Invictus Energy Investor Presentation

• Invictus is a dominant license holder in the Cabora Bassa Basin in Zimbabwe with 360,000 ha of acreage
• Significant gas-condensate discovery at the Mukuyu field, the 2nd largest in Sub-Saharan Africa in 2023
• Targeting 1.2 Tcf gas + 73 million bbls condensate at the Musuma-1 well, drilling in H2 2026

Invictus Energy is an ASX-listed upstream E&P operator developing the Cabora Bassa Project in Zimbabwe, which holds multi-TCF gas and billion-barrel oil potential. The company has a dominant license position across 360,000 ha, consisting of Special Grant 4571 and Exclusive Prospecting Orders 1848/49. Invictus has made significant gas discoveries, including the Mukuyu field, which is the 2nd largest gas-condensate discovery in Sub-Saharan Africa in 2023. The company is now preparing to drill the high-impact Musuma-1 well in H2 2026, targeting 1.2 Tcf gas and 73 million barrels of condensate. Invictus has an experienced board and management team with a track record of discovering and developing oil and gas assets across Africa. The company is operating in a favorable investment environment in Zimbabwe, with pro-business reforms, a bankable petroleum industry regulatory framework, and strategic alignment with the Mutapa Investment Fund (Zimbabwe's Sovereign Wealth Fund). Invictus is focused on securing the foundation, expanding its resource base, appraising and advancing discoveries to development, and monetizing early through strategic growth initiatives, including a gas-to-power pilot project and new venture acquisitions.

Invictus is targeting 1.2 Tcf gas and 73 million barrels of condensate (gross mean unrisked) at the Musuma-1 well, which is expected to be drilled in H2 2026.

Invictus is focused on executing its Petroleum Production Sharing Agreement with the Republic of Zimbabwe, completing a farmout or financing to support its activities, and pursuing new venture acquisitions with non-dilutive funding. The company is also working to mature its understanding of the Mukuyu discovery and other resources, advance the Eureka Gas-to-Power Pilot Project, and actively screen for additional African assets to build portfolio diversity and scale.