Announcement PDF www.provaris.energy ASX:PV1 Provaris Energy Enabling bulk-scale storage and transport infrastructure for the energy transition March 2025 Fiskå, Norway Simplicity | Efficiency | Flexibility Provaris offers innovative storage and transport infrastructure essential to Australian public company (ASX.PV1) with offices in Sydney & Oslo. Strategic focus on European regional market where energy security and decarbonisation rely on the development of new efficient and cost-effective storage for maritime solutions Proprietary tank IP, fabrication and ship designs provide unique advantages to unlocking economic storage and transport Innovative tank designs for gas and liquids Studies demonstrate compression provides the lowest cost for regional hydrogen supply Advancing term sheets into binding agreements in 2025 for hydrogen supply to German utilities Expanding tank IP and new license fees with Yinson Production AS to innovate liquid CO2 tank and vessels ‘Capital lite’ model to provide early cash flow from license fees, recurring revenue and remove capex Growth opportunities from pipeline of supply projects and new markets for gas and liquid storage tank solutions Integrated solutions for storage and transport Engineering, Class Approvals, Robotic Fabrication Partnering with major industrial leaders to deliver viable supply chains 2 that early, scalable projects, not giga-scale will catalyse the Energy Transition Hydrogen remains critical to all decarbonization goals and timelines…with a focus on cost and scale 2024 categorized as a reset for global hydrogen scale-up expectations… Europe starts 2025 with a demonstration of real progress Policy: Germany reaffirms EU climate goals; backs hydrogen for hard-to-abate industries and H₂ core-grid rollout. > High costs vs low demand delaying “gigafactories” > Energy majors reducing transition investments; postponing large projects > US focused on blue ammonia with limited offtake to date > India emerging as a low-cost supplier of green molecules > EU committed to green hydrogen; easing regulations > Australia struggles with distance-driven and cost barriers Rising demand for Provaris in 2025… > $28 B in global auctions announced to support supply FIDs Jan 2025 – Term Sheet signed with Uniper & Norwegian Hydrogen (42.5ktpa); HPA mid-2025. > Role of green ammonia being challenged as a hydrogen carrier due to cost (cracking and scale requirement) Mar 2025 – Second MOU for 30ktpa Norway–Germany supply; Term Sheet due June. Infrastructure: TSOs approve FIDs for hydrogen pipeline network — first sections live in 2025, full build by 2032. Funding: €105B EU Clean Industrial Deal; H₂Global’s second auction (€2.7B) underway. Offtake: TotalEnergies signs first binding H₂ contract – 30ktpa for EU refineries. Pipeline – Inbound interest >150ktpa from Nordics & Spain; German utilities seeking 2030-ready supply. Notes: 1. BloombergNEF, January 2025 . 3 , flexible and stable supply for buyers No conversion, reduced infrastructure and faster, scalable exports • Provaris has outlined the necessary compression, loading, and shipping infrastructure for large-scale regional hydrogen supply. • Collaborating with industrial partners to develop viable supply chains and generate early cash flow via a licensing model. • Several supply chains are currently in development, focused on the European market. • The first Term Sheet signed with Uniper Global Commodities (January 2025) highlights the relavance of the Provaris solution. Benefit to the Supplier: Flexibility on Hydrogen Produced per MW installed = Higher Project Returns Benefit to the Buyer: More Hydrogen Delivered + Flexible Import Solution = Lower Delivered Cost 4 supply as a viable option for security of hydrogen “Ready to use” hydrogen has key advantage to meet key drivers for demand Use less renewable energy to deliver more hydrogen Compression of Hydrogen is proven technology Eliminates complex & capital-intensive supply chain processes Offers the lowest delivered cost from regional supply projects Delivers hydrogen aligned with Europe’s demand & policy ambitions Flexible import solutions for off-takers to balance market demand Compression = 3% energy loss; vs Ammonia = +30% energy loss (synthesis + cracking) (Equipment available from leading OEMs up to 700 bar) (ie. Compression vs conversion and cracking) (examples of recent binding contracts have been for hydrogen) (Modest capex and scale enables multiple ports aligned to development of pipeline network) 5 , focused on cost efficient fabrication and supports modular infrastructure development Advanced design and approvals for hydrogen carrier gaining industry acceptance with European partners H2Neo Compressed Hydrogen Carrier targeting final approvals 2025 Automated fabrication using robotic laser-hybrid welding Cargo capacity: 27,000m3 (450 tonne net); 250 Barg (Closed containment = No boil-off) > Robotic laser-hybrid welding technology proven to lower costs, increase productivity and reliability. Illustration of longitude tank. > Fast to Market: All design & safety studies complete — prototype in build now. > Lowest Total Cost: Proprietary tank IP + automated fabrication drive down capital intensity. > Supply Flexibility: Modular ships + barges enable multi-port hydrogen imports aligned with pipeline rollout. Proven compression technology & loading arms enables flexible and low capex jetty solutions Technical Partners & Advisors include: 6 H2Leo barge storage for loading and discharge sites Received AIP from Class (300-600 t H2) Regional supply model delivers Delivered Hydrogen Volumes 540 MW Nordic Project (tpa) Energy Used in 100,000 Compression 90,000 80,000 70,000 Compression eliminates capital and energy intensive steps of alternative carriers 60,000 50,000 87,600 50% more Hydrogen Sale Volume Delivered Hydrogen Volume 40,000 20,000 ~20% lower delivered cost delivered to the customer (~3% used for compression vs +30% for ammonia) (~€ 1.40/kg discount) 20% reduction in capital intensity 5-10x the value of grid connected site (€/kg H2 delivered) through higher net-back price received over 20yrs Source: Provaris Energy, ASX release 2 Sept. 2024 “Studies reaffirms compressed H2 for low cost supply”. Outcomes for a 540MW renewable grid connected site, sailing 1,000 Nm, when compared to the ammonia supply chain (delivered as gas), confirmed by Compressor OEMs 10,000 0 Hydrogen Lost in Ammonia Cracking 58,500 Delivered Hydrogen Volume (Cracked) 30,000 50% more gaseous hydrogen +30% energy loss Energy Used in Ammonia Synthesis Compression Ammonia 7 Europe needs low-carbon – so why does that matter ? - Today <1% is Hydrogen molecules — not carriers — is Europe’s starting point. Provaris’ compressed gas solution delivers the fastest, lowest cost route to closing this gap. 7.9 Mt ~99% grey H2 typically produced at point of consumption 7 Mt Germany stated 5070% demand to be met through imports 2 Policy tailwinds with an easing of regulations Infrastructure build-out for ports and pipelines Carbon pricing to support green premium < 1% low carbon H2 2023 Europe H2 Demand Growth in public funding stimulating supply 2030 Forecast for Low-Carbon H2 (EU) 1 $ billion EMEA 36.8 AMER 1.3 APAC Notes: 1. Hydrogen Europe: Clean Hydrogen Monitor 2024; 2. https://www.bmwk.de/Redaktion/EN/Hydrogen/Dossiers/nationalhydrogen-strategy.html 8.0 94.4 104.8 24.2 33.7 BloombergNEF, March 2025 132.5 110.7 Allocated Available Announced 8 from the Nordics to Europe chains • Nordics offer stable renewable grid, cheaper electricity and certified green H2 (RFNBO) • Norway’s grid supply 98% renewable sources In collaboration with industrial supply and offtake partners • Green hydrogen supply ~EUR 4-5/kg * > Provaris solution driving region supply chain development > Strategic supply from Nordic region: renewable baseload power, regional proximity, security of supply Finland Norway > Demand confirmed via 3 collaboration MOUs with German utilities > Term Sheet signed: Uniper & Norwegian developer – targeting Binding SPA mid-2025 (1×H₂Leo barge, 2×H₂Neo carriers) > Second MOU (Mar 2025): New Norway–Germany supply chain – targeting Term Sheet mid-2025 Rotterdam Germany > FID decisions expected in 2026 Growing Development Pipeline Key Milestones • Domestic green hydrogen supply ~EUR 9-10/kg * > > Discussions with 4 H2 supply projects in need of a transport solution across the Nordics and Spain Cumulative volume of 150 Ktpa = 10 H2Neo carriers + 4 H2Leo barge 2025 > > Q2: Non-binding Term Sheets for supply & shipping Q2-Q4: Binding HPA & Shipping Agreements • Import demand 1-3 Mtpa 2026 > First Project FID > Newbuild orders > License Fees Spain • ~70% to be met from imports Source: : Provaris Energy, ASX release 2 Sept. 2024 “Studies reaffirms compressed H2 for low cost supply” Source: Provaris Energy; BloombergNEF 9 and Norwegian Hydrogen 42,500 tpa RFNBO-compliant hydrogen – Supply, Shipping & Offtake Framework Agreed FjordH2 Export Project (Ålesund, Norway) Storage & Transport Hydrogen Supply Hydrogen Offtake • Norwegian Hydrogen responsible for supply • Provaris to provide H2 barge & carriers and arrange shipping • Uniper to offtake volumes, nominate import location • 42,500 tonnes per annum • • 10-year term (+5 yr options); • RFNBO compliant H2 based on EU regulations 2* H2Neo carriers and 1* H2Leo barge for storage and round-trip transport • • Fixed price DAP; Take-or-pay obligations • FEED decision pending Power Capacity Reservation Long-term charter aligned to Hydrogen SPA tenure (10-15yrs) • Target newbuild order 2026 to trigger License and Origination Fees. • First cargos early 2029 Norway Rotterdam Germany Source: Norwegian Hydrogen AS De-risking Milestones in 2025 June 2025: Binding Hydrogen SPA (conditional) June 2025: Key Terms for Shipping Time-Charter; December 2025: Shipyard LOI & Newbuild capex; Unconditional Hydrogen SPA 10 enables early recurring revenue without large-scale capex Upfront license fees + equity share in fleet, without owning ships Technology License Fee For each supply project 5% on Capex for H2Neo carrier & H2Leo barge for our proprietary ship and tank design • Based on proven LNG tank containment revenue model. • Provides early cash flow and revenue payments during construction of the H2Neo and H2Leo newbuilds. Illustrative Returns:^ License and Origination Fee Income per supply chain project with a binding 15yr Time Charter for 2 x H2Neo carriers & 1 H2Leo barge. No capital contributions/outlay. Income USD Million NPV8 at FID USD Million Technology License Fee 2 16.5 14.4 Equity share of Time Charter Fees 3 18.0 7.9 Total Per Project 34.5 22.3 ~54 (AUD M) ~35 (AUD M) Per Supply Project 1 $$ Origination Fee 5% as carried equity Ownership Interest in each H2Neo carrier and H2Leo barge • Experienced shipowners or SPV to finance and operate the fleet. • Optional upside: Provaris can co-invest in future offtakelinked projects. ^ Notes: 1. Supply Project comprises of 2 x H2Neo carrier and 1 x H2Leo barge. All fees allow delivered cost estimates negotiated for delivered cost to be maintained in Term Sheet discussions. 2. The technology license fee is based on Clarksons Norway AS market knowledge on LNG tank containment license fees and industry charter models. Fee is based on newbuild price of USD 125 million per H2Neo carrier and USD 80 million for H2Leo barge. Fee payable in milestones over 30 months from signing Shipbuild Contract. Fees are pre-tax. 3. Based on an illustrative charter model developed with Clarksons Norway AS, which estimates a ‘Bareboat Charter’ rate of ~USD 51,000/day for each H2Neo carrier and USD 32,000/day for H2Leo barge (excluding O&M, commissions, port fees and fuel consumption) to deliver shipping investors a target levered equity rate of return of ~15%, over 15 years, 70% gearing. FID 2026. Fees are pre-tax. 4. Undiluted 687 M ordinary shares on issue. Pre-tax. 11 Provaris and Yinson and transport New tank designs in LCO2 transport at low pressure and temperature to maximise storage and efficiency to reduce storage and transport costs Leveraging Provaris IP to fast-track CO2 tank design Rising Demand for LCO2 Carriers to 20501 > Yinson Production AS: Global energy infrastructure leader (FPSOs, renewables) > USD 1.6 B growth funding raised in 2024 > Joint Development Agreement to deliver bulk liquid CO₂ tank for floating, onshore, and ship-based storage > Industry bottleneck: CO₂ tank capacity limited to ~7,500 cbm > Targeting major gains in storage volume and reduced storage costs > March 2025: successful completion of Concept Design phase, including USD 200,000 technology fees. Source: Clarksons Green Transition Group. > June-2025 milestone: Class-level integration of new tank design with Floating Storage Injection. > Ongoing fees payable to Provaris. LCO2 tank design offers Provaris growth in Technology License Fee for floating storage, shipping, and land-based storage solutions Advised by Clarksons Norway AS, Energy Infrastructure Group 12 Provaris can be first to market for hydrogen, with a model that is clear and scalable, and growth from CO2 program Multiple catalysts targeted for first-half 2025 Tri-party Collaboration Uniper and Norwegian Hydrogen Second Collaboration Underway Term Sheet for Hydrogen SPA January 2025 Binding Hydrogen SPA June 2025 Key Terms for Time Charter June 2025 Unconditional Hydrogen SPA December 2025 Term Sheet for Hydrogen SPA June 2025 Binding Hydrogen SPA December 2025 Norway Supplier & German Utility Key Terms for Time Charter September 2025 H2 Pipeline Opportunities Spain: qualified discussions with developers and offtakes. LCO2 Tank Development Finland: collaboration to identify suitable export sites Finalise Concept Design Prototype Tank & H2Neo Class Approvals Equipment Site Lease executed, and Equipment Purchase Agreement from Secured Lenders and Staffing to enable restart. Restart of welding target Q2 2025 Complete Testing & Approvals aligned with binding shipping agreements by Q3 2025 Production Facility, located in Fiska, West Coast Norway Uniper delegation to Fiska, Norway; August 2024 March 2025 Phase 2 integrate with Floating Vessel June 2025 Ongoing Fees to Provaris 13 Contacts Martin Carolan Managing Director & CEO mcarolan@provaris.energy Norm Marshall Company Secretary nmarshall@provaris.energy www.provaris.energy ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. Sydney & Oslo info@provaris.energy Appendices www.provaris.energy Board & Management Effective team with experience in energy and gas infrastructure, utilities, ship newbuilds, operations, and capital markets Martin Carolan Greg Martin Andrew Pickering David Palmer Managing Director & CEO Chairman Non-executive Director Non-executive Director Commercial & Capital Markets AUSTRALIA/NORWAY Per Roed Mats Fagerberg Energy,, Infrastructure, Governance Shipping, Newbuilds, Tankers, LNG Shipping, Commercial, Financing AUSTRALIA AUSTRALIA ENGLAND Garry Triglavcanin Norman Marshall John Stevenson Jessica Roed Chief Technical Officer Business Development Product Development Director Group Commercial Manager Group Financial Controller Operations Manager, Norway Newbuilds, Tankers, LNG, Ports, Operations Commercial, LNG, Shipbroking Engineer, LNG, Project Development Legal, Commercial, Finance Accounting, Finance Shipping, Logistics NORWAY PORTUGAL AUSTRALIA AUSTRALIA AUSTRALIA NORWAY Supported by world-class technical partners, advisors and industry organisations: 16 Corporate Overview – Provaris Energy Ltd Australian public company, listed on the Australian Stock Exchange (PV1) Shareholding (Undiluted) Capital Structure Ordinary Shares on Issue (PV1.ASX; WS90.BE) 693 M Regal Funds Management 5.7% Market Capitalisation (at 1.2c) A$ 8 M OC Funds Management 4.9% A$ 1.4 M Board & Management 6.0% HNW/Family Office 15.0% A$235,000 Total top 20 40% 40.9 M Total top 50 53% Cash (December 2024)1 Macquarie Bank – Available Standby Bond Facility 2 Convertible Bonds On Issue 2 A$2,500,000 Unlisted Options 3 1. Refer to December 2025 quarterly report. 2. A$3 million Two-year standby facility with Macquarie Bank, announced 3 May 2024. 3. Unlisted Options: 23.75M at 7.5c, Expiry March 2026; 8.2M at 7.5c Expiry Jul 2026; 4M at 6.6c, Expiry May 2027 Offices in Sydney and Oslo Oslo, Norway (Provaris Norway AS) Sydney, Australia 17 Industry analysis for cost advantage of compression reinforce the Provaris’ studies demonstrated leadership in our understanding of the ‘real’ costs of delivered hydrogen Cost of green hydrogen cracked from imported ammonia in 2028 versus local green hydrogen production costs in the Netherlands Nordic Grid Supply of Hydrogen to Germany (€/kg; 20 Yrs / 12% Project IRR) 8.00 7.00 6.00 5.00 4.00 € 7.40 / kg € 6.00 / kg 0.11 1.50 2.27 Import Facilities 0.19 Shipping 0.57 0.21 Export Facilities 3.00 2.00 4.00 4.00 1.00 0.00 Compression/ Cracking Compression/ Ammonia Hydrogen Production Compression $ per kilogram of hydrogen (2024 real) Transport Ammonia cracking and separation H2 production and conversion to ammonia Local H2 production 8.6 8.9 7.6 2.6 2.7 2.9 3.0 3.8 4.6 4.9 5.2 5.2 China Saudi Arabia Egypt (Fertiglobe's H2Global bid) US India 7.3 2.5 Ammonia Source: Provaris Energy, September 2024 8.4 7.8 10.3 8.4 TotalEnergies tender Netherlands Source: BNEF, February 2025 Understanding of the complete value chain costs for ammonia is resulting in an increase in demand for compressed hydrogen to be assessed for hydrogen supply 18 Europe continues to prioritise hydrogen for the energy transition with Europe continues to establish policy and funding initiatives to stimulate supply and demand > Policy and legislation mandating decarbonization of hard-to-abate industries requires hydrogen (by 2030) Steel Glass Smelters Refineries Power Generation Europe is the largest market for binding offtake Metric tons per year 1% 1% Mobility (HDVs, Maritime) • Renewable Energy Directive (RED III) driving demand with 42.5% of hydrogen by 2030 must be RFNBO compliant > ‘Core H2 network’ for transport infrastructure under development connecting ports and industrial users, with €18 billion private investment committed > EU Taxonomy to increase demand for green hydrogen produced regionally (CBAM creates a favourable environment for regional hydrogen, increasing subsidies for regional green H2) 19% 34% 1.6 million 26% European Union US Canada China Oman Norway Egypt Unknown Source: BloombergNEF, October 31, 2024 Clean hydrogen* binding offtake by type & end use (Global) Green methanol Green hydrogen Blue hydrogen Blue ammonia “Meeting German demand solely through domestic supply would neither be technically nor economically viable”. Germany’ NHS 2023 8.8% 9% > EU committed €138 billion to support industry (Innovation Fund; Horizon Europe; EU Hydrogen Bank; H2Global) > Legislation sets quotas for use of green (RFNBO) hydrogen, with subsidies only available for green hydrogen 0.6% Green ammonia Million metric tons-H2/year Fertilizer Chemical Oil refining Steel Power & heat Shipping Aviation Renewable fuels Road transport Manufacturing Unspecified 0 1 2 3 4 Source: BloombergNEF, October 2024. Note*: Clean Hydrogen includes blue H2 and derivatives, green hydrogen and derivatives. 19 European infrastructure advancing to receive imports end of 2028 Provaris is in dialogue with ports, terminal operators and “TSOs” in Germany and the Netherlands to qualify an integrated network by 2030 to support imports to industrial hubs. Collaboration with GES for Rotterdam import terminal. German backbone > Approved ‘Core Network’ for construction at the end of 2024. > TSOs with projects estimated for 2028 have taken FID. > Total investment of €18.9 billion committed by TSOs, with €3 billion support by German stateaid. > Tariffs to be published in 2025. Dutch Backbone > New rollout plan published late 2024. > Phased development starting with Rotterdam, and DRC now expected 2032. > Investment €3.8 Billion, with tariffs to be announced 2025. Ports in focus Notes: Germany Hydrogen Core Network by Bundesnetzagentur, October 2024 Netherlands draft Hynetwork, December 2024 The future potential hydrogen demand in energy intensive industries – a site-specific approach applied to Germany, Energy Conversion and Management, 2022. 20 Provaris and GES partner in developing a bulk-scale hydrogen import facility within Rotterdam’s global energy hub > Supported by Bluewater Energy and White Deer Energy, leaders in new energy storage operating four storage assets > Strategically located in the world’s largest energy terminal an established H2 market hub > Located next to the HyNetwork H2 pipeline under construction with access to road, rail and barge for port-wide distribution > Pre-feasibility study and co-marketing for during 2024 > Targeting full access to European markets by 2028 www.gesgroup.global GES will finance and own the multi-product terminal, with operations targeted for 2028 21 for Compressed H2 supply chain Compressed hydrogen supply comfortably below the stringent requirements set forth by the EU's RED II and RFNBO, based on 1,600 Nm round trip, Norway to Germany Required carbon intensity for EU REDII compliance 28.2 g CO2e/ MJ H2 Estimated carbon intensity emission level for H2Neo 7.6 g CO2e/ MJ H2 > Supporting analysis from Wärtsilä in estimating the CO2e emission per kg H2, including methane slip values from test bed. > Selection of available hybrid electric propulsion plant with modern 4-stroke LNG Dual Fuel generating sets. Options for future hydrogen blending also assessed based on existing generator set options, and further for when fuel cell / and generating set technology matures. > Carbon (equivalent) intensity estimated for proposed ”LNG +pilot” propulsion plant over a 1,600 nautical mile roundtrip; typical sailing speed of 13 knots. > Further 20-30% emission reduction identified through future technology including 3,000 kW hydrogen fuel cell into the propulsion plant. Emission intensity results illustrated below vs. speed for differenting fuel types: 22 Choice of automated robotic laser welding to ‘crack the code’ on lowcost storage tanks through industrial scale production Use of proven laser-hybrid welding procedures and materials approved for use by DNV for marine and industrial applications Increased productivity (~20x vs manual TIG) Reduced heat & energy costs 100% quality assurance (NDT) Reduction in CO2 footprint Reduction in construction costs capacity from the same production cell) Extends IP to new applications (tanks 1-5t Fiska, Norway Construction of a prototype scaled tank underway, following by fatigue and pressure testing to achieve Class Approvals Supported by: Prototype Tank Specifications: 2.5m * 11m 650 kg H2 capacity at 250 bar Constructed as 4 sections and then joined for final assembly 8 layers of 10mm Carbon Steel; Internal liner of 3mm Stainless Steel. Small Scale Tanks: Layered carbon steel Phase 1: 1 to 5 tonne capacity (2.5m diameter) Phase 2: 10 tonne capacity (4m diameter) All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group 23 23 Contacts Martin Carolan Managing Director & CEO mcarolan@provaris.energy Norm Marshall Company Secretary nmarshall@provaris.energy www.provaris.energy ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. Sydney & Oslo info@provaris.energy