MOLOPO ENERGY LIMITED (‘Company’ or ‘Molopo’) 2025 ANNUAL...

MOLOPO ENERGY LIMITED (‘Company’ or ‘Molopo’) 2025 ANNUAL GENERAL MEETING THURSDAY 24TH APRIL 2025 @ 9am ADDRESS TO SHAREHOLDERS The Board spent the first half of the year concentrating on defending the long running Canadian proceedings against the Company’s subsidiary Molopo Energy Canada Limited which commenced in 2011. As reported in the Annual Report, those proceedings were settled in late September 2024 with Molopo contributing CAD$6 million towards the settlement and the granting of an option to the Plaintiff to acquire the Canadian subsidiary. Due to strict confidentiality obligations as part of the settlement terms, I am constrained as to the information I can provide in relation to the settlement. There still remains two other legacy issues which need to be resolved. First, Molopo presently has a debt owing to the Company from Tetra 4 Proprietary Ltd, a subsidiary of Renergen Limited of approximately AUD4.2 million which arose following the sale of its South African subsidiary company in April 2013. Repayment of the loan was subject to certain preconditions to its repayment under the terms of a loan agreement between Molopo and Tetra 4. During FY2024, Tetra 4 repaid shareholder loans to Renergen by converting debt to equity without first repaying the loan to Molopo and without Molopo’s consent, in breach of the terms of the loan agreement. Molopo has initiated proceedings against Tetra 4 seeking the immediate and full repayment of the RAND 50 million loan together with outstanding interest and costs. It is expected that proceedings to recover the loan could take some time due to the court system in South Africa unless Tetra 4 agrees to arbitrate the matter. The Board is pressing hard for recovery. Secondly, Molopo holds a gold royalty entitlement of $2.50 per fine gold ounce from Ramelius Resources Limited (owner of the Cue Gold Mine in Western Australia with mining production having commenced at the Cue Gold Mine in late 2024. The Board has undertaken some research as to the long-term value of that asset which it believes to be in the vicinity of $670,000 based upon expected mine life and gold production. As a result with $6.8 million in funds, excluding the loan repayment and gold royalty income, the Board is now in a position where it can consider a partial return of shareholder funds by way of a dividend, or partial capital return, or unlocking the value of $14.7 million in franking credits which the company has accumulated with a possible sale of the company. However this requires further work before a proposal can be finalised which will then be put to shareholders for determination when there is greater clarity on the best pathway forward for all shareholders. Thankyou. ROGER CORBETT AO CHAIRMAN