Announcement PDF Innovating critical infrastructure solutions for a low-carbon future 16 December 2025 www.provaris.energy ASX.PV1 H2 | CO2 Fiskåbygd, Norway 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’ 29 August 2025 Annual Report lodged with the Australian Securities Exchange (“ASX”) on 29 August 2025 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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Important notice and disclaimer 2 3 Investment Highlights First-Mover Advantage & Strategic Location Provaris leads the market with proprietary IP for bulk-scale tanks and carriers validated by advanced engineering. R&D and Commercialisation focus in Europe. Market Opportunity EU hydrogen demand up to ~10Mtpa by 2030, with 70% to be met with imports. CCS growth expected to reach ~60 Mt CO2 by 2030, requiring significant investment in storage and shipping solutions. Capital-Lite Business Model Commercial model monetizes IP via licensing and fees, while partners handle shipping capex and ownership reducing financial risk. Strategic Partnerships & Commercial Progress Collaborations with industry leaders to accelerate commercialization and expand Provaris’ market reach effectively. Technology License Fee & Long-Term Income Streams Focus on early cash flow through the license of Design and Fabrication IP at FID. Recurring charter carry fees provide steady income over 10 to 15 years, securing financial stability. Hydrogen and CCS infrastructure critical to achieving EU climate goal of 90% emission reduction by 2040 4 Innovation in large-scale storage and maritime transport solutions critical to enable cost-effective decarbonization for heavy industries in Europe > Australian public company (ASX: PV1) with offices located in Sydney and Oslo. > Pioneering unique IP for the design and robotic fabrication of large pressurized tanks for H2 and CO2, and integrated vessel designs. > Material technical and commercial milestones in 2026 in collaboration with industrial partners. > Early cash flow through Technology IP license and ‘Capital-Lite’ model removes burden of large capex. Compressed H2 carriers Enabling first-mover, energy efficient and cost-effective regional hydrogen supply chains. Next generation CO2 tank Offers increased volume, lower steel weights, to solve existing tank constraints across multiple markets. Global Opportunity Innovation in bulk-scale tank and ship design IP across two markets Barge storage Offshore FSIU Carriers 5 Recent achievements establish a platform for re-rating technical and commercial milestones into 2026 > MOU with “K” Line established mid-2025 provides technical, commercial, capital and global shipping expertise to commercialise H2Neo carriers in Europe. > Advanced and maintained development of compressed H2 supply chain, with a focus on Nordic supply and German offtake. > Commissioned Robotics Centre in Norway to complete H2 Prototype Tank and CO2 test specimens confirming proprietary tank designs and the use of automation to lower construction costs. > JV with Yinson for CO2 tanks advanced to FEED, leveraged by our unique IP in design and fabrication, and creating a large commercial opportunity. • Completion of Concept Design & FEED commenced (funded by Yinson) • Integrated design with Yinson’s FSIU • Engaged with Asian yards for tank fabrication • Initiating second market opportunity for CO2 carriers and storage barges Clear pathway for early 2026 milestone events Recent 2025 achievements in two key markets Collaborations with industrial partners in H2 and CO2 highlight the relevance of Provaris solutions > Completion of Prototype Tank delivers final Class Approvals for H2Neo carriers. > Norwegian H2 supply projects targeting power capacity establishes timeline to FEED and FID. > “K” Line to establish key terms for charter agreements, financing and ownership structure for operations of H2 carriers. > CO2 FEED completion (mid-2026) and integration with Yinson FSIU targeting FID decision in 2026. > Develop new products and partnerships for CO2 tank solutions to highlight additional commercial opportunities. 5 Development Milestones for both H2 & CO2 highlight extensive technical program de-risking commercial events to follow 2026 Today Oct Nov Dec Q1 Q2 Q3 Q4 Q`1 Q2 2025 Prototype & Class Approvals Testing Final Class Approval “K” Line & Shipyard H2Neo Newbuild Estimate //….2030 Newbuild Order 2027 Tank Fabricator Select preferred yard Establish Production Cell Establish Digital Twin COD Delivery Fabrication Charter Terms Identification of suitable yards NOTE: Newbuild order is dependent on H2 Supply & Offtake taking FID H2 2026 Today Oct Nov Dec Q1 Q2 Q3 Q4 Q`1 Q2 2025 FEED - LCO2 25k Tank Class Approval (GASA) //….2030 2027 Select preferred yard Through to June 2026 Identification of suitable yards – tank fabrication CO2 Phase 1 Phase 2 Tank Integration with FSIU “Yinson” Target FID COD Delivery LCO2 Carriers Discussion with Shipowners for use of license of LCO2 tank for new ship designs Provaris H2Neo License and Income events • License Fee at FID of Newbuild Order and construction paid over 30-36 mths; and • Share of Charter Fees at COD over 20yrs. • The trigger for Newbuild Order will be aligned with the H2 Supply Project and Offtake taking FID Production Cell FID NOTE: All License Fees for CO2 tank design and fabrication paid to the NewCo JV with Provaris & Yinson 50/50 owners. 6 7 Norway’s domestic H2 market matures with increasing project FIDs Funding agency Enova supporting H2 production for coastal maritime offtake; coupled with access to EU funding 23 of 66 projects have reached Final Investment Decision (FID) – increase of nine in 2024. Production Growth to ~30ktpa by 2030 ~100M fundingfor coastal projects Funding supports vessels and infrastructure to produce about 120 MW of green hydrogen, roughly 40 tpd to reduce maritime CO₂ emissions. Norwegian Hydrogen fundingsuccess Norwegian Hydrogen demonstrating success with multiple rounds of Norway State and EU funding schemes: Innovation Norway + EU Innovation Fund + EU Hydrogen Bank (circa 100m). Germany Spain Finland Norway 8 Norway • Norway’s grid supply 98% renewable sources = high electrolyser utilisation • Industrial PPA €30-50/MWh • Hydrogen supply ~EUR 4-5/kg * • RE PPA €50-100/MWh • Domestic green hydrogen supply ~EUR 9-11/kg * • Germany’s Import demand 1-3 Mtpa • ~70% to be met from imports Source: : Provaris Energy, ASX release 2 Sept. 2024 “Studies reaffirms compressed H2 for low cost supply”; BloombergNEF > Europe (and Germany) states up to 70% of hydrogen demand to be met by imports. > Strategic supply from Nordic region provides lowest-cost renewable baseload power, regional proximity, security of supply. > Collaboration with Baker Hughes for compression equipment at scale confirms use of mature technologies, costs and efficiency. > Co-operation with “K” Line to establish commercial shipping terms, fleet ownership and operations. > Demand established via MOUs with German utilities for offtake, including breakthrough Term Sheet signed: Uniper & Norwegian Hydrogen. > Pipeline of regional development projects continue to Provaris first-mover position. Studies confirm ‘Compressed H2’ lowest regional transport cost. supply to Europe Established collaborations with industrial partners Germany Deliver 50% more hydrogen +20% lower delivered cost 20% reduction in capital intensity 10x reduction in energy loss Germany Norway Rotterdam FjordH2 Export Project (Ålesund, Norway) 9 • Responsible for H2 supply • ~40,000 tonnes per annum • RFNBO compliant H2 based on EU regulations • Power supplied from Grid Hydropower • FEED pending award of 250 MW power reservation • Offtake Term Sheet and nominate import location • 10-year term (+5 yr options); • Fixed price DES; Take-or-pay obligations • Target first cargos 2030 • Ownership and operator of H2 carriers • 2* H2Neo carriers for round-trip transport and 1* H2Leo barge for loading storage • Long-term charter aligned to Hydrogen SPA tenure (+10yrs) • Newbuild order triggers License Fees to Provaris > Power capacity reservation & PPA terms > Convert Term Sheet to Hydrogen SPA > Key Terms for Shipping Time-Charter; > Shipyard Newbuild to confirm capex (and binding charter) De-risking Milestones in 2026 ~40,000 tpa RFNBO-compliant hydrogen supported by Uniper for offtake to North-West Europe Source: Norwegian Hydrogen AS H2 Supply Hydrogen Supply H2 Shipping H2 Import + 650 N.miles 10 to focus on early cash flow without large-scale capex Capital efficient growth model through upfront license fees + equity share in fleet, without owning ships Illustrative Returns (Per Supply Project - 2 x H2Neo carriers & 1 H2Leo barge):^ License and Origination Fee Income per supply chain project with a binding 15yr Time Charter. No capital contributions/outlay. Per Supply Project 1 Income USD Million NPV8 at FID USD Million Technology License Fees 2 16.5 14.4 Equity share of Time Charter Fees 3 18.0 7.9 Total Fees Per Project 34.5 22.3 ~54 (AUD M) ~35 (AUD M) ^ 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. Example for each H2 supply project Technology License Fee Origination Fee 5% as carried equity Ownership Interest in each H2Neo carrier and H2Leo barge • Experienced ship owners or SPV to finance and operate the fleet (ie. “K Line) • Provaris retains option to co-invest in increase long-term cash flow 5% of 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. > Targeting maiden Technology Fees aligned with project FID/Construction decision. > Long-term recurring Origination Fees based on 10-15yr Time Charter agreements operational from operations. 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Year 1 Year 2 Year 3 Year 4 Year 5 …..... Year 15 US$ Millions Technology Licence Fee Equity Share (Time Charter) Technology Fee Paid Construction (3 years) Post-FID Cash flows Share of 15yr Time Charter Fees 11 Technical Partners & Advisors include: 11 Robotic fabrication key to lower construction costs All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group Market leading carrier for gaseous hydrogen provides the lowest regional transport cost Approved FEED design, with final Construction Approvals pending Prototype Tank Illustration of longitude tank. Cargo capacity: 27,000m3 (450 tonne net); 250 Barg (Closed containment = No boil-off) Proprietary design for H2Neo Compressed Hydrogen Carrier H2Leo barge storage for loading and discharge sites Received AIP from Class (300-600 t H2) Choice of proven compression technology & loading arms enables flexible and low capex jetty solutions > Robotic laser-hybrid welding technology proven to lower costs, increase productivity and reliability. Extends value of Proprietary IP. > Fabrication of Prototype Tank underway, following by fatigue testing. > First Mover Advantage: Four years of IP development, including advanced FEED Design Approval by Class; risk and safety studies; prototype final stage. US Patent granted. > Standard Hull based on MR Tanker: Hybrid electric propulsion system including LNG, Battery & H2 Fuel Cell > Partnership with global shipping operator “K” LINE to provide ownership, financing, newbuild, and operations on long-term charter terms. Co-operation with global shipping company “K” Line to accelerate commercialisation of hydrogen carriers Shipping expertise to aid commercialisation of Provaris’ hydrogen transport model through ownership, construction and operations > Global operator since 1919; +5,000 employees; USD 7 Billion revenue > Operating fleet 448 vessels; including 90 in the energy sector. > Established ship management and fleet operations in Europe & Norway • 20yrs operating gas carriers - Snøhvit LNG (Equinor). • Operator of world-first specialised LCO2 carriers for Norway’s Northern Lights CCS Project. Strategic Partnerships with Yinson > Equity partners in FPSOs > Strategic Partnership with Yinson Production & Harbour Energy for LCO2 carrier transport and storage and injection, Havstjerne CCS (Norway). Potential to access to Japan’s Innovation Funding Fleet focused on Decarbonization 12 13 Advancing the development of H2 shipping charter terms and ownership model Provides validation of Provaris’ technical and commercial model for regional shipping of H2 • Memorandum of Understanding (MOU) established in July 2025 to deliver technical, commercial, and operational support, leveraging extensive knowledge and global shipping experience. • Progress on Technical and Commercial workstreams includes:  Technical review of the H2Neo FEED Design and Class Approvals with owner feedback on the final newbuild specifications.  Site inspection of Prototype Tank fabrication and robotic cell in Norway.  Development of a commercial freight cost model and defining key terms for a standard charter agreement (opex, crew, dry-dock, insurance, financing). • Site visit to Asian yards and fabrication facilities (scheduled for January 2026). • Development of a Special Purpose Company (SPC) structure for fleet ownership, financing, and newbuild program. “K” Line site visit to Robotics Innovation Centre, Fiska (Nov 2025) Investment in Robotics Centre (Norway) to demonstrate low-cost fabrication, industrial scale production and extend Provaris IP Use of proven laser-hybrid welding procedures and materials approved for use by DNV for marine applications Supported by: Increased productivity (~20x vs manual TIG) Reduced heat & energy costs 100% quality assurance (NDT) Reduction in CO2 footprint Reduces material costs, using thinner plate Extends IP to new applications (CO2) 14 Robotic Innovation Centre, Fiska, Norway 14 All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group Construction of the H2 Prototype Tank, followed by fatigue and pressure testing to achieve final Class Approvals 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. Installed Production Cell and tank sections 15 Prototype tank resumption in 2025 provides a demonstration facility also strategic for the advancement of CO2 tank IP Material handling robot Cassettes with fabricated steel panels Rotating cylindrical jig to hold plates Laser-welding robot for both cylinder and end-cap End-cap jig with plates https://youtu.be/F3_-dLIWIWc Recent site visit by key partners (November 2025) Site visit (November 2055): Robotic Cell, Prototype Tank and fabrication demonstrating high efficiency of automation for using robotics plate handing and welding with nanometer accuracy. 16 16 All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group Robotic Cell: Cylinder and End-Cap Jigs with hydrolics to rotate tank Robotic Cell: Plate handling, mounting, tack welding and seem welds Site Visit : Yinson, “K” Line, Harbour Energy 18 Nov 2025 CO2 Storage and Maritime Transport | Partnership with Yinson Solutions for offshore storage and injection, shipping, and land-based storage solutions > Yinson Production AS - Global energy infrastructure leader (FPSOs, CCS, Renewables); Operating 9 FSPOs; USD 2.5B revenue. > JDA (Aug 25) converting to a 50/50 JV Co. to develop large low pressure LCO2 tank solutions for floating, onshore, and ship- based storage applications. • Large tanks increase hull utilitisation; lower vessel capex; and target lower freight cost • Existing LCO2 tank capacity restrained to at 5,000 to 7,500 cbm; limitation due to material thickness and conventional welding. > Full-funding for FEED: design and approvals for 25,000 cbm low LCO2 pressure tank for integration with Yinson’s Floating Storage Injection Unit (FSIU). > Global opportunity to develop tank designs for offshore, shipping and storage based on different pressure/specifications (Medium Pressure, Elevated Pressure). > Tank designs to be licensed under terms with the JV, ordered by the vessel owner and constructed by third-party Yards/Fabricators. 18 Leveraging Provaris IP to fast-track LCO2 designs Yinson commit to full-scale development of CCS in Norway Provaris is Advised by Clarksons Norway AS, Energy Infrastructure Group > 2025 acquisition of Stella Maris CCS: development of 10 Mtpa Havstjerne CCS Reservoir (Norway’s continental shelf). • JV partner is Harbour Energy PLC; €200M EU Innovation grant funding > Immediate market opportunity to commercialise tanks through Floating Storage Injection Unit (FSIU) design using new tanks. > Partnership with “K” Line for offshore injection and carrier solutions. Source: Yinson Production AS. Illustration: Yinson FSIU (100k cbm) designed for 4 Provaris LCO2 tanks 19 Stella Maris CCS Value Chain Key Development Milestones Completion of FEED Studies Term Sheet with Emitters Project Execution Window 2024-26 2026-30 Expected Final Investment Decision Expected Commercial Operation Date Havstjerne by Numbers 200Mt CO2 40% 2026 2030 10MtpaCO2 20MtpaCO2 Gross storage capacity Expected FID Peak gross injection rate First injection LOI/MoUs from emitters Stella Maris CCS’s interest in Havstjerne License Value Chain Capture Sites Transport CO2 from emitter to CO2 Terminal Typically, the scope of the emitters but can be addressed by Stella Maris CCS if needed Processing Terminals Offshore Transportation Injection Facilities Permanent Storage Reservoir Current Stella Maris CCS Scope Stella Maris CCS Overview Yinson Production acquired 100% of Stella Maris CCS AS, a Norway-based carbon capture and storage company. Stella Maris will develop a full CCS value chain and holds a 40% stake in the Havstjerne CO2 Injection & Storage Reservoir. The project will receive up to EUR 225 million from the EU’s Innovation Fund. This enhances our low carbon market presence and supports our global energy transition goals.  Concept Design completed March 2025 demonstrated reduction in the number tanks and hull dimensions to save on capex/opex. > FEED underway, delivery mid-2026 includes: • Phase 1 Delivery January 2026; Phase 2 June 2026 • Global finite element modelling • Static and Fatigue Structural design • Development of test specimens to be fabricated at Provaris’ robotic cell facility in Norway and subsequently tested. • Design of Fabrication facility and integration with Asian yard(s) for contrsuction costs. > Engagement with Class for GASA approval mid-2026 (General Approval for Ship Application), from a classification society, DNV, for a novel ship design or technology. 20 All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group FEED underway for LCO2 Tank and integration with Yinson FSIU Yinson funding provided through JDA terms, targeting ‘FID ready’ mid-2026 Illustration: Yinson FSIU (100k cbm) designed with 4 25,000cbm LP LCO2 tanks Illustration: 25,000 cbm LP LCO2 Illustration: Tank Fabrication hall CO2 sector tailwinds… benefiting from traditional shipowners ready to participate in a new growth market; Europe the early-mover • Capture and storage capacity quadrupling by 2030 (DNV, Sept 2025) with Europe to surpass Nth America • Growth to focus on heavy industry… with capture capacity resulting in strong demand for CO2 carrier newbuilds 62 +92 +58 +58 270 2024 2030 North America Europe Rest of the world + Project pipeline never been stronger + Government targets + Corporate commitments +/- Policy uncertainty Units: MtCO2/yr 22 > Asian yards have designed medium-size LCO2 carriers based on ‘traditional Type C tanks with 6-7,000 cbm storage’. > Preliminary GA developed for 50,000 cbm LCO2 Low Pressure Carrier (10 bar) to operate in offshore injection (Europe & Asia) – demonstrated cargo capacity benefits without changes to the hull outline. > Engagement with Asian and European shipowners on developing alternative designs for CO2 using Provaris tank designs. > Including, concepts for 20,000 CBM LCO2 Medium Pressure (19 bar) suitable for short-haul intra-Europe and Asia All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group Additional market opportunities for CO2 carriers using Provaris tank Item Provaris CO2LOS JIP Asian Yards Cargo Vol [m3] 50,000 43,000 40,000 No. Cargo Tanks 2 6 7 LOA [m] 221 220 220 LPP [m] 220 214 214 Beam [m] 36.5 37.8 36.5 Depth [m] 19.5 20.5 19.5 Design Draft [m] 11.5 11.5 11.75 Lightweight [mt] 22,000 21,800 21,900 (est.) Cargo Hold Utilization [%] 77 47 < 50 (est.) Similar Principal Particulars to Asian yard designs for 40,000 m3 carrier results in +25% in Cargo Capacity Illustration: General Arrangement for a 50,000c bm LP LCO2 carrier with Provaris tanks Illustration: 25% gain in cargo capacity based on Provaris GA for 50k LP LCO2 Oslo, Norway (Provaris Norway AS) Sydney, Australia Ordinary Shares on Issue (PV1.ASX) 868 M Market Capitalisation (at 1.6c) A$ 14 M Unlisted Options 2 Performance Rights 3 63.5 M 26 M Macquarie Bank – Available Standby Bond Facility 2 A$2,500,000 Convertible Bonds On Issue 2 A$200,000 Shareholding (Undiluted) 1. A$3 million Two-year standby facility with Macquarie Bank, announced 3 May 2024. 2. Unlisted Options: 23.7M at 7.5c, Expiry March 2026; 8.3M at 7.5c Expiry Jul 2026; 4M at 6.6c, Expiry May 2027; 27.6M at 3c, Expiry Feb 2027. 3. Performance Rights held by the Board and Management with conversion on company milestones Capital Structure 23 Corporate Overview – Provaris Energy (ASX.PV1) Offices in Sydney and Oslo 9% 1% 8% 26% 56% Board & Management Yinson Production AS Institutions HNW/Family Office Retail Top 20 Holders 38% Top 50 Holders 47% 24 Martin Carolan Managing Director & CEO Commercial & Capital Markets A U S T R A L I A / N O R W A Y Garry Triglavcanin Product Development Director Engineer, LNG, Project Development A U S T R A L I A Greg Martin Chairman Energy,, Infrastructure, Governance A U S T R A L I A Andrew Pickering Non-executive Director Shipping, Newbuilds, Tankers, LNG A U S T R A L I A David Palmer Non-executive Director Shipping, Commercial, Financing E N G L A N D N O R W A Y Per Roed Chief Technical Officer Newbuilds, Tankers, LNG, Ports, Operations Mats Fagerberg Business Development Commercial, LNG, Shipbroking P O R T U G A L Experienced Board & Management aligned with investors Australian public company (ASX.PV1) with offices in Sydney & Oslo. Global experience across energy and gas infrastructure, utilities, ship newbuilds, operations, and capital markets (Ownership: 68 million shares) Norman Marshall Group Commercial Manager Legal, Commercial, Finance A U S T R A L I A John Stevenson Group Financial Controller Accounting, Finance A U S T R A L I A Jessica Roed Operations Manager, Norway Shipping, Logistics N O R W A Y Supported by world-class technical partners, advisors and industry organisations: www.provaris.energy ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. Sydney & Oslo info@provaris.energy Martin Carolan Managing Director & CEO mcarolan@provaris.energy Norm Marshall Company Secretary nmarshall@provaris.energy Contacts