Announcement PDF ASX ANNOUNCEMENT & MEDIA RELEASE | 25 May 2026 Page | 1 Concept Selection Milestone Expands CO2 Commercialisation Opportunity Highlights • Provaris’ LCO2 tank selected as the reference containment solution for Yinson’s Floating Storage and Injection Unit (FSIU) development program, with the tank advancing through FEED. • Further joint development of the LCO2 tank (YP-Provaris LCO2 tank) has now achieved Concept Selection to extend beyond the FSIU application to include evaluation for LCO2 carriers and floating storage terminal solutions. • Milestone materially broadens the commercial application of the YP-Provaris LCO2 tank technology across the carbon capture and storage (CCS) supply chain. • YP-Provaris’ LCO2 tank design allows for the fabrication and installation of significantly larger tanks in carriers and barges to improve transport and storage economics versus conventional market solutions • Stage 2 FEED activities for a 25,000 cbm capacity LCO₂ tank continue through to mid-2026 under the Joint Development Agreement (JDA) with Yinson. • DNV engaged to progress General Approval for Ship Application (“GASA”) Class Approval in parallel with FEED activities. • Development pathway provides a framework for future licence fee monetisation aligned with CCS project financial investment decisions and execution timelines. Provaris Energy Ltd (ASX: PV1) (“Provaris” or the “Company”) is pleased to advise that its proprietary liquified CO2 (LCO2) tank design has achieved a Concept Selection milestone as part of Yinson Production’s (Yinson) development activities which now includes LCO2 carriers and floating terminal solutions. The quick brown fox jumped over the lazy dog. Concept Selection Extends Beyond FSIU Importantly, the selected concept is no longer limited to Yinson’s Floating Storage and Injection Unit (FSIU) applications and is now being evaluated across a broader range of CCS infrastructure solutions including LCO2 carriers for shipping and floating terminal requirements. This milestone represents a key technical and commercial de-risking event for Provaris’ new LCO2 tank design developed under the Joint Development Agreement between Provaris and Yinson. Selection demonstrates the Provaris tank design and technical evaluation has resolved and mitigated key technical uncertainties, materially increases the addressable market and highlights a clear cost and efficiency benefit to the development of new large-scale CCS supply chains. Concept Selection provides a clear gateway into FEED level studies and the execution phases of development. Yinson Production AS Chief Technology Officer, Lars Gunnar Vogt, commented: “"We are pleased with the progress of our joint development of the LCO2 tank FEED stage. From a project economics perspective, large-scale CO₂ storage solutions have the potential to materially improve efficiency and reduce cost per tonne relative to existing market offerings. ASX ANNOUNCEMENT & MEDIA RELEASE | 25 May 2026 Page | 2 The LCO₂ tank design provides a scalable containment solution well suited to the requirements of large CCS developments. Subject to successful completion of the tank's FEED stage and receipt of a General Approval for Ship Applications (GASA) approval by DNV for maritime classification, the LCO₂ tank design can be a preferred solution for future projects." Provaris Energy’s Chief Technology Officer, Per Roed, added: “The selected concept reinforces our differentiated positioning in delivering key technical and economic benefits to CO2 supply chains. The design and engineering of the Type C Equivalent tanks to date have verified that that we can produce and operate the 25,000 LCO2 tank with an extremely low probability for structural failures and leakages in accordance with the requirements for a Type C tank in the IGC Code. Moreover, we have advanced the design of the automated production facility which will allow for a high level of quality assurance and cost reduction during fabrication compared to conventional fabrication processes.” Illustration of Yinson’s large scale CCS Supply Chain infrastructure suitable for <10 Mtpa of CO2, including FSIU, carriers and terminal storage (Source: Yinson Production) Commercial Relevance Together with Yinson, we view large-scale CCS supply chains will require material expansion in marine transport and offshore storage infrastructure over the coming decade. The ability to reduce cost per tonne of CO₂ transported and stored is expected to become increasingly important as CCS projects move toward final investment decisions and commercial execution. These represent a key competitive advantage for maritime CCS supply chains The assessment highlights that larger tank configurations have the potential to: • Improve transport and storage efficiency per tonne of LCO₂. • Reduce unit costs through scale. • Enhance overall project economics for large CCS developments requiring storage, maritime transportation and offshore storage and injection solutions. This view underpins Yinson’s commitment through the JDA with Provaris and the fact that Yinson has funded the development of the LCO₂ tanks as part of a differentiated commercial offering in the CCS ASX ANNOUNCEMENT & MEDIA RELEASE | 25 May 2026 Page | 3 shipping market and positioning the technology for future licence fee revenues linked to CCS infrastructure development Northern European CCS developments, including projects across Norway and the North Sea region, are expected to require significant expansion in marine transport and offshore storage infrastructure prior to 2030. Development Pathway and Target Timeline Current development activities under the JDA include: • Completion of Stage 2 FEED activities targeting mid-2026; • Staged fabrication and testing program utilising Provaris’ laser welding and robotic facility located at Fiskå, Norway. • GASA maritime classification approval to validate the combination of a new tank design, robotic manufacturing and material performance meets compliance with IGC codes for Type C equivalent tanks. • Integration into Yinson’s FSIU FEED activities and ongoing development of LCO2 carrier and terminal storage designs. • Ongoing evaluation of future commercial structures associated with the technology This timeline provides a clear framework for the proposed joint venture company (“JV Co”) between Yinson and Provaris to be established for future approvals and execution readiness and align the monetisation of LCO2 tank licence fees with project milestones. Next Steps in the June Quarter. • Completion of FEED activities including structural modelling and final design documentation. • Staged testing program of tank components, with fabrication undertaken at Provaris’ robotic laser-welding facility. • Continued design of a full-scale tank production facility providing an estimate of unit cost and delivery schedule for tanks, as part of the MOU announced with Himile. • Progressing GASA Class approval. • Integration with Yinson’s FSIU FEED program and schedule. - END - This announcement has been authorised for release by the Board of Provaris Energy Ltd. To review this Announcement or submit Q&A please visit the Provaris InvestorHub here For further informationplease contact: Norm Marshall Martin Carolan Company Secretary Managing Director & CEO +61 481 148629 +61 404 809019 nmarshall@provaris.energy mcarolan@provaris.energy Sydney | Oslo ASX.PV1 @ProvarisEnergy Provaris Energy Ltd. info@provaris.energy ASX ANNOUNCEMENT & MEDIA RELEASE | 25 May 2026 Page | 4 Provaris We encourage shareholders and potential investors to utilise our InvestorHub for any enquiries regarding this announcement or other areas related to Provaris. This platform offers an opportunity to submit questions, share comments, and view video summaries of all announcements, media and relevant industry publications. To access Provaris InvestorHub please scan the QR code or visit https://investors.provaris.energy/ About Provaris Energy Provaris Energy Ltd (ASX: PV1) is advancing innovative Compressed Hydrogen (H2) and Carbon Dioxide (CO₂) storage and transport solutions through proprietary tank designs for storage maritime gas carriers, and integrated supply chain development. Focused on simplicity, efficiency and scalability, Provaris enables regional supply chains that support the global energy transition. www.provaris.energy Disclaimer: This announcement may contain forward looking statements concerning projected costs, approval timelines, construction timelines, earnings, revenue, growth, outlook or other matters (“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 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 announcement or to keep current any of the information provided, except to the extent required by law. You should consult your own advisors as to legal, tax, financial and related matters and conduct your own investigations, enquiries and analysis concerning any transaction or investment or other decision in relation to Provaris. $ refers to Australian Dollars unless otherwise indicated. carriers, and integrated supply chain development. Focused on simplicity, efficiency, and scalability, Provaris enables regional supply chains that support the global energy transition. www.provaris.energy