ReconAfrica Announces Second Quarter Filings

Executive Summary

• ReconAfrica filed its fiscal second quarter disclosure documents for the period ended June 30, 2025, including unaudited consolidated financial statements and Management's Discussion and Analysis (MD&A).
• The company closed a C$19 million equity financing on June 17, 2025, which was upsized from the originally announced C$10 million offering.
• The Kavango West 1X exploration well was spudded on July 31, 2025, and is drilling on schedule, with total depth expected by the end of November 2025 and results anticipated around year-end.

Key Details

• Financial Filings: Filing of fiscal Q2 2025 disclosure documents, including unaudited consolidated financial statements and MD&A for the three-month period ended June 30, 2025.
• Equity Financing:
  • Closed on June 17, 2025.
  • Total gross proceeds: C$19 million.
  • Original offering size was C$10 million (announced June 4, 2025); the offering was upsized.
• Drilling Operations (Kavango West 1X):
  • Spud date: July 31, 2025.
  • Current status: Drilling as planned.
  • Next milestone: Expected to penetrate the Otavi reservoir in late October 2025.
  • Total depth expected: End of November 2025.
  • Results timeline: Expected to be reported to stakeholders around year-end.
  • Interim update: A drilling update is expected to be released during the first week of September 2025.

Notable Quotes

• "We spud the Kavango West 1X well on July 31, as planned. Our operations team is doing a great job and drilling remains on schedule. We expect to penetrate the Otavi reservoir in late October and reach total depth by the end of November. We look forward to reporting well results to all stakeholders around year-end." — Brian Reinsborough, President and CEO