MONTAUK RENEWABLES INC - Unaudited Results for the six months ended 30 June 2022

Unaudited Results for the six months ended 30 June 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")


UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2022

Dollar amounts presented herein are in United States Dollars.

SALIENT FEATURES
                                                        Six months   Six months
                                                             ended        ended
                                                           30 June      30 June      Percentage
                                                              2022         2021          change
Revenue                                        ($'000)     100 055       63 121             59%
EBITDA                                         ($'000)      32 933      (1 388)          2 473%
Headline profit/(loss)                         ($'000)      17 643     (18 483)            195%
Earnings/(loss) per share                          ($)        0.13       (0.13)            195%
Headline earnings/(loss) per common share          ($)        0.13       (0.13)            195%
Net asset value per common share                   ($)        1.45        1.15              26%

DECLARATION OF CASH DIVIDEND
The directors have not declared an interim 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                                                            18 037            (18 917)
Adjustments
Loss on disposal of plant and equipment                        17           14       22        17
Impairment of plant and equipment                              92           75      626       480
Impairment of intangible assets                                28           23       -         -
Third party compensation received in respect of
impairment of plant and equipment                            (313)        (254)     (82)      (63)
Gain on disposal of intangible assets                        (310)        (251)      -         -
Headline earnings                                                       17 644            (18 483)

Basic earnings per common share (US dollars)
Earnings/(loss)                                                           0.13              (0.13)
Headline earnings/(loss)                                                  0.13              (0.13)

Weighted average common shares outstanding ('000)(1)                   141 088            141 015

Diluted earnings per common share (US dollars)
Earnings/(loss)                                                           0.13              (0.13)
Headline earnings/(loss)                                                  0.13              (0.13)

Weighted average common shares outstanding
for diluted earnings ('000) (1)                                        142 220            141 015

(1) The common stock outstanding as of June 30, 2022 is as reported in the quarterly report on
Form 10-Q for the fiscal second quarter 2022, filed with the Securities and Exchange Commission on
August 9, 2022.

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 stockholders should be based on information
contained in the full announcement, accessible from 11 August 2022, via the JSE link
(https://senspdf.jse.co.za/documents/2022/jse/isse/MKRE/MKRQ2.pdf) or on the SEC's website at
(https://www.sec.gov/Archives/edgar/data/0001826600/000119312522216242/0001193125-22-
216242-index.htm). The full announcement is also available at the Company's registered office, the
offices of the sponsor and may be requested at investor@montaukenergy.com or
MNTK@GatewayIR.com free of charge to investors and/or shareholders, during office hours (09:00 -
17:00) from Mondays to Fridays.

11 August 2022

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: 680 Andersen Drive, 5th Floor, Pittsburgh, PA 15220
Website: https://ir.montaukrenewables.com/

Sponsor:
Investec Bank Limited

Date: 11-08-2022 07:05:00
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