Getech : Unlocking the Earth’s Energy Potentia

Finding the subsurface

Financial Highlights

Inside this report Strategic Report

01

resources vital for the energy transition

Blending unique earth science data with advanced analytics and AI, we locate the essential energy and mineral resources for the energy transition. Our aim is to be the first call for

£5.1m

FY2021: £4.3m

Record order book

£4.6m

31 December 2021: £3.3m

£2.4m

FY2021: £2.1m

Strong cash position

£4.3m

31 December 2021: £5.9m

anyone looking for geoenergy or critical minerals.

• Read more on pages 06 and 07

Getech Group plc Annual Report and Accounts 2022

Operational Highlights

• 42% YoY increase in the number of software subscriptions sold
• New solutions developed to locate copper, gold, cobalt and helium
• $900k largest-to-date critical minerals contract, with a multi- mineral global mining company
• Strategic partnership with global geothermal technology company Eavor to jointly locate and appraise a portfolio of geothermal projects in Latin America (2023)
• First contract for integrated decarbonisation solution for a global FMCG company (2023)
• Wholly owned subsidiary, hydrogen developer H2 Green progress:
  K Dr Graham Cooley appointed as H2 Green's Chair. As the former
  CEO of ITM Power, Graham played a key role in transforming ITM Power into a hydrogen market leader (2023)
  K Inverness Green Hydrogen Project has been selected for a UK Government grant from its Net Zero Hydrogen Fund (2023)
  K At Shoreham Port, H2 Green increased phase 1 capacity from
  0.8 tonne/day to 2.5 tonne/day due to bigger local demand and extended its commercial exclusivity to 2027

Outlook

• Strong balance sheet, sales pipeline growth, plus good customer and partner momentum
• Work to sell Kitson House is progressing
• The macro environment outlook remains strong for Getech with its clear focus on the energy transition

"As we transition to clean energy, the importance of geoscience in solving the energy 'trilemma', the quest for affordable, clean and secure energy source, is undisputed. Getech has spent the last 30 years collecting and analysing data primarily for use within the petroleum sector, but we are now making a strategic shift to evolve our solutions and our client base to encompass a much wider range of corporates looking to reduce their carbon footprint.

Strong revenue performance and a record order book in 2022 reflect a robust environment for petroleum market activities alongside new corporate demand to use our data to identify critical minerals, geothermal and hydrogen locations, as well as CCS projects. We have a very promising pipeline of opportunities and are excited about the potential for developing our portfolio in 2023."

Richard Bennett

Executive Chairman

Governance

Financial Statements

Visit us online - www.getech.com

For the latest news and information on our Group and its activities check out our corporate website to stay up to date.

Annual Report and Accounts 2022 Getech Group plc

Strategic Report Governance Financial Statements

02

Getech at a Glance

Unlocking the Earth's subsurface geoenergy potential

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Locating the essential energy and mineral resources needed for the world to decarbonise

Unique in owning complete and dynamic data for the most recent 400 million years of Earth's evolution. Unique actionable insights and understanding provided to clients.

Pledge to become carbon neutral

2030

Continued diversification of revenue streams

Strategic Report

Globe: Earth's evolution unlocked for better exploration

We generate revenue by locating new energy and mineral resources using our proprietary Earth evolution digital twin, called 'Globe'. Globe combines extensive cloud-based data with a user- friendly software interface. Its integrated geological, climatic, and oceanographic data offer valuable insights for locating natural resources in the subsurface. These solutions are provided in an accessible digital map format using energy industry standard geographic information system "GIS" technology.

• Read more on page 12

We are the world-leading locator of subsurface resources

Combining:

• The world's most complete subsurface data
• Geoscience expertise, understanding and interpretation
• AI-drivenanalytics and data science
• Extensive GIS capabilities

Partnering with:

• The world's leading energy and mineral resource companies
• Corporate and industrial supply chains
• Leading technology and data suppliers and project developers

2022 Revenue

£5.1m

2022 Order book

£4.6m

Regular monitoring of corporate and team performance using objective Key Performance Indicators and detailed financial reports. For corporate performance, key metrics include revenue, order book, annualised recurring revenue, operating cash flow, and cost base.

Governance Financial Statements

"Getech's strategy focuses on monetising its proprietary data and expertise through subscription sales, solutions and selective geoenergy asset development."

Chris Jepps,

Chief Operating Officer

Data collection

30 years

High customer loyalty

17 years

(longest-standing client)

Clients include government authorities, blue-chip energy companies, metals & mining companies, consumer goods and any other company looking to decarbonise.

H2 Green, designer and developer of green hydrogen hubs

H2 Green, a wholly owned subsidiary, that is a designer and developer of green hydrogen hubs in the UK. Each hub will utilise renewable power to produce large volumes of hydrogen that is used to decarbonise transport and industrial applications. H2 Green is currently developing two hubs: one in Inverness and one at Shoreham Port.

Read more on pages 13 and 14

Our People

People are at the core of our long-term business success: 92% retention rate (2021: 95%)

• Read more on pages 18 and 19

High standards of corporate governance and well-functioning, balanced Board of Directors

• Read more on pages 26 to 30

Getech Group plc Annual Report and Accounts 2022

Annual Report and Accounts 2022 Getech Group plc

04

Chairman's Statement

Driving change and creating value

In 2023, we are selling our data and expertise to an even wider range of customers, from consumer goods to computing services companies, all looking to become energy self-sufficient. With the war in Ukraine and the energy and climate crisis, large corporates are investing in taking control of their energy needs, exploring ways to power their operations with geothermal, hydrogen, wind or solar energy sources in proximity to their sites.

Positioned to Support New Market Entrants

range from selling data on a subscription basis to working on a longer-term basis on selective projects on an asset participation basis. A portfolio appraisal, based on future asset participation and/or royalty revenue streams, is expected in time to become a central part of Getech's value.

The Getech Advantage

Given the size and substantial value of the energy transition market, there is increasing competition. However, Getech has natural advantages having spent the last 30 years meticulously collecting data, refining

"In the upcoming year, we will continue to focus on growing and diversifying our revenue streams. While remaining financially prudent, we will also

Corporate Governance

I would like to emphasise that at Getech, we place great importance on corporate governance, aiming to maintain a high level of transparency and accountability. We believe that effective governance is crucial for the long-term success and sustainability of our business. We value open communication and robust engagement with our shareholders, understanding that their support is fundamental to our success. To that end, we are committed to fostering a constructive dialogue with our investors, ensuring they receive timely and

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This is my first statement as Executive Chairman of the Company since my appointment in February following the resignation of Dr Jonathan Copus. The Board and I would like to thank Jonathan for his seven years of service. Two years ago, Getech made the strategic shift to also sell its subsurface global knowledge to industries outside of the oil and gas sector. The success of this shift in focus is reflected in our excellent financial performance with revenues up 19% to £5.1 million, together with a record order book up by 39% to £4.6 million alongside maintaining a strong cash position of £4.3 million.

Historically, Getech generated 90+% of income from the oil & gas sector, whereas this proportion now stands at 66% as new demand for our services across a much broader corporate landscape increases. This demand for our services is being driven by

the energy transition to clean energy, as companies need to locate new materials and find new sources of energy. They also need our data to know where to look for them underground.

It is clear that there is a valuable commercial opportunity in front of Getech involving different markets and companies with very different capabilities compared to our historic client base. Getech therefore needs to adapt its commercial model to support those companies and to participate fully in the upside of the global energy transition.

Strategic Shift

Back in 2021, we devised a strategy to align our core competencies with the energy transition. It was a logical step, with subsurface knowledge being instrumental in most decarbonisation paths - from finding critical minerals to locating sources of geothermal energy. Today, we can confidently state that it was the right decision and well executed by Getech's team.

In 2022, 23% of sales came from critical minerals solutions. The phrase 'metals are the new oil' is now commonly used, as low carbon technologies require significantly more metals than fossil fuel-based ones. The production of metals must increase four-fold in the next 20 years, potentially rivalling crude oil production. To achieve this, substantial investment is required but also a radically new approach to mineral exploration. There is therefore a clear opportunity and need for Getech's extensive data on 400 million years of Earth's evolution, in helping to locate critical minerals in previously unexplored territories.

According to a non-profit net zero tracker, 91% of the global economy is now covered by net zero pledges by corporates. Government commitments globally have further boosted the market, led by the US Inflation Reduction Act and EU Green Deal Industrial Plan, reinforcing the ever-growing demand for subsurface expertise.

There is no line of business that will remain unaffected by climate or energy challenges and Getech is well-positioned to assist, providing expertise through four operational hubs:

Critical Minerals

Metals and mining companies need to locate significant volumes of critical minerals and battery metals, such as lithium, cobalt, copper and gold.

Geothermal (includes Corporate decarbonisation)

Assessing and locating sites that are highly prospective for low-carbon geothermal energy for geothermal companies and any company looking to generate power from land they own to meet net zero targets

H2 Green

Wholly owned hydrogen project developer and operator of two projects in Inverness and Shoreham Port

Transitional Petroleum

Locating oil & gas and carbon capture and storage opportunities for global energy companies who are decarbonising their products

Having concluded the year with a record order book, we have an even more promising pipeline of opportunities. Specifically, the Company is seeking to support the expanding customer base on a long-term basis working on each project with a flexible revenue model that could

analytics, testing hypotheses and building relationships. We use AI and machine learning in our work, but our core strengths lie in our unique data and exceptional team with the knowledge and vision to use that data to address specific energy challenges. Entering our market without a similar depth of experience is challenging.

Relationships are key and the team is proud to count most blue-chip energy companies among its long-standing clients. In these partnerships, we contribute our extensive exploration expertise and deep understanding of subsurface challenges, while our partners bring their cutting-edge operational capabilities and innovative technologies. As a result, we are not only seen as a trusted partner, but we have also cultivated a vast network of complementary skills and expertise.

Among the new partners we've signed after the reporting period is the global geothermal technology company Eavor.

H2 Green

H2 Green has an exciting portfolio of hydrogen and renewable energy projects and to maximise its potential as a 'pure play' UK project developer, one of my first actions as Executive Chairman was to appoint Dr Graham Cooley as H2 Green's Chair. As the former CEO of ITM Power, Graham played a crucial role in transforming the company into a hydrogen market leader. That Graham accepted the role reflects well on H2 Green and its future potential. With experience

in the sector and working with the UK Government, Graham brings invaluable expertise to support H2 Green's expansion and development.

continue to invest in research and development to ensure that our products and services remain at the forefront of the industry, allowing us to provide the best solutions for our clients as they navigate the energy transition."

Company Operations

• Read more on pages 12 to 14

Our People and Culture

• Read more on pages 18 and 19

Introduction to Governance

• Read more on pages 28 to 30

accurate information about our business, performance, and prospects.

Outlook

I am very optimistic with regard to Getech's future as I believe the business is naturally well placed to seize opportunities within the rapidly evolving energy and climate tech landscape.

In the upcoming year, we will continue to focus on growing and diversifying our revenue streams. While remaining financially prudent, we will also continue to invest in research and development to ensure that our products and services remain at the forefront of the industry, allowing us to provide the best solutions for our clients as they navigate the energy transition.

In conclusion, I would like to express gratitude to our shareholders, partners and employees for their unwavering support and dedication and that with your continued support we will continue to achieve great success in our pursuit of a sustainable and prosperous future.

Richard Bennett

Executive Chairman

Strategic Report Governance Financial Statements

Getech Group plc Annual Report and Accounts 2022

Annual Report and Accounts 2022 Getech Group plc

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Business Model

How we create value

• Intellectual capital

• c.30 years of data collection
• AI, machine learning and advanced analytics

Explorers

Asset owners

Our outcomes

• Generating shareholder value

• £5.1 million revenue
• £4.6 million order book

• Advancing energy transition

07

• Financial capital

• £4.3 million cash position

Mining

• Human capital

• Subsurface understanding and prediction
• Extensive GIS capabilities
• Energy sector expertise

• Relationships

• Government authorities
• Leading technology and data suppliers and project developers
• Loyal customers among world's leading energy and mineral resource companies: 17 years longest-standing client

Critical minerals

Hydrogen

Decarbonisers

• Increasing customers' resilience

• Supply chain security
• Decarbonisation

• Fostering innovation

• Expanding the use of data and technologies built for the petroleum industry to critical minerals, geothermal, hydrogen, and carbon storage
• Partnering with leading green technologies and developers to provide new turnkey solutions

• Empowering people

and communities

• 92% retention rate
• Committing to gender equality: Freedom4Girls
• Supporting local communities: foodbanks
• Pro bono work: MapAction

Strategic Report Governance Financial Statements