FAR LIMITED — Interim / Quarterly Report 2025

Jan 29, 2026

30 January 2026

December 2025 Quarterly Activities Report

FAR Limited ( ASX: FAR ) ( Company or FAR ), provides its quarterly activities report for the quarter ended 31 December 2025.

Highlights

• Woodside Energy ( Woodside ) advised the ASX on 28 January 2026 in its ‘Fourth Quarter Report’ that the Sangomar field offshore Senegal achieved average daily production rate of 99 Mbbl/d (100% basis, 84 Mbbl/d Woodside share) at 99.2% reliability.

• FAR entered into an agreement with Woodside to settle a claim arising from the sale of FAR’s interest in the RSSD Project in 2021. Under the settlement, FAR paid US$6,029,899 to Woodside, with provisions allowing for recovery if Woodside is able to recover the past petroleum expenditure that is the subject of the claim from the Senegal Ministry of Energy, Petroleum and Mines prior to 31 December 2030.

• Cash at quarter end was US$1.9 million (unaudited).

Woodside Energy Contingent Payment

As part of the consideration for the sale of its interest in the RSSD Project in Senegal to Woodside Energy, FAR received rights to a Contingent Payment with a maximum value of US$55 million.

The Contingent Payment comprises 45% of entitlement barrels (being the share of oil relating to FAR’s previously held 13.67% of the RSSD Project comprising the Sangomar Field exploitation area of interest), multiplied by the excess of the crude oil price per barrel and US$58 per barrel (capped at US$70 per barrel). The crude oil price for this purpose is the simple average of the mid-points of bid and offers for Dated Brent. The Contingent Payment terminates on the earliest of 31 December 2027, three years from the first oil being sold (excluding periods of zero production), or a total Contingent Payment of US$55 million being reached, whichever occurs first.

Woodside Energy’s Fourth Quarter Report for the period ended 31 December 2025 which was released to the ASX on 28 January 2026 noted the following in relation to Sangomar:

• Achieved average daily production rate of 99 Mbbl/d (100% basis, 84 Mbbl/d Woodside share) at 99.2% reliability.

• Production remained on plateau until late October 2025 as expected with the facility continuing to perform strongly as it transitions to post-plateau operating rates.

FAR received in May 2025 a provisional calendar year 2024 Contingent Payment of US$11.5 million. The payment is subject to the outcome of the reconciliation of the underlying oil entitlement volumes with each joint venture participant and the Senegalese Ministry of Energy, Petroleum and Mines. Following the reconciliation process, Woodside or FAR must pay the other the difference between the final and provisional amounts.

FAR Limited ABN 41 009 117 293 Suite 2, Level 11, 385 Bourke Street, Melbourne VIC 3000 P: +61 3 9692 7222

E: info@far.com.au

Woodside Energy Claim Agreement

FAR announced on 22 December 2025 that it had entered into an agreement with Woodside for the settlement of a claim of US$6,029,899 under the Sale and Purchase Agreement relating to the sale by the FAR group of its interest in the RSSD Project to Woodside in 2021. The agreement also provided that if at any time prior to 31 December 2030 Woodside is able to recover the petroleum expenditure that is the subject of the claim from the Senegal Ministry of Energy, Petroleum and Mines, then Woodside will refund to FAR the corresponding amount.

Cash Balance and Expenditure (unaudited)

FAR had US$1.9 million of cash at the end of the quarter. During the December 2025 quarter expenditure totalled US$0.1 million, comprising mainly corporate and administration costs.

Other movements of US$5.9 million in the quarter represents the net movement of US$6 million payment to Woodside and proceeds of US$0.1 million from interests earned for the December 2025 quarter.

A summary of cash movements in the December 2025 quarter is set out in the table below.

December 2025 Quarter	Mar 2025	Jun 2025	Sept 2025	Dec 2025
	Quarter	Quarter	Quarter	Quarter
	**US$M **	**US$M **	**US$M **	**US$M **
Opening cash balance	1.7	1.6	8.2	7.9
Corporate and administration costs	(0.17)	(0.1)	(0.3)	(0.1)
Exploration expenditure	-	-	-	-
Total expenditure	(0.17)	(0.1)	(0.3)	(0.1)
Financing	-	-	-	-
On-market share buy-back payments	-	-	-	-
Capital return to shareholders	-	-	-	-
Other movements	0.07	6.7	-	(5.9)
Closing cash balance	1.6	8.2	7.9	1.9

As detailed in Item 6.1 of the accompanying Appendix 5B, the Company discloses that the aggregate payments to related parties and their associates during the quarter was US$49,000. The payments during the quarter represent remuneration paid to Non-Executive Directors.

This ASX announcement has been approved for release by the Board of FAR Limited.

For further information, please contact:

Investors: Patrick O’Connor Chairman p.oconnor@far.com.au P: +61 412 026 812

Disclaimer

Forward looking statements - This document may include forward looking statements. Forward looking statements include, are not necessarily limited to, statements concerning FAR’s planned operation program and other statements that are not historic facts. When used in this document, the words such as “target”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should”, “anticipate”, “continue” and similar expressions are forward looking statements. Although FAR Ltd believes its expectations reflected in these are reasonable, such statements involve risks and uncertainties, and no assurance can be given that actual results will be consistent with these forward-looking statements. The entity confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning this announcement continue to apply and have not materially changed.

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity FAR Limited ABN Quarter ended (“current quarter”) 41 009 117 293 31 December 2025

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (42) (20) - 97 - - - -	- - - - (178) (509) - 141 - - - -
	35	(546)

2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - - - -	- - - - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other - Proceeds from Consideration Received or Payment to Woodside for Indemnity of RSSD Claim 2.6 Net cash from / (used in) investing activities*	- - - - - - - (6,030)	- - - - 69 - - 5,470
	(6,030)	5,539
* Consideration received represent the provisional 2024 Contingent Payment with respect to the sale of oil relating to FAR’s previously held 13.67% interest of the Sangomar Project in Senegal. Woodside Energy (Senegal) BV had made a claim of US$6,029,899 under the Sale and Purchase Agreement relating to the sale by the FAR group of its interest in the RSSD Project to Woodside in 2021.
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) Payments for share buy-back 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (Lease Payments & Return of Capital) 3.10 Net cash from / (used in) financing activities*	- - - - - - - - -	- - - - - - - - (4,828)
	-	(4,828)
* Capital return as approved at the Annual General Meeting on 30 May 2025.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter US$’000	Year to date (12 months) US$’000
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	7,918 35 (6,030) - 9	1,665 (546) 5,539 (4,828) 102
	1,932	1,932
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter US$’000	Previous quarter US$’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	1,932 - - -	7,918 - - -
	1,932	7,918
6. Payments to related parties of the entity and their associates		Current quarter US$'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 49 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		49
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end US$’000 Amount drawn at quarter end US$’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end US$’000	Amount drawn at quarter end US$’000
		-	-
		-	-
		-	-
		-	-
	N/A
8.	Estimated cash available for future operating activities		US$’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) 35 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) 35 Cash and cash equivalents at quarter end (item 4.6) 1,932 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,932 Estimated quarters of funding available (item 8.6 divided by item 8.3) 55.20 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?		35 - 35 1,932 -
			1,932
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 January 2026

Authorised by: The Board

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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