GEODRILL ENTERS INTO A MEMORANDUM OF UNDERSTANDING WITH THE COTE D'IVOIRE TAX AUTHORITIES

Executive Summary

• Geodrill Limited entered into a Memorandum of Understanding with Côte d'Ivoire tax authorities to settle a disputed tax claim.
• The company will pay CFA 4,714,639,248 (≈US$8.4 M) in monthly installments starting Jan 2026, while penalties totaling CFA 4,997,517,602 (≈US$8.9 M) are waived.
• The settlement will be recorded as an additional income‑tax charge, increasing 2025 tax expense and negatively affecting net income and earnings per share.

Key Details

• Settlement Amount: CFA 4,714,639,248 (US$8.4 M).
• Payment Schedule: Monthly instalments of CFA 500,000,000 (US$900,000) beginning Jan 2026.
• Penalty Waiver: Côte d'Ivoire tax authorities waived penalties of CFA 4,997,517,602 (US$8.9 M).
• Accounting Impact: Settlement amount to be recorded as an additional income‑tax charge for FY 2025 and Q4 2025, increasing the company’s tax expense.
• Effect on Financials: Expected negative impact on net income and earnings per share for 2025.
• Purpose of MOU: To ensure continuous operations in Côte d'Ivoire after authorities initiated measures restricting the company’s activities in Dec 2025.

Notable Quotes

(No direct quotes were provided in the release.)