.png)
In a significant corporate development, Australian-listed Invictus Energy Limited (ASX: IVZ) has announced the immediate termination of its Subscription Agreement with African Management Holdings (AMH), citing a repudiation of contractual obligations by the latter, Mining Zimbabwe can report.
By Rudairo Mapuranga
The decision, approved by the Invictus Board and announced on 27 January 2026, brings a sudden end to negotiations over a strategic investment that was intended to support the company’s operations in the Cabora Bassa Basin.
According to the announcement, it became apparent to Invictus that AMH “does not intend to satisfy its contractual obligations.” Invictus stated that AMH’s conduct constituted a repudiation of the agreement, leading the company to accept that repudiation and terminate the deal outright.
“Invictus has ceased all discussions with AMH, and no further negotiations or transactions are being progressed between the parties,” the release stated definitively.
The Board framed the termination as a necessary move to safeguard the company. They emphasised that ending the discussions was critical “to protect the Company’s assets, governance framework, and the interests of shareholders, and to ensure continued compliance with Australian regulatory requirements and the Company’s governance standards.”
This focus on governance follows a recent strengthening of Invictus’s executive team, including the January 2026 appointment of CFO Vicky McLellan as Joint Company Secretary alongside Gabriel Chiappini, to enhance regulatory and compliance oversight.
Despite the setback, Invictus struck a forward-looking tone. The company stated it is “disappointed” but believes the termination is in the best long-term interests of its shareholders.
Attention is now firmly on alternative options. “The Company remains focused on advancing its core asset portfolio in the Cabora Bassa Basin and continues to actively engage with a number of alternative strategic and funding counterparties,” the announcement read.
The Board expressed confidence, noting it is “encouraged by the level of interest being received” and believes Invictus is “well positioned to progress value-accretive transactions and partnerships” that support its planned work programme at Mukuyu and other prospects within SG 4571.
The collapse of this funding deal represents a hurdle for Invictus, requiring a swift pivot to secure alternative financing. However, the firm language on governance and the proactive termination suggest a board prioritising operational control and regulatory compliance. The stated high level of external interest will be crucial to monitor, as securing a new, reliable partner is the immediate next step for the company’s ambitious Zimbabwean exploration plans.
