MONTAUK RENEWABLES INC - Unaudited Consolidated Results for the six months ended 30 June 2024

Unaudited Consolidated Results for the six months ended 30 June 2024

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")

UNAUDITED CONSOLIDATED RESULTS
For the six months ended 30 June 2024

Dollar amounts presented herein are in United States Dollars

SALIENT FEATURES
                                                            2024            2023
                                                          Six months      Six months     Percentage
                                                         ended 30 June   ended 30 June       change
Revenue                                          ($'000)        82 125          72 409          13%
EBITDA                                           ($'000)        15 603           9 921          57%
Headline earnings                                ($'000)         1 601         (2 056)         178%
Earnings per share                               ($)              0.01          (0.02)         150%
Headline earnings per common share               ($)              0.01          (0.01)         200%
Net asset value per common share                 ($)              1.80            1.61          12%


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
                                                         2024                         2023
                                                      Six months                  Six months
                                                     ended 30 June               ended 30 June
                                                  Gross            Net          Gross           Net
                                                  $'000          $'000          $'000         $'000
Net income attributable to common
shareholders                                                     1 138                      (2 785)
Adjustments
Loss on disposal of plant and equipment              71             43             37            35
Impairment of plant and equipment                   699            420            726           694
Headline earnings                                                1 601                      (2 056)

Basic and headline earnings per common share (US Dollars)
Earnings                                                          0.01                       (0.02)
Headline earnings                                                 0.01                       (0.01)

Weighted-average common shares
outstanding ('000)(1)                                          142 028                      141 633

Diluted earnings per common share (US Dollars)
Earnings                                                          0.01                       (0.02)
Headline earnings                                                 0.01                       (0.01)

Weighted-average common shares
outstanding for diluted ('000)                                 142 252                      141 633


(1) The common share outstanding as of June 30, 2024 is as reported in the quarterly report on
    Form 10-Q for the fiscal second quarter 2024, filed with the Securities and Exchange
    Commission on August 8, 2024.

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 August 12, 2024, via the JSE link
(https://senspdf.jse.co.za/documents/2024/jse/isse/MKRE/MKRQ2.pdf) or on the SEC's website at
https://www.sec.gov/ix?doc=/Archives/edgar/data/1826600/000095017024094128/mntk-20240630.htm. The
full announcement is also available at the Company's registered office 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.

12 August 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: 12-08-2024 07:05:00
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