Announcement PDF Annual General Meeting 2023 30 November 2023 | ASX.PV1 www.provaris.energy This presentation and these materials (together the “Presentation”) have been prepared by Provaris Energy Ltd ACN 109 213 470 (ASX:PV1) (“Provaris”) as a summary of Provaris’ operations and results for the purposes of a presentation to existing or potential investors in Provaris. By participating in this Presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this Important Notice and Disclaimer. This Presentation should be read in conjunction with Provaris’ 31 December 2022 Half Year Report lodged with the Australian Securities Exchange (“ASX”) on 27 February 2023 and other periodic and continuous disclosure announcements that have been lodged by Provaris with the ASX. This Presentation may contain forward looking statements concerning projected costs, approval timelines, construction timelines, earnings, revenue, growth, outlook or other matters (“Projections”). Any such Projections are based on assumptions which may differ materially from the actual circumstances which may arise and actual results may vary materially from Projections. You should not place undue reliance on any Projections, which are based only on current expectations and the information available to Provaris. The expectations reflected in such Projections are currently considered by Provaris to be reasonable, but they may be affected by a range of variables that could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, the ability to obtain reliable hydrogen supply, the ability to locate markets for hydrogen, fluctuations in renewable energy and hydrogen prices, project site latent conditions, approvals and cost estimates, development progress, operating results, legislative, fiscal and regulatory developments, and economic and financial markets conditions, including availability of financing. Provaris undertakes no obligation to update any Projections for events or circumstances that occur subsequent to the date of this Presentation or to keep current any of the information provided, except to the extent required by law. 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This presentation was authorised by the CEO for release on 30 November 2023 $ refers to Australian Dollars unless otherwise indicated. 2 Global experience in energy infrastructure, utilities, ship newbuilds, operations, and capital markets Andrew Pickering David Palmer Garry Triglavcanin Greg Martin Managing Director & CEO Executive Director & Chief Development Officer Chairman Non-executive Director Commercial & Capital Markets Engineer, LNG, Project Development Business Leader, Energy, Infrastructure, Governance Shipping, Newbuilds, Tankers, LNG Shipping, Commercial, Financing SYDNEY PERTH SYDNEY SYDNEY LONDON Martin Carolan Non-executive Director Per Roed Mats Fagerberg Norman Marshall John Stevenson Dave Stenning Business Development - Europe Commercial Manager John Fitzpatrick Chief Technical Officer Group Financial Controller GH2 Carrier Development Naval Architect & Inventor Newbuilds, Tankers, LNG, Ports, Operations Commercial, LNG, Infrastructure, Shipbroking Legal, Commercial, Project Finance Accounting, Finance Class Approvals, Commercial Ship Design, Class Approvals LISBON PERTH SYDNEY CALGARY CALGARY OSLO 3 2023 Hydrogen Marine Transport Comparison Report H2Neo World first design approval for bulk hydrogen carrier Development of Compressed Hydrogen supply chains in Europe Design Concept Study for Tiwi Completed > Highlights the cost-effectiveness and efficiency of compressed hydrogen > Underscores compression as the most compelling option for regional transport distances > Aligns perfectly with REPowerEU’s green hydrogen import targets > Design approval on time & within budget from the American Bureau of shipping (ABS) > Leveraged IP, design & approvals to launch 300-600 tonnes H2Leo storage solution > Successful materials and welding procedure testing and planned Prototype Tank and testing Q1 2024 > Established two collaboration projects for the full value chain to Europe > Completed Fjord H2 prefeasibility study (PFS) development of 270MW FjordH2 export project progressing > Undertaking the PFS of the Afjord Project with Gen2 Energy AS and progressing a joint project study > Advancing downstream partners with the first MOU with German utility to review compression in portfolio for import of hydrogen and derivative products > Design Feasibility completed for Solar Farm and transmission pre-FEED and Owners Engineer appointed > Ongoing discussion on suitable land agreements and benefit packages with the Tiwi Land Council > JV partner process underway to ‘farm-in’ and maximise shareholder value 4 Accelerating innovation to bridge the gap with safe, simple, efficient and economic solutions Energy Efficiency First Principle Why Compression? > > > > Shapes energy policy and investment decisions. Embedded in EU regulation. • • > > Energy Union and Climate Action Energy Efficiency Directive Reduce dependence on fossil fuels, security of supply and the use of renewable energy. > > > Safe and proven method for storage and transport Why Provaris? > > Efficient regional production & delivery to minimise losses. Flexible to ‘load follow’ variability & volatility in renewable energy. Simple process enables low capex design, build and repeat. Delivers gaseous H2 required for decarbonisation of industries. Regional model for green hydrogen production and transport that is 20-25% cheaper than alternative carriers. > > > Ambition to deliver 1Mtpa. Why Europe? > Unique IP and approach to developing integrated supply chain Advancing two collaboration export projects in Norway with access to renewable grid connection Norway supportive of regional projects for jobs and investment > > First mover advantage to capture green premium > EU parliament approval of the Renewable Energy Directive (RED III) requires that 42% of the hydrogen used by industry must be green by 2030 (and reaching 60% in 2035) H2 Global & EU Hydrogen Bank auctions dedicated to supporting a green premium (up to 4.50/kg subject to volume) Engagement with German industrials confirm demand for gaseous green supply – market is 3-4mtpa by 2030 Norway’s proximity to Germany and access to grid connected renewable power can deliver the lowest cost for green hydrogen. 5 Resulting in an increasing reliance on hydrogen 2023: 2022: Mid-2021: > “Fit for 55” = 5.6Mt of H2 required to meet 2030 Net zero emission targets > Ukraine War: focus on energy security and replace 50 bcm of Russian Gas (vs total 100bcm market) > Comprehensive set of legislative proposals aimed a 55% reduction in greenhouse gas emissions by 2030 > “REPowerEU” = 20Mt of H2 required of which 10Mtpa imports > €100B Green Deal Industrial Plan to decarbonise industry > Industrial heat applications = 4.5x increase > Transport = 2.5x increase > Focus on hydrogen infrastructure, setting demand targets, enabling incentives > H2 Backbone & H2 ready ports (collaboration of 33 operators to foster supply, security and cross-border collaboration) 53,000 km (60/40 new/repurposed costing 80-140B) > Delegated Acts define what is renewable fuels of non-biological origin (RFNBOs) > Renewable Energy Directive (RED III) requires 42% of hydrogen to be green by 2030, increasing to 60% by 2035 > ‘EU Innovation Funding’ capital subsidy program € 2.9B 2021/22 > H2Global auction & EU Hydrogen Bank to stimulate demand and provide subsidies for production green H2 > Hydrogen use by sector in 2030 (Mt H2) 20 Steel, Chemical, Refinery Power Gener ation Heavy Duty Vehicles 18 Ammonia/Derivatives 16 Blending 14 Power Generation 12 Synthetic Fuels 10 Blast Furnaces 8 Petrochemicals Direct capital subsidy programs: DRI steelmaking projects “green steel” 6 Transport • Thyssenkrupp € 2 billion 4 Industrial Heat Refineries • Salzgitter € 1 billion 2 0 Bunker Fuels REPowerEU Fit for 55 6 Realistic hydrogen supply chain analysis needs to account for the full value chain: RE curtailment, Vector capital & losses, Shipping, and Conversion back to gaseous hydrogen Delivered LCOH (US$/kg H2) Solar/Wind RE to Deliver 100,000 tpa as Hydrogen * Key findings supported by German Federal Ministry Publications* 13.00 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 4.00 Ammonia 3.00 Liquefaction 2.00 Compression (H2Neo) 1.00 Compression (H2Max) - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Sailing Distance to Market (n.miles) * Hydrogen Transport Comparison Report, Provaris Energy (2023) CATF (Sep. 2023): ”When hydrogen is transported by liquid carriers such as ammonia, this incurs a sizeable (and costly) energy penalty at the point of import when freed (ammonia cracking), and this will likely remain a challenge even if scale and technical improvements are made.” * Agora Industrie and TU Hamburg (2023), supported by the Federal Ministry for Economic Affairs and Climate Action Fraunhofer Institute for Solar Energy Systems ISE (2023) on behalf of the H2Global Foundation in cooperation with Gesellschaft fur international Zusammenarbeit (GIZ), supported by the Federal Ministry for Economic Cooperation and Development. 7 Continued work on the agreed joint development activities for the 270MW FjordH2 export project in Norway Collaboration Norwegian Hydrogen AS, located Ålesund region > January 2023: MOU signed investigate green hydrogen export projects in the Nordic region utilizing Provaris compressed hydrogen carriers > April 2023: successful PFS completion identified suitable export site located in Norway, with Provaris’s compressed hydrogen transport cost of EUR 1.00-1.50/kg (compression, 1 H2Leo barge, 2 H2Neo carriers decompression) > July 2023: announced the joint development of the FjordH2 Project, a 270 MW electrolyser facility and compressed hydrogen export infrastructure to Europe > Current focus on site permits, PFS optimization systemic quantitative risk assessment (QRA) site studies, and power reservation > Fortescue recently became a 13% shareholder of Norwegian Hydrogen through a A$13.5M investment > 2024: Commence detailed FEED studies including securing key partners and agreements for project investment and hydrogen offtake 8 Sharing a commitment with Gen2 Energy in green hydrogen production and exports using compression as the delivery vector Collaboration with Gen2 Energy AS, located Trøndelag region > MOU announced in June 2030 to undertake Feasibility Study for a largescale export supply chain from Norway to Europe based on the use of Provaris compressed hydrogen carriers and storage > Prefeasibility Study finalisation targeted for February 2024 > Economic modelling and project site layout for Gate 1 highlights attractiveness of Provaris’ supply chain, with economic models delivering positive results > Remaining work areas including: i. Technical review of the H2 Neo cargo containment system and carrier ii. Preliminary review of all safety risks/hazards for the project site 9 > Continued focus for upcoming year remains on achieving satisfactory outcomes with stakeholders and the Tiwi Land Council > Focus remains on project agreements and secure land access required for the project development and construction activities > Design Feasibility complete for Solar Farm and transmission pre-FEED and Owners Engineer appointed > Permitting advancing with Federal and Territory EIS submission scheduled for Q4 2024 > JV partner process underway to ‘farm-in’ and maximise shareholder value Provaris acknowledges that its proposed Tiwi Islands Green Hydrogen Export Project is located on the traditional lands of the Munupi people. It is a privilege to have the support and such a close working relationship with the Tiwi Land Council and Munupi Landowners. 10 10 > Construction and testing of prototype tank undertaken in Norway Q1 CY2024 > Awarded Norwegian based Prodtex AS a contract to design, construct and test a prototype tank alongside Norway’s leading independent research organisation (SINTEF) > Successful test will lead to final class approvals for the H2Neo > US and PCT Patent pending on containment tank​. > Design of the prototype to verify the constructability of the full-scale tanks required for the H2Neo Construction Prototype: Cycle-testing: Final Class Approvals: Specifications: Diameter: 2.5 meters Length: 10 meters Capacity: 740 kg hydrogen at 250 barg Weight: ~33 tonnes. Jan-Feb 2024 Mar 2024 Apr 2024 > Proven application of robotic-laser welding Increased productivity (~20x) Reduced heat & energy costs 100% quality assurance (NDT) Reduction in CO2 footprint Reduction in construction costs Extends IP to new applications 11 11 H2 Carriers (H2Neo 430t & H2Max 2,000t) Prototype Containment Tank for Gaseous Hydrogen (Carbon Steel, 250 bar) Barge Storage (H2Leo, bulk marine storage, 300-600 tonnes) H2 Production (Norway to Germany) FjordH2 Project 42.5ktpa export 2 H2Neo + 1 H2Leo Afjord Project 42.5ktpa export 2 H2Neo + 1 H2Leo Construction Prototype: Cycle-testing: Final Class Approvals: Jan-Feb 2024 Mar 2024 Apr 2024 Onshore Storage Solutions (1, 5, 10 tonne capacity for Buffer, Marine, Distribution) These design drawing are protected by copyright: ©2023Provaris Energy Ltd Group Tank Production Production of storage tanks 2H 2024 12 Q&A www.provaris.energy ASX.PV1 @ProvarisEnergy Martin Carolan Managing Director & CEO mcarolan@provaris.energy Provaris Energy Ltd. Level 17, KPMG Bygget, Sørkedalsveien 6, 0369 Oslo info@provaris.energy