Nava Ltd

- Equity infusion planned for fiscal year 2026, to be spread over the year (Page 8). - No specific mention of new debt fundraising; however, debt of $300 million has been sanctioned for the Maamba Phase 2 project (Page 7). - The 300 MW project debt cost is at 9% in dollar terms (Page 7). - Equity portion of $100 million for Maamba Phase 2 will be infused in phases during the current calendar year (Page 7). In summary, Nava Ltd has planned equity infusion spread over FY26 and has already secured debt financing for the Maamba Phase 2 project, with no new additional fundraising explicitly discussed in this call.

- Maamba Phase 2 thermal power plant expansion in Zambia: Capex of USD 400 million (USD 300 million debt, USD 100 million equity); commissioning expected by August 2026. - Avocado plantation project in Zambia: Total investment around USD 45 million covering plantation, pack house, and infrastructure for 400,000 trees; cultivation ongoing with commercial fruit expected end of 2025. - 100 MW solar power plant in Zambia: At a very early stage; techno-feasibility and grid studies ongoing; no PPA or tariff decided yet. - Manganese exploration in Ivory Coast: Exploration ongoing; results expected in about a year before plans progress. - Lithium and magnetite exploration: Early stage; surveys and drilling underway; commercial contributions expected 2-3 years out. - Sugar cultivation adjacent to avocado plantation in Zambia: Cultivation to start likely in 2025. - Equity infusion for Zambia expansion will be spread over FY26.

- Nava Limited is optimistic about future growth prospects and is focused on strengthening its position in key business sectors. - Expansion initiatives underway include: - Maamba Phase 2 thermal power plant commissioning by August 2026. - Avocado plantation with first commercial fruit expected by end of 2025. - Sugar cultivation in Zambia to start in 2025. - Early-stage exploration in lithium and magnetite with contributions expected in 2-3 years. - Manganese exploration and processing plant plans in Ivory Coast, with clearer plans expected in about a year. - Agro-business like avocado and sugar expected to mature over 4-5 years with long-term revenue potential. - Ferroalloys business visibility improved with export growth and stabilization or improvement in raw material prices. - Thermal power plant business expected to benefit from stable or improving spreads due to coal price dynamics. - Overall, consistent focus on operational excellence, diversification, and cost optimization to drive growth.

- Nava Limited remains optimistic about future growth prospects across metals, energy, and agriculture sectors. - Expansion efforts continue as planned, with steady progress in Maamba Energy Phase 2 and agriculture initiatives. - Operational excellence and cost optimization are key focuses to sustain profitability and margins. - Ferroalloys business expects improved profitability in coming quarters with better price trends and fixed cost recovery. - Energy segment has long-term visibility with tied-up capacity and signed PPAs, aiding stable revenue. - Ongoing exploration in lithium and magnetite mines may contribute in the longer term (around a year or more). - Equity infusion and strategic investments planned to support growth, particularly in energy projects. - Company evaluating shareholder-friendly actions (e.g., dividends) given debt-free status and improving cash flows. - Overall, Nava aims to strengthen its position and deliver value to shareholders through continued operational improvement and sectoral diversification.

- The company is more or less booked until March 31, 2025, with very limited quantity left over, indicating a near-full order book for the current fiscal year. - Recent bookings suggest a full recovery of cost and margin. - Orders for equipment related to the Zambia expansion (Phase 2) have been placed, though with a different party than previously. - No specific numeric value for the order book was disclosed, but the current bookings indicate strong demand visibility. - For new segments like solar power in Zambia, discussions and studies are ongoing; no orders or PPAs finalized yet. - Overall, the order book reflects firm commitments in energy and metals segments, supporting operational stability for the near term.