KOLIBRI GLOBAL ENERGY INC. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Form 6-K)

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Unaudited, Expressed in Thousands of United States Dollars)

		September 30,				December 31,
		2025				2024
Current assets
Cash and cash equivalents		$	2,953			$	4,314
Accounts receivable and other receivables (Note 4)			9,841				9,733
Deposits and prepaid expenses			941				718
Fair value of commodity contracts (Note 3)			277				254
			14,012				15,019
Non-current assets
Property, plant and equipment (Note 5)			266,533				232,962
Right of use assets (Note 6)			1,542				748
Fair value of commodity contracts (Note 3)			-				30
			268,075				233,740
Total assets		$	282,087			$	248,759
Current liabilities
Accounts payable and other payables (Note 4)		$	18,878			$	15,090
Lease liabilities			1,260				586
			20,138				15,676
Non-current liabilities
Loans and borrowings (Note 8)			45,732				33,240
Asset retirement obligations, net			2,531				2,168
Lease liabilities			325				167
Deferred income taxes			12,162				8,701
Fair value of commodity contracts (Note 3)			3				-
			60,753				44,276
Equity
Shareholders' capital			294,195				295,309
Treasury stock			(41	)			-
Contributed surplus			26,708				25,380
Accumulated deficit			(119,666	)			(131,882	)
			201,196				188,807
Total equity and liabilities		$	282,087			$	248,759

See accompanying notes to unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF

OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited, expressed in Thousands of United States dollars, except per share amounts)

		Three months ended September 30								Nine months ended September 30
		2025				2024				2025				2024
Revenue
Oil and natural gas revenue, net of royalties (Note 10)		$	14,956			$	13,009			$	42,116			$	41,150
Other income			238				-				564				60
			15,194				13,009				42,680				41,210
Expenses
Production and operating expenses			2,500				1,524				6,465				5,879
Depletion, depreciation and amortization (Note 5,6)			4,555				3,611				12,134				11,205
General and administrative expenses			1,410				1,333				4,144				4,126
Stock based compensation (Note 9)			512				268				1,237				807
			8,977				6,736				23,980				22,017
Finance income
Realized gain on financial commodity contracts (Note 3)			18				-				58				-
Unrealized gain on financial commodity contracts (Note 3)			-				1,341				-				871
Interest income			10				-				26				-
			28				1,341				84				871
Finance expense
Realized loss on financial commodity contracts (Note 3)			-				16				-				599
Unrealized loss on financial commodity contracts (Note 3)			464				-				9				-
Interest on loans and borrowings			890				839				2,226				2,567
Accretion			64				46				188				135
Foreign exchange loss			1				1				-				3
			1,419				902				2,423				3,304
Net income before income taxes			4,826				6,712				16,361				16,760
Income tax expense (Note 11)			1,228				1,646				4,145				4,288
Net income and comprehensive income		$	3,598			$	5,066			$	12,216			$	12,472
Basic net income per share (Note 7)		$	0.10			$	0.14			$	0.34			$	0.35
Diluted net income per share (Note 7)		$	0.10			$	0.14			$	0.34			$	0.35

See accompanying notes to the unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF

CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited, expressed in Thousands of United States dollars, except number of shares)

		Share Capital								Treasury Stock
		Shares				Amount				Shares				Amount				Contributed Surplus				Deficit				Total Equity
Balance at January 1, 2025			35,460,309			$	295,309				-			$	-			$	25,380			$	(131,882	)		$	188,807
Stock based compensation (Note 9)			-				-				-				-				1,400				-				1,400
Stock options exercised (Note 9)			96,303				273				-				-				(133	)			-				140
Restricted stock issued (Note 9)			87,858				331				-				-				(331	)			-				-
Treasury share purchases			-				-				(274,777	)			(1,759	)			-				-				(1,759	)
Retirement of treasury shares			(267,637	)			(1,718	)			267,637				1,718				-				-				-
Stock based compensation reserve for income taxes			-				-				-				-				392				-				392
Net income			-				-				-				-				-				12,216				12,216
Balance at September 30, 2025			35,376,833			$	294,195				(7,140	)		$	(41	)		$	26,708			$	(119,666	)		$	201,196
Balance at January 1, 2024			35,625,587			$	296,232				-			$	-			$	24,179			$	(149,997	)		$	170,414
Stock based compensation (Note 9)			-				-				-				-				930				-				930
Stock options exercised (Note 9)			75,000				84				-				-				(40	)			-				44
Restricted stock issued (Note 9)			35,378				142				-				-				(142	)			-				-
Net income			-				-				-				-				-				12,472				12,472
Balance at September 30, 2024			35,735,965			$	296,458				-			$	-			$	24,927			$	(137,525	)		$	183,860

See accompanying notes to the unaudited condensed consolidated interim financial statements.

KOLIBRI GLOBAL ENERGY INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30

(Unaudited, Expressed in Thousands of United States Dollars)

		2025				2024
Cash flows from operating activities
Net income		$	12,216			$	12,472
Adjustments for:
Depletion, depreciation and amortization expense			12,134				11,205
Accretion expense			188				135
Interest expense			2,226				2,567
Income tax expense			4,145				4,288
Unrealized loss (gain) on financial commodity contracts (Note 3)			9				(871	)
Stock based compensation (Note 9)			1,237				807
Unrealized foreign exchange loss			(2	)			(1	)
Amortization of loan acquisition costs			105				153
Gain on sale of assets			-				(8	)
Loss on asset retirement abandonment			8				-
Cash paid for interest			(2,308	)			(2,377	)
Cash paid for income taxes			(495	)			-
Cash paid for asset retirement abandonment			(12	)			-
Change in non-cash working capital (Note 4)			(276	)			426
Net cash from operating activities			29,175				28,796
Cash flows from investing activities
Additions to property, plant and equipment (Note 5)			(44,220	)			(21,545	)
Proceeds from sale of assets, net			-				8
Change in non-cash working capital (Note 4)			4,019				(6,297	)
Net cash used in investing activities			(40,201	)			(27,834	)
Cash flows from financing activities
Proceeds from loans and borrowings			19,000				10,500
Repayment of loans and borrowings			(6,000	)			(9,500	)
Payment of financing costs			(613	)			(54	)
Purchases of treasury stock			(1,759	)			-
Principal paid on lease payments			(997	)			(864	)
Interest paid on lease payments			(108	)			(67	)
Proceeds from stock option exercises			140				44
Net cash from financing activities			9.663				59
Foreign exchange effect on cash and cash equivalents			2				-
Change in cash and cash equivalents			(1,361	)			1,021
Cash and cash equivalents, beginning of period			4,314				598
Cash and cash equivalents, end of period		$	2,953			$	1,619

See accompanying notes to the unaudited condensed consolidated interim financial statements.

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

1.	NATURE OF OPERATIONS

Kolibri Global Energy Inc. (the "Company" or "KEI"), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil and gas. The Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.

The condensed consolidated interim financial statements were approved by the Company's Board of Directors on November 11, 2025.

2.	BASIS OF PRESENTATION

These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively "IFRS Accounting Standards") applicable to the preparation of interim consolidated financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting ("IAS 34"), on a basis consistent with those accounting policies, except as described below, and methods of computation as the annual consolidated financial statements of the Company for the year ended December 31, 2024. The disclosures provided below are incremental to those included with the annual consolidated financial statements and certain disclosures, which are normally required to be included in the notes to the annual consolidated financial statements, have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto in the Company's annual filings for the year ended December 31, 2024.

3.	COMMODITY CONTRACTS

At September 30, 2025 the following financial commodity contracts were outstanding and recorded at estimated fair value:

				Total Volume Hedged				Price
Commodity		Period		(BBLS)				($/BBL)
Oil - WTI Costless Collars		October 1, 2025 to December 31, 2025			27,000				$62.00 - $81.50
Oil - WTI Costless Collars		October 1, 2025 to December 31, 2025			11,400				$61.75 - $80.70
Oil - WTI Costless Collars		October 1, 2025 to December 31, 2025			39,000				$59.00 - $77.30
Oil - WTI Costless Collars		October 1, 2025 to December 31, 2025			31,200				$58.75 - $78.00
Oil - WTI Costless Collars		January 1, 2026 to March 31, 2026			48,000				$58.50 - $77.25
Oil - WTI Deferred Put		January 1, 2026 to March 31, 2026			20,589				$50.00
Oil - WTI Costless Collars		April 1, 2026 to June 30, 2026			48,300				$57.00 - $75.25
Oil - WTI Deferred Put		April 1, 2026 to June 30, 2026			9,900				$52.70
Oil - WTI Costless Collars		July 1, 2026 to September 30, 2026			48,300				$50.25 - $66.75
Oil - WTI Costless Collars		October 1, 2026 to December 31, 2026			24,000				$52.25 - $69.00
Oil - WTI Costless Collars		October 1, 2026 to December 31, 2026			5,100				$52.60 - $70.00

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

The estimated fair value results in a $0.3 million asset as of September 30, 2025 (December 31, 2024: $0.3 million asset) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current asset of $0.3 million (December 31, 2024: current asset of $0.2 million and a long term asset of $0.1 million).

In October 2025, the Company entered into the following additional financial commodity contracts:

				Total Volume Hedged				Price
Commodity Contract		Period		(BBLS)				($/BBL)
Oil - WTI Deferred Put		April 1, 2026 to June 30, 2026			3,900			$	49.50
Oil - WTI Deferred Put		July 1, 2026 to September 30, 2026			13,800			$	49.50
Oil - WTI Deferred Put		October 1, 2026 to December 31, 2026			14,400			$	49.75
Oil - WTI Deferred Put		January 1, 2027 to March 31, 2027			36,000			$	49.75

The realized and unrealized gains/losses from the financial commodity contracts are as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Realized gain (loss) on financial commodity contracts		$	18			$	(16	)		$	58			$	(599	)
Unrealized (loss) gain on financial commodity contracts		$	(464	)		$	1,341			$	(9	)		$	871

4.	SUPPLEMENTAL CASH FLOW INFORMATION

Changes in non-cash working capital is comprised of:

		Nine months ended September 30,
		2025				2024
Accounts receivable and other receivables		$	(108	)		$	(131	)
Deposits and prepaid expenses			(223	)			(42	)
Accounts payable and other payables			4,073				(5,702	)
Foreign currency			1				4
		$	3,743			$	(5,871	)
Related to operating activities		$	(276	)		$	426
Related to investing activities		$	4,019			$	(6,297	)

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

5.	PROPERTY, PLANT AND EQUIPMENT

		Oil and Natural Gas Interests				Processing and Other Equipment				Total
Cost or deemed cost
Balance at January 1, 2024		$	287,839			$	1,438			$	289,277
Additions (a)			31,516				9				31,525
Balance at December 31, 2024		$	319,355			$	1,447			$	320,802
Additions (b)			44,820				21				44,841
Balance at September 30, 2025		$	364,175			$	1,468			$	365,643
Accumulated depletion and depreciation
Balance at January 1, 2024		$	71,747			$	1,369			$	73,116
Depletion and depreciation			14,701				23				14,724
Balance at December 31, 2024		$	86,448			$	1,392			$	87,840
Depletion and depreciation for the period			11,253				17				11,270
Balance at September 30, 2025		$	97,701			$	1,409			$	99,110
Net carrying amounts
At December 31, 2024		$	232,907			$	55			$	232,962
At September 30, 2025		$	266,474			$	59			$	266,533

	(a)	Includes non-cash additions of $23 from capitalized stock-based compensation and $60 from assets related to ARO liabilities.
	(b)	Includes non-cash additions of $163 from capitalized stock-based compensation and $287 from assets related to ARO liabilities.

6.	RIGHT OF USE ASSETS

		Right of Use Assets
Balance at January 1, 2024		$	1,190
Additions			726
Amortization			(1,168	)
Balance at December 31, 2024		$	748
Additions			1,658
Amortization			(864	)
Balance at September 30, 2025		$	1,542

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

7.	EARNINGS PER SHARE

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Basic Earnings per share
Net income		$	3,598			$	5,066			$	12,216			$	12,472
Weighted average number of common shares - basic (000's)			35,472				35,736				35,491				35,669
Net income per share - basic		$	0.10			$	0.14			$	0.34			$	0.35
Diluted earnings per share
Net income		$	3,598			$	5,066			$	12,216			$	12,472
Effect of outstanding options and restricted stock options (000's)			734				360				873				381
Weighted average number of common shares - diluted (000's)			36,206				36,096				36,364				36,050
Net income per share - diluted		$	0.10			$	0.14			$	0.34			$	0.35

8.	LOANS AND BORROWINGS

In June 2025, the Company's US subsidiary amended the credit facility, which is secured by the US subsidiary's interests in the Tishomingo Field. The credit facility, which is now held by a bank syndicate that includes both BOK Financial and Arvest Bank, expires in June 2029 and is intended to fund the drilling of the Caney wells in the Tishomingo Field.

The borrowing base of the credit facility was increased from $50.0 million to $65.0 million and the Company has an available borrowing capacity of $18.5 million at September 30, 2025. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The credit facility was redetermined in October 2025 at the same $65 million borrowing capacity and the next redetermination will be in the second quarter of 2026. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

The credit facility has two primary debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts and the current portion of long-term debt (the "Current Ratio"). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the "Maximum Leverage Ratio") be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, stock based compensation expense and unrealized gains or losses on commodity contracts.

The Company was in compliance with both covenants for the quarter ended September 30, 2025. At September 30, 2025, the Current Ratio of the US Subsidiary was 1.57 to 1.0 and the Maximum Leverage Ratio was 1.06 to 1.0 for the three months ended September 30, 2025.

At September 30, 2025, loans and borrowings of $46.5 million (December 31, 2024: $33.5 million) are presented net of loan acquisition costs of $0.8 million (December 31, 2024: $0.2 million).

9.	STOCK BASED COMPENSATION

The number and weighted average exercise prices of stock options are as follows (in Canadian dollars):

		Nine months ended September 30,
		2025								2024
		Number of options				Weighted average exercise price				Number of options				Weighted average exercise price
Outstanding at January 1			1,073,924			C$	2.94				939,634			C$	2.36
Granted			-				-				293,190				4.23
Expired			-				-				(33,000	)			3.00
Cancelled			-				-				(45,900	)			2.82
Exercised			(96,303	)			2.05				(75,000	)			0.80
Outstanding at September 30			977,621			C$	3.04				1,078,924			C$	2.94
Exercisable at September 30			854,891			C$	2.81				771,496			C$	2.22
Weighted average share price on date of exercise			96,303			C$	10.35				75,000			C$	4.54

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

The range of exercise prices of the outstanding stock options is as follows (in Canadian dollars):

		Number of outstanding stock options				Weighted average exercise price				Weighted average contractual life (years)
$4.90 to $6.04			242,234			C$	5.48				7.7
$1.80 to $4.90			357,190				3.74				7.1
$0.80 to $1.80			378,197				0.80				1.3
			977,621			C$	3.04				5.0

The fair value of the stock options was estimated using Black Scholes model with the following weighted average inputs:

		Nine Months Ended September 30, 2025
Fair value at grant date (per option)		C$	3.46
Volatility (%)			77.0
Forfeiture rate (%)			5	%
Option life (years)			10
Risk-free interest rate (%)			3.66
Exercise price		C$	4.23
Share price at grant date		C$	4.23
Expected dividends			0	%

The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows (in Canadian dollars):

		Nine months ended September 30,
		2025								2024
		Number of RSUs				Weighted average fair value				Number of RSUs				Weighted average fair value
Outstanding at January 1			232,125			C$	4.53				119,140			C$	5.28
Granted			365,692				11.28				169,220				4.25
Vested			(87,858	)			4.62				(35,378	)			5.27
Cancelled			-				-				(20,857	)			5.29
Outstanding at September 30			509,959			C$	9.36				232,125			C$	4.53

The fair value at grant date for the RSUs was C$11.28 per RSU for the nine months ended September 30, 2025 and C$4.25 for the nine months ended September 30, 2024, which were the closing share prices on the date of grant.

Notes to the Condensed Interim Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2025

(Unaudited, expressed in Thousands of United States dollars except per share information)

Share based compensation was recorded as follows:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Expensed		$	512			$	268			$	1,237			$	807
Capitalized		$	63			$	39			$	163			$	123

10.

REVENUES

The following table presents the Company's gross oil and gas revenue disaggregated by revenue source:

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Oil revenue		$	16,518			$	15,398			$	46,546			$	48,647
Natural gas revenue			962				216				3,089				808
NGL revenue			1,454				871				4,109				2,952
			18,934				16,485				53,744				52,407
Royalties			(3,978	)			(3,476	)			(11,628	)			(11,257	)
		$	14,956			$	13,009				42,116			$	41,150

11.	INCOME TAXES AND DEFERRED TAXES

Income tax expense is charged at 25.4% for the three months ended September 30, 2025 and 25.3% for the nine months ended September 30, 2025 representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the three-month and six-month periods.

12.	CONTINGENT LIABILITIES

From time to time, the Company may be involved in various legal matters. Management believes that as of September 30, 2025, there are no legal matters whose resolution could have a material adverse effect on the unaudited condensed consolidated financial statements.