• $10 million capital raising via placement to fund Musuma-1 exploration well
• Musuma prospect shows strong seismic indicators of hydrocarbons
• Targeting 1.2 Tcf of gas and 73 million barrels of condensate

Invictus Energy Ltd is pleased to announce it has received binding commitments for a $10 million placement to fund forward works at its 80%-owned Cabora Bassa Project in northern Zimbabwe. The placement received strong support from institutional and sophisticated investors. The funds will be primarily allocated to the Musuma-1 high-impact exploration well, which has been designed as a low-cost, low-risk vertical well to test a shallow target with significant upside. The Musuma prospect demonstrates a compelling seismic Direct Hydrocarbon Indicator (DHI) response and potential 'flat spot' - key indicators of hydrocarbon-bearing zones. Musuma-1 is targeting 1.2 Tcf of gas and 73 million barrels of condensate. Preparation is underway to spud and drill the well in H2 2026. Musuma-1 will be drilled in the fully permitted EPO 1848 license area and could unlock a substantial new resource base in addition to the already proven Mukuyu Gas Field. In the event of a discovery, this will provide additional optionality to Mukuyu, enabling fast-tracking of the pilot production project at Eureka Gold Mine. Health, Safety, Environment (HSE) management plans and an updated Environmental Impact Assessment (EIA) are in place, and the necessary drilling rig and service contracts are being secured.

The successful drilling of the Musuma-1 exploration well could unlock a substantial new resource base in the Cabora Bassa Basin, significantly advancing Invictus' forward development plans and expanding its resource base.