MONTAUK RENEWABLES INC - Audited Consolidated Results for the fiscal year ended 31 December 2022

Audited Consolidated Results for the fiscal year ended 31 December 2022

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")


AUDITED CONSOLIDATED RESULTS
For the fiscal year ended 31 December 2022


SALIENT FEATURES
                                                                                     Percentage
                                                               2022          2021        change
Revenue                                        ($'000)      205 559       148 127           39%
EBITDA                                         ($'000)       65 734        25 430          158%
Headline earnings / (loss)                     ($'000)       38 698        (2 938)       1 417%
Basic earnings / (loss) per share              ($)             0.25         (0.03)         876%
Headline earnings / (loss) per common share    ($)             0.27         (0.02)       1 405%
Net asset value per common share               ($)             1.58          1.29           23%


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 / (loss)
                                                         2022                            2021
                                                Gross              Net         Gross                Net
                                                $'000            $'000         $'000              $'000
Net income /(loss) attributable to common
shareholders                                                    35 194                          (4 528)
Adjustments
Loss on disposal of plant and equipment            78               63           822                649
Impairment of plant and equipment               4 781            3 891         1 191                941
Gain on disposal of intangible assets            (311)            (253)            -                  -
Proceeds on insurance claims                     (313)            (255)            -                  -
Impairment of intangible assets                    71               58             -                  -
Headline earnings/(loss)                                        38 698                           (2 938)

Basic and headline (loss)/earnings per common share (US Dollars)
Earnings/(loss)                                                   0.25                            (0.03)
Headline earnings/(loss) (2)                                      0.27                            (0.02)

Weighted-average common shares
outstanding ('000)(1)                                          141 239                          141 015

Diluted earnings/(loss) per common share (US Dollars)
Earnings/(loss) (2)                                               0.25                           (0.03)
Headline earnings/(loss) (2)                                      0.27                           (0.03)

Weighted-average common shares
outstanding for diluted ('000) (2)                             142 579                          144 913


   (1) The common share outstanding as of December 31, 2022 is as reported in the annual report of
       Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and
       Exchange Commission on March 16, 2023.
   (2) The December 31, 2022 and 2021 per share indicators were determined by applying
       International Financial Reporting Standards.


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 16 March 2023, via the JSE link
https://senspdf.jse.co.za/documents/2023/jse/isse/MKRE/YE22.pdf or on the SEC’s website at
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001826600/000119312523072678/d376707d10k.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.

17 March 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: 17-03-2023 09:00:00
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