Announcement PDF Provaris Energy Pioneering CO2 Tank Solutions to Capitalize on a Rapidly Expanding Global Market May 2025 www.provaris.energy ASX:PV1 Executive Summary Global Challenge Provaris Partnership with Yinson > Global CO2 emissions from energy combustion and industrial processes reached record highs in 2024 > Yinson is a global operator of energy infrastructures assets with strong financial position > Swing by energy majors to produce more fossil fuels will boost investment in Carbon Capture and Storage (CCS) to cut CO2 emissions > Leveraging Provaris’ proprietary storage and marine transportation design and construction methodology > Design of new bulk-scale LCO2 tank and integrated shipping solutions > Fully funded development program with key milestones in 2025/26; includes fee income to Provaris > Yinson bring access to immediate market opportunity through its joint development of the 10 Mtpa Havstjerne CCS, Norway > Existing infrastructure for liquid CO2 (LCO2) capture is mature, however limited in capacity based on existing industry needs Industry Hurdles > Primary CO2 transportation methods over longer distances are pipelines and shipping. > Shipping of LCO2 limited to 7,500 cbm vessels, with new orders for 22,000 cbm vessels, and demand for +30,000 cbm capacity > Cost efficiencies requires larger “bulk scale” storage and vessels to meet growing CO2 marine transportation requirements. Benefits > Lower capital and operating costs per cbm of LCO2 storage > Global pipeline of CCS projects advancing to FEED and FID will need low-cost cost storage and transport solutions > Offers Provaris growth in License Fee for tanks required in floating storage, shipping, and land-based storage solutions 2 Global CCS industry valued at USD 8 billion (2024), forecast +20% CAGR1 Global CO2 emissions from energy combustion and industrial processes reached record highs in 2024 > Total CO2 emissions from energy rose by 0.8% in 2024, reaching a record high 37.8 Gt CO2, primarily from natural gas and coal. Global CO2 emissions from energy combustion and industrial processes and their annual change, 1900-2023 (IEA, GigaTonnes CO2) > Advanced economies are adopting low-emission energy sources, though the Energy Transition is progressing more slowly. > In 2025, global energy companies will boost investment in Carbon Capture and Storage (CCS) to cut CO2 emissions, supported by established carbon markets and net-zero targets. > Carbon Policy is being implemented in industries, with the EU’s Carbon Border Adjustment Mechanism (CBAM) payments starting in 2026. > CO2 is seen as a low-value waste product (cost to industry), necessitating investment in efficiency and scalability. IEA (2025), Global CO2 emissions from energy combustion and industrial processes and their annual change, 1900-2023, IEA, Paris https://www.iea.org/data-and-statistics/charts/global-co2-emissions-from-energy-combustion-and-industrial-processes-andtheir-annual-change-1900-2023, Licence: CC BY 4.0 https://www.gminsights.com/industry-analysis/carbon-capture-and-storage-market 3 Carbon Capture and Storage (CCS) value chain well established Infrastructure for CO2 liquefaction, storage, and transport established for hard-to-abate industries. Growth in Annual Carbon Capture Capacity By Industrial Sector 250 Source: BloombergNEF 2025. Note: DAC is direct air capture. Million metric tons of CO2 DAC Iron and steel production Ethanol production 200 Chemical production Ammonia production 150 Cement production 100 Oil refining Power generation 50 0 Other Natural gas processing 2015 2020 2025 2030 2035 Hydrogen production 4 Global CCS outlook and driving demand for large scale LCO2 carriers Opportunity for Provaris to secure key role early in a new growth shipping sector Rapid growth in CCS capacity post 2030 Source: Clarksons Green Transition Group. Translating to Demand for LCO2 Carriers Source: Clarksons Green Transition Group. “I n our view , scaling up global CCS capacity w ill require a fleet of specialized tankers w ith the ability to collect CO2 from capture sites operated by m any different industrial segm ents.” 5 CCS projects driving demand for newbuild injection units and carriers Storage and containment design typically based on existing Type C tank design limited in storage capacity 6 Provaris and Yinson Offers Provaris growth in License Fee for floating storage, shipping, and land-based storage solutions Leveraging Provaris IP to fast-track CO2 tank design Yinson commit to full-scale development of CCS in Norway > Yinson Production - Global energy infrastructure leader (FPSOs, CCS, Renewables). 2024: Operating 9 FSPOs; USD 1.6 B revenue; ~USD 1 billion private placement > Acquisition of Stella Maris CCS, includes development of 10 Mtpa Havstjerne CCS Reservoir, Norway’s continental shelf > Fully funded Joint Development Agreement to deliver bulk liquid CO2 tank for floating, onshore, and ship-based storage applications > JV partner is Harbour Energy PLC > Access to immediate market opportunity for commercializing new tank design across vessels for storage, transport and injection > Solving industry bottleneck = LCO2 tank capacity limited to ~7,500 cbm > Targeting major gains in storage volume and reduced costs > ~USD 500,000 investment by Yinson, includes technical and management fees to Provaris > Tank designs and IP to be jointly owned > Global opportunity to license tank designs to maritime and storage applications from 2026 Provaris is Advised by Clarksons Norway AS, Energy Infrastructure Group Source: Yinson Production AS. 7 Why the need for new tank designs? The bigger the tanks, the bigger the SAVINGS in associated capital equipment & operating costs > CO2 must be stored at pressure with Type C tank the solution, or other alternative designs. > Class and IGC regulations already in place to accelerate design and approvals. > Market is offering large LCO2 tanks at 5,000 to 7,500 cbm capacity (60 to 70 mm plates). Beyond that ... steel thickness becomes unmanageable! Provaris investment to date in novel layered tank designs and automated tank fabrication enables: i. Accelerated development timelines through knowledge of novel designs and Class approvals; ii. Storage capacity at multiples of existing designs; iii. Lower tank construction costs; and iv. Ownership of IP maximizing design and licensing revenues. Illustration: LCO2 Type C tank concept at low (10 barg) pressure and -40 to -55 deg C 8 2025 Development Program Fully funded by Yinson under Joint Development Agreement Phase 1: Concept Design Complete > Accelerated concept design leverages Provaris’ development of novel tank designs. > Basis of Design for large-scale LCO2 tank. > USD 200,000 technology fee received. > COMPLETED MARCH 2025. Phase 3: FEED Phase 2: Pre-FEED (In Progress) > Detailed design for LCO2 tank & fabrication > Planning underway for scope and key > Integration with Floating Storage Injection Unit (FSIU) > Target commencement in August 2025 > Define Onshore/Barge storage alternatives. > Integrated development plan with > Ongoing fee income to Provaris for management, design and QA services. terms upstream CCS and downstream injection projects… > June-2025 milestone: Class-level approval LCO2 tank design and integration with FSIU. 9 Contacts: Martin Carolan Managing Director & CEO mcarolan@provaris.energy Per Roed Chief Technical Officer proed@provaris.energy www.provaris.energy ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. Sydney, Perth, Oslo info@provaris.energy