MONTAUK RENEWABLES INC - Audited Consolidated Results for the year ended 31 December 2023

Audited Consolidated Results for the year ended 31 December 2023

MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
("Montauk Renewables" or the "Company")

AUDITED CONSOLIDATED RESULTS
For the year ended 31 December 2023

Dollar amounts presented herein are in United States Dollars

SALIENT FEATURES
                                                                                      Percentage
                                                                 2023          2022       change
Revenue                                          ($'000)      174 904       205 559         (15%)
EBITDA                                           ($'000)       45 277        65 734         (31%)
Headline earnings                                ($'000)       15 760        38 698         (59%)
Earnings per share                               ($)             0.11          0.25         (56%)
Headline earnings per common share               ($)             0.11          0.27         (59%)
Net asset value per common share                 ($)             1.74          1.58          10%


DECLARATION OF CASH DIVIDEND

The directors have resolved not to declare a final dividend to focus financial resources on the
continued development of the Company's operations portfolio.

USE OF NON-GAAP MEASURES

This report was prepared for the purpose of complying with the reporting requirements of the
Johannesburg Stock Exchange and includes certain non-GAAP measures, such as headline earnings and
headline earnings per common share, and related reconciliations.

Reconciliation of headline earnings
                                                           2023                            2022
                                                  Gross              Net          Gross               Net
                                                  $'000            $'000          $'000             $'000
Net income attributable to common
shareholders                                                      14 948                           35 194
Adjustments
Loss on disposal of plant and equipment              94               78             78                63
Impairment of plant and equipment                   902              734          4 781             3 891
Gain on disposal of intangible assets                                              (311)             (253)
Proceeds on insurance claims                                                       (313)             (255)
Impairment of intangible assets                                                      71                58
Headline earnings                                                 15 760                           38 698

Basic and headline earnings per common share (US Dollars)
Earnings                                                            0.11                             0.25
Headline earnings (2)                                               0.11                             0.27

Weighted-average common shares
outstanding ('000)(1)                                            141 728                          141 239

Diluted earnings per common share (US Dollars)
Earnings (2)                                                        0.11                             0.25
Headline earnings (2)                                               0.11                             0.27

Weighted-average common shares
outstanding for diluted ('000) (2)                               142 152                          142 579


(1) The common share outstanding as of December 31, 2023 is as reported in the annual report of
    Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and
    Exchange Commission on March 14, 2024.
(2) The December 31, 2023 and 2022 per share indicators were determined by applying
    International Financial Reporting Standards.

DIRECTORS' STATEMENT

This short-form announcement is the responsibility of the Company's Board of Directors and is a
summary of the information in the detailed financial results announcement.

The financial information is only a summary and does not contain full details of the financial
results. Any investment decisions by investors and/or shareholders should be based on information
contained in the full announcement, accessible from 14 March 2024, via the JSE link
(https://senspdf.jse.co.za/documents/2024/jse/isse/MKRE/YE23.pdf) or on the SEC's website at
https://www.sec.gov/Archives/edgar/data/1826600/000095017024031587/0000950170-24-031587-index.htm
The full announcement is also available at the Company's registered office, the offices of the
sponsor and may be requested at info@montaukenergy.com free of charge to investors and/or
shareholders, during office hours (09:00 - 17:00) from Mondays to Fridays.

15 March 2024

Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,
MH Ahmed*###, TG Govender*###, J Cunningham*#, Y Shaik* ###
*Non-executive; #United States of America; ### Republic of South Africa

Company secretary: J Ciroli

Registered office: 5313 Campbells Run Road, Suite 200, Pittsburgh, PA 15205
Website: https://ir.montaukrenewables.com/

Sponsor:
Investec Bank Limited

Date: 15-03-2024 09:10:00
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