Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2025regulatory community update▲ GoodMajor
EPOs 1848 and 1849 (80%) were renewed for a further three years, ahead of their September 2025 expiry. The company plans a work program including Musuma-1. Gazettal of the renewal is still to follow.
2 Sept 2025regulatory community update▲ GoodMajor
Zimbabwe granted Cabora Bassa National Project Status, bringing duty exemptions and faster permitting. PPSA terms are agreed and the final agreement is being prepared for execution. This resolves the NPS thread and moves the long-running PPSA thread close to signing, though it is not yet signed.
27 Aug 2025capital raising announcement▲ GoodMajor
Qatar-based Al Mansour Holdings signed a binding deal to buy 19.9% of Invictus for A$37.8m at A$0.095 a share, to fund Musuma-1 and work. It also offers up to US$500m of conditional future funding, and a joint venture, Al Mansour Oil & Gas, will pursue African acquisitions.
20 Aug 2025security holder rights change● Neutral
Board approved staff incentives: 11,999,997 performance rights vesting if shares hold $0.10 for 20 days within 12 months, and 22,832,154 three-year options at $0.10. Managing Director's share (2.5m rights, 5.075m options) needs shareholder approval at the AGM.
25 July 2025quarterly activities report● Neutral
June quarter report recaps Musuma-1 selection (1.2 Tcf, 73 MMbbl condensate, 1,500m vertical), the draft merged PPSA/PEDPA and agreed National Project Status. PPSA completion is said to be on track in coming weeks. Farm-in talks continue with no binding deal. Cash not in the readable extract.
27 June 2025regulatory community update▲ GoodMajor
Invictus received an updated draft of the merged PPSA/PEDPA, but finalisation has slowed by new terms from external advisers. Finance Ministry agreed to grant National Project Status, with incentives such as duty exemptions. Musuma-1 procurement is underway, spud still targeted H2 2025.
29 Apr 2025quarterly activities report● Neutral
March quarter report recaps the licence extension, the ESIA approval and the Musuma-1 selection, with spud planned for H2 2025. The PEDPA and PPSA are to be unified. Farm-out talks continue with several parties; no new deal is reported.
14 Apr 2025drilling scheduled▲ GoodMajor
Musuma-1 is confirmed as the next well, a vertical well to about 1,500m targeting 1.2 Tcf of gas and 73 million barrels of condensate (gross mean unrisked), with spud planned for H2 2025. The PEDPA and PPSA are to be merged into one agreement. Firms up the 2025 Musuma plan; the merged agreement may delay the PPSA.
12 Mar 2025half year report● Neutral
Half-year report to 31 December 2024 shows a net loss of $3.32m, down from $4.15m a year earlier. Highlights repeat known items: eight eastern prospects, the Musuma focus, licence extension and the US$10m raise plus US$2m oversubscriptions. No subsequent events were reported.
7 Mar 2025other▼ Bad
S&P index notice listing Invictus among removals from the All Ordinaries index, effective 24 March 2025. Invictus had been in the index since March 2023. It is an index-membership change, not a company announcement, and says nothing about operations.
17 Feb 2025regulatory community update▲ GoodMajor
Zimbabwe's environmental agency approved the environmental and social impact assessment for pilot gas production, covering the Eureka Gold Mine gas-to-power project. Early feasibility work indicates a look-through gas price above US$10/GJ. Permits and planning still remain before pilot production can start.
24 Jan 2025quarterly activities report● Neutral
December quarter report recaps the completed PPSA review, Tranche 2 raise and AGM. Exploration and evaluation spend was A$3.93m, including A$2m for closing out Mukuyu-2. Musuma is the next well; farm-out talks continue with no binding deal.
13 Jan 2025regulatory community update▲ GoodMajor
The Mukuyu-holding SG 4571 licence (80% owned) was renewed for three years to 19 December 2027 and gazetted. The company plans 3D seismic and further drilling in this period. Secures tenure over the Mukuyu discovery, as expected after the July 2024 renewal news.
31 Dec 2024capital raising announcement▲ GoodMajor
Tranche Two of the Zimbabwe placement completed: 53,030,303 shares at A$0.10 (US$3.5m), plus US$2.065m of accepted oversubscriptions (31,298,025 shares). Options at A$0.30 attach. Completes the raise approved in October, which is now about US$12m in total.
What it means for a shareholder
53.0m new shares at A$0.100 to raise about A$3.5m. That's 6.7% dilution: every existing holder's slice gets 6.7% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00126% of the company. To keep it you'd need 717 more shares - about A$72 at the issue price.
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29 Nov 2024regulatory community update▲ Good
An independent European legal review of the Petroleum Production Sharing Agreement is complete and with Government authorities. The company says it has been told the PPSA should be finalised for execution in coming weeks. Continues the PPSA thread; not yet signed.
29 Nov 2024agm notice● Neutral
All four resolutions at the 29 November AGM were carried, including the remuneration report (76.9% of votes cast for), Chiappini's re-election, the 7.1A placement mandate and BDO's appointment as auditor. This closes the auditor confirmation thread.
31 Oct 2024quarterly activities report● Neutral
September quarter report recaps the US$10m placement, VFEX listing, new CFO and eight eastern prospects, with Musuma favoured for a 2025 well. Mutapa is nominated for the PPSA. Farm-out talks reached later stage with several parties. Cash figures are not in the readable extract.
21 Oct 2024agm notice● Neutral
All nine resolutions at the 21 October general meeting were carried. They covered ratifying earlier placement shares, approving shares and free options for the placement's second tranche, and options for the five directors. Director option votes passed with 57-66% support.
4 Oct 2024other● Neutral
FY24 corporate governance statement describing board structure and policies against ASX recommendations. Four of the five directors are listed as independent; Managing Director Scott Macmillan is not. Administrative disclosure with no new operational or financial information.
4 Oct 2024other● Neutral
Appendix 4G, the checklist keying the FY24 governance disclosures to the ASX recommendations, dated 4 October 2024. Administrative filing accompanying the annual report; no new information.
30 Sept 2024annual report● Neutral
Annual report for the year to 30 June 2024. The letter calls the Mukuyu-2 discovery the company's defining achievement and says the board thinks the market capitalisation does not reflect asset value. Financial figures are not in the readable extract.
3 Sept 2024resource reserve update▲ GoodMajor
Finished CB23 seismic interpretation defines eight eastern prospects with 2.9 Tcf gas and 184 million bbl condensate (gross mean unrisked prospective). A Musuma well (1.17 Tcf) is planned for 2025. These are undrilled prospects, not discoveries.
23 Aug 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice; this is an administrative change within BDO. An EGM in early October will seek approval of the second placement tranche and new director options. A new website was also launched.
19 Aug 2024director officer appointment● Neutral
Victoria (Vicky) McLellan appointed Chief Financial Officer from 19 August 2024. She was previously CFO at FAR Limited and Metgasco, and spent nine years at Chevron. Adds a dedicated finance executive as the company says it is moving towards development.
5 Aug 2024other▲ Good
Invictus's secondary listing on the Victoria Falls Stock Exchange (ticker INV) completed on 2 August, with trading starting 5 August. It lets Zimbabweans hold the stock via depositary receipts; the placement shares behind them will not trade on the ASX. Follows the placement.
1 Aug 2024capital raising announcement▲ GoodMajor
The US$10m placement (151.5m shares at A$0.10, with A$0.30 options) is fully subscribed, US$5m underwritten by Mutapa. Tranche One is about 98.5m shares (US$6.5m); Tranche Two, about 53m shares (US$3.5m), needs shareholder approval at a September EGM. Completes the 29 July raise.
What it means for a shareholder
152m new shares at A$0.100 to raise about A$10.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00112% of the company. To keep it you'd need 2,050 more shares - about A$205 at the issue price.
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30 July 2024quarterly activities report● Neutral
June quarter report recaps the Mutapa-backed US$10m raise and PPSA, completed well test and 3D seismic planning, and identified three drill-ready Dande prospects. It says up to 40% savings on well services were identified and that the farm-out is progressing. Cash figures are not in the readable extract.
29 July 2024capital raising announcement● NeutralMajor
Invictus agreed a placement of up to US$10m (151.5m shares at A$0.10) to Zimbabwean investors via Mangwana, with Mutapa Investment Fund underwriting US$5m. Options at A$0.30 attach. Mutapa is to implement the Petroleum Production Sharing Agreement. The price is below the earlier $0.13 raisings; the second tranche needs shareholder approval.
What it means for a shareholder
152m new shares at A$0.100 to raise about A$10.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00112% of the company. To keep it you'd need 2,050 more shares - about A$205 at the issue price.
Create a free account to see this worked out for your own holding.
25 July 2024other● Neutral
ASX paused trading in Invictus shares pending a further announcement. No reason is given in the notice; the 29 July announcement follows.
18 July 2024regulatory community update▲ GoodMajor
The SG 4571 licence, which contains the Mukuyu discovery, was renewed for a further three years to June 2027. The company plans 3D seismic and more drilling in that period. Secures tenure over the discovery.
