Announcement PDF www.provaris.energy 2024 Annual General Meeting 28 November 2024 ASX.PV1 Fiskå, Norway Simplicity | Efficiency | Flexibility Important notice and disclaimer 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’ 28 August 2024 Annual Report lodged with the Australian Securities Exchange (“ASX”) on 28 August 2024 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 Board for release on 28 November 2024 2 Provaris offers a unique investment Enabling the development of safe, efficient industrial scale supply chains to support 2030 emission targets Australian Public Co. (ASX.PV1) located in Sydney & Oslo (Provaris Norway AS) Strategically focused on the European market where policy for energy security and decarbonisation depends on new bulk storage and maritime imports Proprietary tank IP and innovative ship design prioritises simplicity and efficiency to reducing storage and transport costs Collaborating with Norwegian producers for supply and German utilities for offtake of compressed hydrogen which offers the lowest regional delivered cost in Europe Strategic partnership to innovate CO2 tank design for storage and marine transport, enabling higher volumes over long distances Large addressable markets with multiple revenue streams and monitisation pathways 3 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: 4 Corporate Overview Shareholding (Undiluted) Capital Structure Ordinary Shares on Issue (PV1.ASX; WS90.BE) 1 12mth Share price range (high-low) 687 M 6.5c to 1.8c Regal Funds Management 5.7% OC Funds 4.9% Market Capitalisation (at 2c) A$ 14 M Board & Management 6.0% Cash (November 2024)1 A$ 1.8 M HNW/Family Office 15.0% A$2,500,000 Total top 20 40% A$235,000 Total top 50 52% Macquarie Bank – Standby Bond Facility 2 Convertible Bonds On Issue 2 Unlisted Options 3 40.9 M 1. Pro-forma for completion of A1.5M Capital Raising announced 6 November 2024 2. A$3 million Two-year standby facility with Macquarie Bank, announced 3 May 2024. 3. Unlisted Options: 2.5M at 7c Expiry Mar 2025; 2.5M at 14c Expiry Mar 2025; 23.75M at 7.5c, Expiry March 2026; 8.2M at 7.5c Expiry Jul 2026; 4M at 6.6c, Expiry May 2027 Office Locations Oslo, Norway (Provaris Norway AS) Sydney, Australia 5 In 2024, Provaris accomplished several technical and commercial milestones that have yet to be reflected in our market valuation > Matured the technical readiness and economic benefits of compression as a bulk-scale transport solution > Demonstrated compressed hydrogen as the lowest cost regional supply in Europe > Advanced development of supply chains through collaborations in Norway for supply, leading to Term Sheet with Germany utilities (Uniper) for offtake 11 > Expanded our IP into new products for storage tank solutions for hydrogen and liquid CO2 storage > Board and Management team remain aligned with shareholders in driving value for the company whilst managing dilution > Unforeseen delay in Prototype Tank completion > Hydrogen sector has shifted from ‘hype to reality’ 30 Nov: $1.9M Placement (Director's participation $230,000) 6 Aug: Tri-party MOU with NH2 and Uniper for H2 Supply 21 Dec: MOU with Uniper 2 Sep: Study reaffirms Compressed H2 as low cost 8 Jan: DNV Engaged for Class Approval 1 Oct: JDA with Yinson for CO2 Tank designs 9 Apr: Collaboration with GES for Rotterdam Import Terminal 6 Nov: $1.5M Placement (Director’s participation $110,000) 3 May: $3M Standby Funding Facility with Macquarie Bank & $2M SPP 11 15 Nov: Regal Funds Management substantial holder 5 June: Delays to Completion of Prototype Tank 6 to meet global decarbonization goals Policy, Industry and Funding established to reduce emissions from hard-to-abate industries Steel Glass Smelters Refineries Zero-emission energy source with scalable potential > Requires new Infrastructure to support global supply chains > Mobility (HDVs, Maritime) Focused on reducing existing emissions Focused on eliminating emissions ... > CCGT Power Generation > Established infrastructure for CO2 capture, transport and injection Need for Bulk-scale storage and transport solutions > Rising carbon market prices and strong policy support > Leveraging +50 years of Compression technology > Growing Demand outlook for CO2 shipping is robust > Simplicity of Compression eliminates capital and energy intensity of alternative carriers = lowest regional cost > Limitation of CO2 tank capacity set at 7,500 cbm > Proven transport and storage vector, with new scale of storage tank solutions required Integrating H2 and CO2 strengthens Provaris’ leadership in the energy transition… Advanced development of compressed H2 carriers and supply chains, delivering the lowest cost regional green H2 supply Leverage tank IP to design low-pressure, high-volume CO2 tanks cutting storage and shipping costs 7 pioneering integrated solutions enabling supply chain development Strong partners and complementary roles in H2 and CO2 storage and transport, vital for 2030 decarbonisation goals Offtake, Ports & Distribution Proprietary H2 Carriers H2 Production & Export H2 development remains our core focus > Secured Three MOUs with German utilities for H2 supply > Collaborating on developing Rotterdam import terminal Industrial H2 Tanks CO2 Storage and Transport Adapting IP for H2 and CO2 tank solutions > Collaborating for H2 Supply projects: Norway, Finland. > Proprietary tank design for bulkscale storage & transport > Advanced discussions for additional supply collaborations. > Advanced Class approvals and safety studies for H2 carriers > Partner with shipowners to operate H2 carriers > Innovative Design and fabrication for industrial H2 storage tanks > Utilising robotics and laserhybrid technologies to optimise costs > Co-development with Yinson Production bulk CO2 tank > Larger scale liquid CO2 tank for marine transport and storage 8 Europe’s dependency on energy imports has increased to 60% with hydrogen to follow at up to 70% Germany, EU’s largest power market committed to phase out coal, banned uranium, and reliant on imported LNG Europe prioritising development of green hydrogen Steel Glass Smelters Refineries Power Generation Mobility (HDVs, Maritime) > Focus on decarbonization of hard-to-abate industries > EU committed €138 billion to support industry (Innovation Fund; Horizon Europe; EU Hydrogen Bank; H2Global) > Legislation sets quotas for use of green hydrogen and only funds supply/offtake for green hydrogen > ‘Core H2 network’ for transport infrastructure under development connecting ports and industrial users (€18 billion private investment) > Major power utilities announced +€40B investments Provaris addressing the challenges of scaling up hydrogen: Complexity, Cost and Industry Demand, with 3 MOUs entered with German utilities, including Uniper Germany’s need for Hydrogen “Meeting German demand solely through domestic supply would neither be technically nor economically viable”. NHS 2023 Germany requires over 70% of its hydrogen demand (3-4 Mtpa) to be met by imports Equates to 1.5-3 Mtpa of hydrogen imports required by 2030 Meanwhile the supply market is dominated by Ammonia…with no industrial-scale facilities to convert back to Hydrogen 9 Provaris Concept Design Study reaffirms enables low-cost supply for Europe Outcomes for a 540MW renewable grid connected site, sailing 1,000 Nm, when compared to the ammonia supply chain (delivered as gas), confirmed capital and energy efficiency benefits when delivered as hydrogen 50% more gaseous hydrogen ~20% lower delivered cost 20% reduction in capital intensity 5-10x the value of grid connected site delivered to the customer (only 2.8% used for compressed vs +30% for ammonia) (€/kg H2 delivered) (~€ 1.40/kg discount) through higher net-back price received over 20yrs 10 Provaris analysis demonstrates superior delivered cost advantage for Compressed Hydrogen In 2024, +€1 billion in funding for green ammonia and hydrogen projects highlight a H2 cost range of €6-10/kg Delivered as gaseous H2 (€/kg) ^ Provaris delivered cost at €6/kg 3 for green hydrogen competitive against 2024 results for EU Hydrogen Bank Auction & H2Global Pilot Auction H2 Equivalent for NH3 cracked 12 10 8.80 8 6 10.34 €720 million across 7 projects 6.00 8.13 5.80 4 (NH3 1,000/t) (NH3 1,294/t) 2 H2 Equivalent Delivered Price H2 Equivalent Delivered Price H2Global Pilot Auction winner H2Global Pilot Auction Average 0 Provaris Compressed H2 EU Hydrogen Bank Auction - EU Hydrogen Bank Auction Low Average Source: * H2Global, BloombergNEF; ^ Provaris Analysis 1. July 2024: Germany’s H2Global pilot auction awarded Fertiglobe as the sole recipient of €394 million to support a 7yr supply contract of at least 259,000 tpa of NH3 (equivalent to 37,000 tpa of H2). 2. April 2024: EU Hydrogen Bank awarded a combined €720 million across 7 projects; set to produce a collective 158 ktpa of hydrogen by 2029. Portugal, Spain, Norway and Finland were the selected locations. Winning bids submitted to the auction suggest average levelized costs between €5.8/kg and €8.8/kg. A second €1.2 billion auction is planned for late 2024. 3. September 2024: Provaris Energy: Design Concept Study, 87,000 tpa, Norway to Germany. https://wcsecure.weblink.com.au/pdf/PV1/02847279.pdf Funding continues in 2024 with second €1.2 billion EU Hydrogen Bank auction 11 Realisation that green hydrogen production costs in Europe are higher than expected… Focus on efficiency and cost! BNEF provide disclosed average levelised production cost of RFNBO (green) hydrogen in the European Hydrogen Bank pilot auction (2024) Provaris focus regions for supply collaborations Source: BNEF Hydrogen 12 Breakthrough partnership with Uniper and Norwegian Hydrogen for supply and offtake of RFNBO compliant hydrogen (Nordics to Europe) Tri-party agreement Norwegian Hydrogen & Uniper (August 2024) to develop hydrogen supply chains from Norway and other Nordic sites, to import locations in North-Western Europe. Advanced discussion on Term Sheet milestone in December 2024. H2 Supply • +40,000 tonnes per annum (~300 MW electrolysis) from the Nordics, capitalizing on RE potential FjordH2 270MNW • RFNBO compliant H2 based on EU regulations Oslo • 10-year contract tenure for offtake by Uniper Storage & Transport • Two H2Neo carriers and one H2Leo barge dedicated for storage and round-trip transport 700 – 1,000 N.Miles NORWAY Nordic countries offer stable renewable grid, cheaper electricity, certified green H2, and FINLAND • Long-term charter aligned to 10yr offtake Import & Distribution ~600 N.Miles • Uniper to define import location and manage port and pipeline capacity Stade • GES’ Rotterdam terminal included for feasibility Milestones Q4,2024: Term Sheet for hydrogen SPA and shipping agreements Rotterdam Q2,2025: Binding contractual agreements early-2029: First hydrogen cargos delivered Provaris & GES to develop compressed H2 import terminal Hamburg Wilhelmshavenv Eemshaven Rostock Import sites under review for H2 terminal Germany reliant on +70% of demand to be met by imports for RFNBO quotas Provaris development pipeline includes 1.5 GW in regional hydrogen supply, transporting ~250,000 tpa 13 13 There are many tangible relevant to scaling up supply for Europe that are Compression of Hydrogen is proven technology Use less renewable energy to deliver more hydrogen Eliminates complex & capital-intensive supply chain processes Enables flexible import solutions to balance market demand Offers the lowest delivered cost for regional supply projects Delivers hydrogen which is aligned with German demand & policy (storage & conversion) Provaris hydrogen carriers are a key enabler of scaling hydrogen's value chain, prioritising safety, efficiency, and cost-effectiveness 14 Proprietary hydrogen carrier unlocking regional supply chains at lowest delivered cost Our Advanced H2Neo hydrogen carrier gaining the strong acceptance of supply and offtake partners H2Neo Compressed Hydrogen Carrier Restart of Prototype Tank Program > Extensive FEED and safety studies completed > > Class Approvals: (AIP and FEED Design Approval in 2021 and 2022) Construction commenced late March 2024, and halted June 2024. > Facility under sale agreement being finalised early 2025 allows for completion allows rapid restart. > Agreements advancing to acquire laser-welding equipment, site lease from new owners, and recommence welding. > Restart and completion of welding Q1 2025 & testing for final Approvals to follow. > Target Final Approvals 2025 & Operations in end-2028 > Compliance with strict Red II emission limits based on round-trip analysis for NOR-GER > Discussions ongoing with Asian Shipyards; and Shipowners for equity and management All design drawings are protected by copyright: ©2023 Provaris Energy Ltd Group Illustration of longitude tank. Technical Partners & Advisors include: 15 Uniper delegation to Fiska, Norway; August 2024 15 Provaris and Yinson Production innovating CO2 storage and marine transport solutions for maximum efficiency New tank designs enable CO2 transport at lower pressure and temperature, required for long voyages and larger cargo volumes – maximizing storage and transport efficiency to reduce costs Adapting Provaris Tank IP for CO2 market Rising Demand for CO2 Carriers to 20501 > Yinson is a global energy infrastructure and technology company: FPSOs, Renewables and GreenTech > Strong track record in financing, constructing, and operating 9 FPSO vessels; order backlog USD 21.9 billion > Focused on green shipping technology and developing the full carbon capture supply chain – EU & Asia > Binding Agreement to evaluate the feasibility of transforming H2 tank design for bulk liquid CO2 storage and transport. Technology Service Fees and cost recovery. > Industry currently constrained by CO2 tank capacity 7,500 cbm > Advised by Clarksons Norway AS, Energy Infrastructure Group > Concept Design commenced October 2024 > Milestone: completion of concept design Q1-2025 Clarksons Green Transition Group, IEA. Source: Clarksons Green Transition Group. Commercial potential for new CO2 tank design extends to ships, barges, and onshore storage 16 Carbon Capture and Storage (CCS) value chain already well established Scale and reduction in storage and transport costs key to achieving CO2 capture targets for industries Projected growth in CCS capacity post 2030 EU & US dominating the capture markets short-term 42.6 / 201.4 mtpa 44% Capture capacity of operational & pipeline projects Increase in capture capacity from commercial projects past 12 months Growth in capture to follow in regions with well mapped seismic data Source: Clarksons Green Transition Group. “In our view, scaling up global CCS capacity will require a fleet of specialized tankers with the ability to collect CO2 from capture sites operated by many different industrial segments.” Shipping solutions are critical to unlocking CO2 scale and growth potential in Europe and Asia 17 2025 will build on foundations to capitalise on growing demand for hydrogen and CO2 What we achieved so far… Advanced technology and unique IP for cost-effective hydrogen storage and transport solutions First mover advantage for bulk-scale hydrogen supply – simplicity, efficiency and cost Upcoming Catalysts 2024-25 1. Advancing term sheet for H2 supply, offtake and shipping agreements 2. Additional H2 supply chain collaborations (Europe) Strong strategic partners enhances our credibility in delivering hydrogen to market 3. Prototype tank restart, to obtain Final Class Approvals (H2Neo) Compressed Hydrogen positioned as Europe’s most economical regional supplier, aligned with demand 4. Completing Concept Design for new CO2 Tank Multiple MOUs upgrading to Term Sheet affirm growing engagement in shipping and offtake opportunities 5. Securing binding H2 Sale and Purchase Agreement (SPA) and Shipping TimeCharters Leveraging tank IP into the established CO2 market increases our opportunities to commercial success 6. Developing small-scale tank production in Norway 18 18 Contacts Martin Carolan Managing Director & CEO Norm Marshall Company Secretary mcarolan@provaris.energy nmarshall@provaris.energy www.provaris.energy ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. Sydney & Oslo info@provaris.energy