Announcement PDF connecting the world to a clean energy future. Level 14, 234 George Street Sydney, NSW 2000 Australia ACN 109 213 470 | ASX.PV1 W W W . P R O V A R I S . E N E R G Y Not for release to US wire services or distribution in the United States 2 October 2026 Dear Shareholder Provaris Energy Limited – Share Purchase Plan On 28 September 2026, Provaris Energy Limited (ASX: PV1) (Provaris or the Company) announced that it would be conducting a Share Purchase Plan (SPP). The SPP will provide Eligible Shareholders (as defined below) an opportunity to subscribe for up to A$30,000 worth of new fully paid ordinary shares in the capital of Provaris (SPP Shares) without incurring any brokerage or other transaction costs. Provaris is seeking to raise A$600,000 (before costs) through the SPP. The SPP is open to all shareholders who were registered holders of fully paid ordinary shares in the Company (Shares) as at 7:00pm (AEST) on Friday, 25 September 2026 (Record Date), and who have a registered address in Australia or New Zealand (and who otherwise meet certain other conditions as set out in the SPP Offer Booklet) (Eligible Shareholders). The issue price for the SPP Shares will be the lower of A$0.005 and a 20% discount to the volume weighted average market price of Shares over the last five trading days in the SPP offer period, rounded up to the nearest A$0.0001 (subject to satisfying the issue price restrictions in Exception 5 of Listing Rule 7.2 and Exception 4 of Listing Rule 10.12). Eligible Shareholders may apply for a parcel of SPP Shares in the amounts of A$1,000, A$2,500, A$5,000, A$10,000, A$20,000 or A$30,000. Depending on demand, Provaris may scaleback applications or (to the extent permitted by the ASX Listing Rules) raise a higher amount, at its absolute discretion. In order to obtain a copy of the SPP Offer Booklet, together with your personalised application form (Application Form), please visit www.computersharecas.com.au/PV1SPP. You will need to provide your Securityholder Reference Number (SRN) or Holder Identification Number (HIN) in order to access these documents. The SPP Offer Booklet has been released to ASX and is available to view on the ASX website and the Provaris website at https://investors.provaris.energy/announcements Provaris will not be printing or dispatching hard copies of the SPP Offer Booklet or Application Forms except in response to specific requests by an Eligible Shareholder. If you are unable to access the documents online and need to make a request for hard copies to be posted or emailed to you, please contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) from 8:30am to 5:00pm (AEST/AEDT) Monday to Friday (excluding public holidays) during the SPP offer period. Eligible Shareholders should read the SPP Offer Booklet and Application Form in full prior to making an application for SPP Shares. The SPP offer opens on Friday, 2 October 2026 and closes at 5:00pm (AEDT) on Friday, 16 October 2026. connecting the world to a clean energy future. Level 14, 234 George Street Sydney, NSW 2000 Australia ACN 109 213 470 | ASX.PV1 W W W . P R O V A R I S . E N E R G Y Subject to shareholder approval, participants in the SPP will be entitled to receive one free attaching unlisted option for every three SPP Shares issued to them under the SPP (Attaching Options). The Attaching Options will be exercisable at A$0.013 and will expire three years from the date of issue. The offer and issue of Attaching Options to participants in the SPP will be made under a prospectus to be issued by the Company in due course (Prospectus). Further terms of the Attaching Options will be contained in the Prospectus. Key Dates* Date (and time if relevant) Event 7:00pm (AEST), Friday, 25 September 2026 Record Date Friday, 2 October 2026 Opening Date 5:00pm (AEDT), Friday 16 October 2026 Closing Date Friday, 23 October 2026 Announcement of Results Issue Date Monday, 26 October 2026 Quotation Date Trading Date Friday, 27 November 2026 Annual General Meeting (Approval of Attaching Options) Monday, 30 November 2026** Lodge Attaching Options Prospectus with ASIC Opening date of Attaching Options offer 5:00pm (AEDT), Monday, 14 December 2026** Closing date of Attaching Options offer Wednesday, 16 December 2026** Issue Attaching Options * Key Dates are indicative only and are subject to change. Provaris reserves the right, subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules, to amend this indicative timetable at its discretion (even if the offer has opened or applications have been received).** Conditional upon the requisite approval of Shareholders to the issue of the Attaching Options being obtained. If you are unsure about whether to participate, please contact your stockbroker, solicitor, accountant or other professional adviser. If you have any queries or require further information, please visit https://provaris.energy or contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period. Yours sincerely Norm Marshall Company Secretary Provaris Energy Ltd In accordance with section 734(5)(b) of the Corporations Act 2001 (Cth), the Company confirms that (in relation to the Prospectus): (a) Provaris will be the offeror of the Attaching Options; (b) the Prospectus will be made available when the Attaching Options are offered; and (c) eligible SPP participants who want to acquire Attaching Options under the SPP will need to complete the application form that will be in or will accompany the Prospectus. Provaris Energy Ltd Share Purchase Plan Not for release to US wire services or distribution in the United States 2 October 2026 Dear Shareholder, OFFER TO PARTICIPATE IN SHARE PURCHASE PLAN The Directors of Provaris Energy Ltd (ASX: PV1) (Provaris or the Company) are pleased to offer you the opportunity to participate in the Provaris Share Purchase Plan (SPP). Under the SPP, the Company offers eligible shareholders who were registered holders of fully paid ordinary shares (Shares) in the Company as at 7:00pm (AEST) on Friday 25 September 2026 (Record Date), and whose registered address is in Australia or New Zealand, the opportunity to apply for parcels of new Shares (New Shares) in the Company of up to A$30,000 without paying brokerage or other transaction costs, on the terms set out in this booklet. The issue price for the New Shares under the SPP is equal to the lower of A$0.005 per New Share and a 20% discount to the volume weighted average market price (VWAMP) of Shares traded on the ASX over the five trading days up to and including the Closing Date (defined below) of the SPP, rounded up to the nearest A$0.0001 (subject to satisfying the issue price requirements in Exception 5 of ASX Listing Rule 7.2 and Exception 4 of ASX Listing Rule 10.12). The price ceiling of A$0.005 represents a discount of 19.4% to A$0.0062 (being the VWAMP of Shares traded on the ASX over the last five trading days before the day on which the SPP was announced). Subject to shareholder approval, participants in the SPP will be entitled to receive one free attaching unlisted option for every three New Shares issued to them under the SPP (Attaching Options). The Attaching Options will be exercisable at A$0.013 and will expire three years from the date of issue. The offer and issue of Attaching Options to participants in the SPP will be made under a prospectus to be issued by the Company in due course (Prospectus). Further terms of the Attaching Options will be contained in the Prospectus. The Attaching Options do not form part of the offer under this document and the Attaching Options are not offered in reliance on ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547. Shareholder approval for the issue of the Attaching Options will be sought at the Company’s annual general meeting, which is expected to be held on Friday 27 November 2026. Persons eligible to receive Attaching Options will be required to return a completed Entitlement and Acceptance Form accompanying the Prospectus in order to receive their Attaching Options. If the Company does not, for any reason, proceed with the issue of the Attaching Options (due to regulatory restrictions, the failure to obtain the required shareholder approval or otherwise), no participant in the SPP will be entitled to receive, or call for the return of, any subscription monies paid by them under the SPP. The SPP follows the Company’s recent entry into a convertible note facility with Whitehall Capital Holdings Pty Ltd. Further information on the convertible note facility is set out in the Company’s ASX announcement dated 28 September 2026. The SPP is not underwritten. The Company is targeting to raise approximately A$600,000 (before costs) under the SPP and, depending on demand, may scale back applications or (to the extent permitted by the ASX Listing Rules) raise a higher amount, at its absolute discretion. Funds raised under the SPP are intended to support the next stages of Provaris’ technical and commercial development programmes, including: • Hydrogen prototype tank, classification approvals, and commercial readiness; • LCO2 tank engineering, approvals and commercialisation with Yinson Production AS; Page 2 of 17 • commercial and business development; and • general working capital. If the Company does not raise the full amount targeted under the SPP, the Company intends to apply the gross proceeds received firstly towards meeting the costs of the SPP, and then towards the above items to the extent possible. The SPP will open on Friday 2 October 2026 and will remain open until 5:00pm (AEDT) on Friday 16 October 2026 (unless extended, withdrawn or closed early by the Company) (Closing Date). As soon as practicable (and in any event no later than 5 business days) after the close of the SPP, the Company will make an ASX announcement as to the outcome of the SPP and the number of New Shares to be issued. The offer of New Shares is made under this SPP Offer Booklet. To apply for a parcel of New Shares, please follow the instructions set out in the SPP Offer Booklet and on your personalised Application Form which is available online at www.computersharecas.com.au/PV1SPP. Further information and application instructions for the offer under the SPP, as well as the risks associated with investing in New Shares, are detailed in this SPP Offer Booklet and your personalised Application Form. These documents are important and should be read thoroughly in conjunction with the publicly available information relating to Provaris. If you are unsure about whether to participate, please contact your stockbroker, solicitor, accountant or other professional adviser. If you have any queries or require further information, please visit https://provaris.energy or contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period. On behalf of the Board, I encourage you to consider this opportunity to increase your investment in Provaris. Yours sincerely Greg Martin Non-Executive Chairman Provaris Energy Ltd Page 3 of 17 Key Dates* Date (and time if relevant) Event 7:00pm (AEST), Friday 25 September 2026 Record Date The date and time at which Provaris determines who is eligible to participate in the SPP. Friday 2 October 2026 Opening Date Applications for New Shares will be processed following this date. 5:00pm (AEDT), Friday 16 October 2026 Closing Date Application monies must be received by this time and date. Friday 23 October 2026 Announcement of SPP Results Issue Date The date on which the New Shares under the SPP are expected to be issued and any scale back of the New Shares under the SPP is announced. Monday 26 October 2026 Quotation Date New Shares are quoted on ASX. Trading Date The date on which the New Shares are expected to begin trading. 10:00am (AEDT), Friday 27 November 2026 Annual General Meeting At which Shareholder approval of the issue of the Attaching Options will be sought. Monday 30 November 2026** Lodgement of Attaching Options Prospectus with ASIC Opening Date of Attaching Options offer Applications for Attaching Options will be processed following this date. 5:00pm (AEDT), Monday 14 December 2026** Closing Date of Attaching Options offer Applications for Attaching Options must be received by this time and date. Wednesday 16 December 2026** Issue Date for Attaching Options * Key Dates are indicative only and are subject to change. Provaris reserves the right, subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules, to amend this indicative timetable at its discretion (even if the offer has opened or applications have been received). ** Conditional upon the requisite approval of Shareholders to the issue of the Attaching Options being obtained. Instructions The SPP opens on Friday 2 October 2026 and under the offer you may only apply for a parcel of New Shares as set out in the table below. Fractional entitlements to New Shares will be rounded down to the nearest whole share. Application Amount Number of New Shares* A$30,000 6,000,000 A$20,000 4,000,000 A$10,000 2,000,000 A$5,000 1,000,000 A$2,500 500,000 A$1,000 200,000 * The table above assumes an issue price of A$0.005, however the final issue price will not be determined until after the Closing Date and may be lower than A$0.005. Accordingly, the number of New Shares to be issued may be higher than the figures shown in the table above. Page 4 of 17 Details of the offer and how to participate are set out in this document. This document and your personalised Application Form are also accessible online at the offer website, being: www.computersharecas.com.au/PV1SPP. If you are unable to access the website online you can request a copy of the SPP Offer Booklet and the personalised Application Form to be posted or emailed to you by contacting the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period. To apply and pay for your New Shares, you must make a payment by BPAY®1 in accordance with the instructions on your personalised Application Form. However, if you are an Eligible Shareholder in New Zealand, you may make a payment by BPAY® or electronic funds transfer (EFT) in accordance with the instructions on your personalised Application Form. There is no need to return your Application Form if paying by BPAY® or EFT. The Company will not accept any payment method other than BPAY® orelectronic funds transfer and payments by cash, cheque, bank draft or money order will not be accepted. If you are an Eligible Shareholder in Australia and would like to participate but do not have access to BPAY®, please contact your bank or financial institution for assistance with making payment by BPAY® or contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period to obtain EFT payment instructions. Timing Application monies must be received before 5:00pm (AEDT) on Friday 16 October 2026. It is the responsibility of the applicant to ensure that application monies are received by this time. Questions If you are unsure about whether to participate, please contact your stockbroker, solicitor, accountant or other professional adviser. If you have any queries or require further information, please visit https://provaris.energy or contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period. No offer outside Australia and New Zealand This document may not be released to US wire services or distributed in the United States or any country other than Australia and New Zealand. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any country other than Australia and New Zealand. In particular, any securities described in this document have not been, and will not be, registered under the US Securities Act of 1933 (as amended) (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements under the US Securities Act and applicable US state securities laws. 1 ® Registered to BPAY Pty Ltd ABN 69 079 137 518. Page 5 of 17 Terms and Conditions IMPORTANT NOTICE: The market price of Provaris shares may rise or fall from now to when the New Shares are issued to you under the SPP. Therefore, if you apply for and Provaris issues to you New Shares under the SPP, the issue price for those New Shares may be more than, or less than, the market price of Provaris shares you could buy at that time. By making a payment for New Shares, you acknowledge this risk. Provaris encourages you to contact your professional adviser regarding whether to participate in the SPP and how much to contribute. Offer timetable (a) The offer timetable is set out in the Key Dates above and is included in these Terms and Conditions. (b) Application monies may not be processed and may not be valid if they have not been received by or on behalf of Provaris by the time and date specified for the Closing Date. You should be aware that your financial institution may implement earlier cut-off times with regards to electronic payment, and you should take this into consideration when making payment. (c) Provaris will send a transaction confirmation or holding statement to you in accordance with the ASX Listing Rules. (d) Provaris expects that the New Shares will be issued under the SPP on the Issue Date and will commence trading on ASX on the Trading Date. You must confirm your holding before trading in any New Shares you believe have been issued to you under the SPP. (e) At any time, Provaris can change the Closing Date, the Issue Date and the Trading Date (even if the offer has opened or application monies have been received) by lodging a revised timetable with ASX. Eligible Shareholders You are eligible to participate in the SPP (an Eligible Shareholder) if you were a registered holder of Provaris ordinary shares with a registered address in Australia or New Zealand as at 7:00pm (AEST) on Friday 25 September 2026 (being the Record Date) unless: (a) you are in the United States or acting for the account or benefit of a person in the United States; or (b) you hold Provaris Shares on behalf of another person who resides outside Australia or New Zealand, in which case you will not be eligible to participate in respect of the shares of that person. Provaris has determined that it is not practical for holders of Provaris shares with registered addresses in other countries to participate. Participation by Eligible Shareholders • Holders receiving more than one offer: If you are the only registered holder of Provaris shares, but you receive more than one offer under the SPP (due to multiple registered holdings), you may only contribute a maximum of A$30,000 in applying for New Shares. • Joint Holders: If two or more persons are recorded in the register of members of Provaris as jointly holding Provaris shares, they are considered to be a single registered holder for the purposes of the SPP and as joint holders they are entitled to participate in the SPP in respect of that single holding only. If as joint holders you receive more than one offer under the SPP due to multiple identical holdings, you may still only contribute a maximum of A$30,000 in applying for New Shares. • Custodians, trustees and nominees: If you are a custodian, trustee or nominee within the definition of “custodian” in ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 (Custodian), and hold Provaris shares on behalf of one or more Beneficiaries (as defined below) on whose behalf you are participating in the offer (each a Participating Beneficiary), or on behalf of a "downstream custodian" within the definition of ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 who holds the beneficial interest in Provaris shares on behalf of a Participating Beneficiary, you may apply for up to a maximum of A$30,000 worth of New Shares for each Participating Beneficiary, subject to providing Provaris with a Custodian Certificate in accordance with paragraph (d) of “Significance of applying for New Shares” below. A Custodian has the discretion to extend the offer to the Beneficiaries. A Beneficiary is Page 6 of 17 a person who resides in Australia or New Zealand for whom a Custodian (being an Eligible Shareholder) held Provaris ordinary shares on the Record Date and who is not in the United States. If you are not a Custodian, the rules for multiple single holdings (and joint holdings) apply and you may only contribute a maximum of A$30,000 in applying for New Shares. You are not eligible to participate on behalf of a person who resides outside Australia and New Zealand. Custodians can contact the Company’s share registry, Computershare Investor Services Pty Limited (Share Registry) on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday, during the SPP offer period to obtain the Custodian Certificate. Participation is optional Participation in the SPP is entirely optional. If you are an Eligible Shareholder, you can choose whether or not to participate. How much can you invest? (a) Provaris is targeting to raise approximately A$600,000 (before costs) under the SPP. Depending on demand, Provaris may scale back applications or (to the extent permitted by the ASX Listing Rules) raise a higher amount, at its absolute discretion. (b) If you are an Eligible Shareholder, you may apply to buy a parcel of New Shares by contributing a set amount of either A$1,000, A$2,500, A$5,000, A$10,000, A$20,000 or A$30,000. (c) Your application may be subject to scale back and/or rounding. Provaris reserves absolute discretion regarding the amount raised under the SPP and exercise of its right to accept additional funds or to scale back applications. If there is a scale back, Provaris may in its absolute discretion determine to apply the scale back to the extent and in the manner that it sees fit (see further below). (d) Unless you are applying as a Custodian, the maximum amount of A$30,000 applies even if you receive more than one Application Form or if you hold shares in Provaris in more than one capacity (for example, if you are both a sole and joint holder of shares in Provaris - see “Eligible Shareholders” above) and irrespective of the number of Provaris shares you held on the Record Date. Provaris can reject any application for New Shares if Provaris believes you have not complied with this condition. How to apply for New Shares An electronic copy of this SPP Offer Booklet, along with your personalised Application Form, is accessible online at: www.computersharecas.com.au/PV1SPP To apply for New Shares under the SPP, access your personalised Application Form online at the link above and follow the instructions to make payment. If you are unable to access the offer website you can request a copy of the SPP Offer Booklet and the personalised Application Form to be posted or emailed to you by contacting the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia). If you would like to participate in the SPP, you must make a payment by BPAY® or electronic funds transfer in accordance with the instructions on your personalised Application Form, accessible online at: www.computersharecas.com.au/PV1SPP Electronic funds transfer payments are intended to be only available to Eligible Shareholders in New Zealand (in addition to BPAY®). The Company will not accept any payment method other than BPAY® or electronic funds transfer and payments by cash, cheque, bank draft or money order will not be accepted. If you are an Eligible Shareholder in Australia and would like to participate but do not have access to BPAY®, please contact your bank or financial institution for assistance with making payment by BPAY® or contact the Provaris Shareholder Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside of Australia) between 8:30am and 5:00pm (AEST / AEDT) Monday to Friday during the SPP offer period to obtain EFT payment instructions. When making payment via EFT, please ensure your unique reference number (included on your Application Form for New Zealand shareholders, or provided to you with EFT payment details for Australian shareholders) is used as the reference for your application payment. If the reference number is not used in your application payment, your application may not be able to be processed, which may result in no New Shares being issued to you. BPAY® customers must use the customer reference number shown on the Application Form which is required to identify your holding. When paying by BPAY® or EFT, you do not need to return your Page 7 of 17 Application Form. However, Custodians applying for Beneficiaries must still complete and return a Custodian Certificate in accordance with paragraph (d) of “Significance of applying for New Shares” below. IMPORTANT NOTE: By making a payment for New Shares, you represent that the total of the application price for the following does not exceed A$30,000 (even if you have received more than one offer under the SPP or have received offers in more than one capacity): (a) the New Shares the subject of this application; (b) any other shares applied for under this SPP, or shares or interests in the class issued under a similar arrangement in the 12 months before this application; (c) any other shares or interests in the class which you have instructed a Custodian to acquire on your behalf under this SPP; and (d) any other shares or interests in the class issued to a Custodian under an arrangement similar to this SPP in the 12 months before this application as a result of you instructing the Custodian or another Custodian, which resulted in you holding a beneficial interest in the shares or interests. Payment for New Shares may not be processed and may not be valid if it has not been received by Provaris by the time and date specified for the Closing Date. You should be aware that your financial institution may implement earlier cut-off times regarding electronic payment, and you should consider this when making payment. Provaris’ discretion regarding applications Provaris may reject applications for New Shares under the SPP, including if: (a) you are a Custodian, and Provaris is not satisfied with your certification for any reason; (b) a payment is not received or is incomplete or invalid, or does not correspond to one of the prescribed Application Amounts contained in this SPP Offer Booklet; (c) unless you are applying as a Custodian, an applicant appears to be contributing more than A$30,000 under the SPP; (d) an application is received after the time and date specified as the Closing Date. Provaris has discretion whether or not to accept late payments; or (e) Provaris believes you are not an Eligible Shareholder, and Provaris must reject applications if required to do so under ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547. Provaris reserves the right to refund your payment in accordance with the terms set out in this SPP Offer Booklet and not issue you any New Shares. Issue price The New Shares under the SPP will be issued at the lower of A$0.005 per New Share and a 20% discount to the VWAMP of Shares traded on the ASX over the five trading days up to and including the Closing Date of the SPP, rounded up to the nearest A$0.0001 (subject to satisfying the issue price requirements in Exception 5 of ASX Listing Rule 7.2 and Exception 4 of ASX Listing Rule 10.12). The price ceiling of A$0.005 represents a discount of 19.4% to A$0.0062 (being the VWAMP of Shares traded on the ASX over the last five trading days before the day on which the SPP was announced). The issue price will be determined on the first trading day after the Closing Date and announced with the results of the SPP. In accordance with the requirements of ASX Listing Rules 7.2 and 10.12, the issue price for the New Shares to be issued under the SPP will be at least 80% of the VWAMP for Provaris shares over the last five days on which sales in Provaris shares were recorded, either before the date on which the SPP was announced or before the date on which the issue of New Shares is made. Accordingly, the issue price calculated above may need to be adjusted to comply with the above ASX Listing Rules. The number of New Shares issued to an applicant will be determined by dividing their application monies by the issue price. If this calculation produces a fractional number, the number of New Shares will be rounded down to the nearest whole share. Page 8 of 17 Applications may be scaled back (a) Provaris may, in its absolute discretion, issue to you less than the number of New Shares you have applied for depending on demand (Scale Back). If there is a Scale Back, Provaris may in its absolute discretion determine to apply the Scale Back to the extent and in the manner that it sees fit. When determining the amount (if any) by which to Scale Back an application, the Company will take into account a number of factors, including compliance with regulatory requirements, the amount