MONTAUK RENEWABLES INC - Unaudited Consolidated Results for the six months ended 30 June 2023

Unaudited Consolidated Results for the six months ended 30 June 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
("Company")


UNAUDITED CONSOLIDATED RESULTS
For the six months ended 30 JUNE 2023


SALIENT FEATURES
                                                       Six months   Six months
                                                            ended        ended   Percentage
                                                     30 June 2023 30 June 2022       change
Revenue                                        ($'000)     72 409      100 055        (28%)
EBITDA                                         ($'000)      9 921       32 933        (70%)
Headline (loss) / earnings                     ($'000)    (2 056)       17 643       (112%)
Basic (loss) / earnings per share                  ($)     (0.02)         0.13       (115%)
Headline (loss) / earnings per common share        ($)     (0.01)         0.13       (111%)
Net asset value per common share                   ($)       1.61         1.45          11%


DECLARATION OF CASH DIVIDEND
The directors have resolved not to declare an interim dividend and to rather 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 (loss) / earnings
                                                        2023                         2022
                                                Gross             Net       Gross              Net
                                                $'000           $'000       $'000            $'000
Net (loss) / income attributable to common
shareholders                                                  (2 785)                       18 037
Adjustments
Loss on disposal of plant and equipment            37              35          17               14
Impairment of plant and equipment                 726             694          92               75
Gain on disposal of intangible assets               -               -       (310)            (251)
Proceeds on insurance claims                        -               -       (313)            (254)
Impairment of intangible assets                     -               -          28               23
Headline (loss) / earnings                                    (2 056)                       17 644

Basic and headline (loss) / earnings per common share (US Dollars)
(Loss) / earnings                                              (0.02)                         0.13
Headline (loss) / earnings                                     (0.01)                         0.13

Weighted-average common shares
outstanding ('000)(1)                                         141 633                      141 088

Diluted earnings/(loss) per common share (US Dollars)
(Loss) / Earnings                                              (0.02)                         0.13
Headline (loss) / earnings                                     (0.01)                         0.13

Weighted-average common shares
outstanding for diluted ('000)(1)                             141 633                      142 220


Footnote:
(1) The common shares outstanding as of June 30, 2023 is as reported in the quarterly report on
Form 10-Q for the fiscal second quarter 2023, filed with the Securities and Exchange Commission on
August 9, 2023.

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 9 August 2023, via the JSE link
(https://senspdf.jse.co.za/documents/2023/jse/isse/MKRE/MKRQ2.pdf) or on the SEC’s website at
(https://www.sec.gov/ix?doc=/Archives/edgar/data/1826600/000095017023040687/mntk-20230630.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.

10 August 2023

Directors: JA Copelyn (Chairman)*###, SF McClain (Chief Executive Officer)#,
MH Ahmed*, TG Govender*###, MA Jacobson*##, J Cunningham*# , Y Shaik* ###
*Non-executive; #United States of America; ##Australia; ### 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: 10-08-2023 11:22:00
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