sufficient working capital available after 2024 and until the commencement of revenues from Ntorya gas sales.

During 2023 and early 2024:

• Completed the processing of 3D seismic data, the largest onshore seismic campaign in East Africa covering 338km² around Ntorya.

• Selected a more optimal location for drilling the Chikumbi-1 appraisal well through the utilisation of the 3D seismic data.

• Completed and submitted the Ntorya Field Development Plan ("FDP"), which has now been approved by the Tanzania Petroleum Development Corporation ("TPDC").

• Applied for a 25-year Development Licence based on the approved FDP. Approved by the Tanzanian authorities, including Cabinet sign-off, and awaiting issuance of the signed licence from the Ministry of Energy.

• Signed a 25-year Gas Sales Agreement with APT and TPDC.

• Ruvuma PSA Farm-Out Carry of US$35 million covered Aminex for all 2023 Ruvuma costs with US$29.6 million of the Carry remaining as at 31 December 2023.

• Maintained reduced gross G&A costs (before one-off costs and exceptional items) of US$1.58 million per annum in 2023. Despite a slight inflation-related increase on 2022, base running costs are 70% lower than 2018 levels when cost control measures commenced.

• Loss for the year of US$1.12 million (2022: loss of US$4.06 million).

The Annual Report may be viewed on the Company's website at www.aminex-plc.com

Aminex also advises that its Annual General Meeting will be held at 10.30 am on 27 June 2024 at The Geological Society, Burlington House, Piccadilly, London W1J 0BG.

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.

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

Executive Chairman's Statement

Dear Shareholder,

In 2023, we achieved a number of milestones that have helped advance our Ntorya gas development in Tanzania and created considerable momentum that has boosted activity since the start of this year, turning 2024 into a decisive period for Aminex.

Our partnership with ARA Petroleum LLC ("ARA") has provided Aminex with the technical and financial capacity to realise the full potential of the Ruvuma PSA including the ongoing appraisal and development of the Ntorya gas discovery situated within the licence area.

In 2023 and early 2024, the following milestones were achieved:

· The completion of the processing of 3D seismic data, the largest onshore seismic campaign in East Africa covering 338 km2 around Ntorya

· The selection of a more optimal location for drilling the Chikumbi-1 appraisal well through utilisation of the 3D seismic data

· The completion, submission and approval by the Tanzania Petroleum Development Corporation ("TPDC") of the Ntorya Field Development Plan ("FDP")

· The application for a 25-year Development Licence based on the approved FDP

· The approval by Tanzanian authorities for the Development Licence, including Cabinet sign-off, awaiting issuance of the signed licence from the Ministry of Energy

· The signing of a Gas Sales Agreement ("GSA") with ARA Petroleum Tanzania Limited ("APT") and TPDC.

Significant Resource Upgrade

Ruvuma PSA's operator, APT, acquired, processed and interpreted 338 km2 of new 3D seismic in 2022 and 2023, resulting in the identification of significant additional potential gas volumes within the licence area. The most likely gas initially in place (GIIP) is now estimated to be 3.45 TCF. Furthermore, the 3D seismic dataset supports a substantial in place unrisked resource potential of 16.4 TCF. Such numbers place the discovery within the definition of a "world-class giant" gas field, generally accepted as being greater than 3 TCF recoverable.

Ntorya and any other gas fields found within the Ruvuma PSA can be developed far more quickly and for a significantly lower capital expenditure than current offshore LNG projects, which require the construction of offshore gas facilities, pipelines to shore and massive export terminals.

Crucially, Ruvuma gas can immediately service a fast- developing domestic market thanks to the GSA among TPDC, APT and Aminex (through Ndovu Resources Limited), which was signed in January 2024.

We expect a Development Licence will be issued by the Ministry of Energy very soon, enabling the Ruvuma partners to unlock the project's potential by starting both the drilling and construction work that will lead to first gas. The 25-year Development Licence will be the first such licence issued in Tanzania for 13 years and signifies the government's commitment to developing its onshore energy resources.

The TPDC is responsible for constructing the gas pipeline spur to Madimba and, we understand, it has made considerable progress. Given the importance the Tanzanian Government gives to receiving gas from Ntorya and the efforts of the TPDC, we expect the pipeline spur will be completed before the end of the first half of 2025, bringing revenues from the sale of Ntorya gas shortly thereafter.

Financial prudence

The Farm-Out of the Ruvuma PSA in 2020 carries the Company to potentially material levels of production and gas revenues without the need to return to shareholders for additional funding for the development of the Ntorya field. The Company holds a 25% interest in the Ruvuma PSA with a US$35 million carry of its share of costs. The carry, equivalent to US$140 million of gross field expenditure, is expected to see the Company through to potentially significant gas production volumes with commensurate revenues.

Furthermore, Eclipse Investments LLC and Aminex have recently signed a funding facility for $3.00 million against the carry, ensuring Aminex has sufficient working capital available after 2024 and until the commencement of revenues from Ntorya gas sales.

We continue to operate with significantly reduced costs and corporate overheads established in recent years. Base running costs (which exclude non-cash and one-off items), before recharges, increased by 8.2% to US$1.58 million for the year, compared with US$1.46 million for 2022, but this was largely due to inflationary increases in third party costs. Despite this rise, base running costs are 70% lower than 2018 levels when cost cutting measures were introduced. The Company has maintained an appropriate structure of capabilities and competencies that match current requirements with a more flexible approach that de-risks our business and creates strategic opportunities.

Transforming Tanzania… and Aminex

Global energy prices remained elevated in 2023, despite retreating from their 2021-2022 peaks. These high prices have been linked to the lack of investment in new oil and gas projects as well as geopolitical turmoil and growing demand in the developing world, particularly East Asia and Africa, where economies and populations are growing.

Many developing countries, including Tanzania, consider natural gas as the best way to alleviate energy poverty. Natural gas brings economic development and growth whilst being significantly cleaner than other fossil fuels such as charcoal and coal. In the tropical regions of the world, it is also more reliable than hydro-electric power given the unreliability in rainfall. Natural gas is an essential energy source for global economic development in the coming decades whilst more developed nations embark on the transition to Zero Carbon economies. The Tanzanian authorities have clearly stated they will fully use the country's energy resources to eliminate energy poverty, spur economic growth and improve living standards for its citizens.

We believe Ntorya is vital in helping realise this vision for the people of Tanzania. This year, we will see this vision start to become a reality. As a founding partner in Ntorya, we are proud and excited to support ARA Petroleum and the Tanzanian authorities in this crucial effort.

This year will be a decisive one for our Company. We expect significant progress in the Ntorya project providing shareholders with several catalytic events likely to improve the Company's underlying value. Events have demonstrated the Operator's capacity to run numerous critical negotiations and operational workstreams while maintaining the full support of the Tanzanian authorities. The net result for Aminex is an essential shift in the narrative of Ruvuma, which can now be considered a potentially world-class discovery with a path to positive cash flow by next year - a remarkable turnaround for the Company since 2020.

I would like to thank our shareholders for their continued support and patience and hope that our operations in 2024 will reward us all with success in Ntorya.

Yours sincerely,

Charles Santos

Executive Chairman