PROVARIS ENERGY LTD — AGM Information 2024

Nov 27, 2024

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.

This Presentation is not a disclosure document, is for information purposes only, should not be used as the basis for making investment decisions or other decisions in relation to Provaris or its securities, and does not constitute an offer to issue, or arrange to issue, securities or other financial products. This Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. 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.

This Presentation, including opinions set out in it, is based on information compiled or prepared by Provaris from sources believed to be reliable, although such information has not been verified in all instances. Provaris has no obligation to tell recipients if it becomes aware of any inaccuracy in or omission from the information in this Presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this Presentation. To the maximum extent permitted by law, none of Provaris, its directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, Projections or prospects referred to in this Presentation.

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This Presentation does not constitute an offer or recommendation to purchase or sell any securities in any jurisdiction, nor an invitation to apply for such securities in any jurisdiction, and will not form part of any contract for the acquisition of securities in Provaris. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. Any securities described in this Presentation have not been, and will not be, registered under the US Securities Act of 1933, as amended ("Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the Securities Act and applicable US state securities laws. This Presentation may not be released to US wire services or distributed in the United States.

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Non-IFRS Financial Information

This Presentation may use non-IFRS financial information. Non-IFRS measures have not been subject to audit or review. Certain of these measures may not be comparable to similarly titled measures of other companies and should not be construed as an alternative to other financial measures determined in accordance with Australian accounting standards.

2

Enabling the development of safe, efficient industrial scale supply chains to support 2030 emission targets

Provaris offers a unique investment

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

Board & Management

Effective team with experience in energy and gas infrastructure, utilities, ship newbuilds, operations, and capital markets

Supported by world-class technical partners, advisors and industry organisations:

Corporate Overview

Capital Structure

Ordinary Shares on Issue (PV1.ASX; WS90.BE)1	687 M
12mth Share price range (high-low)	6.5c to 1.8c
Market Capitalisation (at 2c)	A$ 14 M
Cash (November 2024)1	A$ 1.8 M
Standby Bond Facility 2Macquarie Bank –	A$2,500,000
Bonds On Issue 2Convertible	A$235,000
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

Shareholding (Undiluted)

Regal Funds Management	5.7%
OC Funds	4.9%
Board & Management	6.0%
HNW/Family Office	15.0%
Total top 20	40%
Total top 50	52%

Office Locations

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

• 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'

to meet global decarbonization goals

Policy, Industry and Funding established to reduce emissions from hard-to-abate industries

• Zero-emission energy source with scalable potential

• Requires new Infrastructure to support global supply chains

• Need for Bulk-scale storage and transport solutions

• Leveraging +50 years of Compression technology

• Simplicity of Compression eliminates capital and energy intensity of alternative carriers = lowest regional cost

Focused on eliminating emissions ... Focused on reducing existing emissions

• > Established infrastructure for CO2 capture, transport and injection

• Rising carbon market prices and strong policy support

• > Growing Demand outlook for CO2 shipping is robust
• > 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

pioneering integrated solutions enabling supply chain development

Strong partners and complementary roles in H2 and CO2 storage and transport, vital for 2030 decarbonisation goals

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

• 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

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

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

Provaris delivered cost at €6/kg 3 for green hydrogen competitive against 2024 results for EU Hydrogen Bank Auction & H2Global Pilot Auction

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

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)

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.

13 Provaris development pipeline includes 1.5 GW in regional hydrogen supply, transporting ~250,000 tpa

There are many tangible that are relevant to scaling up supply for Europe

Compression of Hydrogen is proven technology

Use less renewable energy to deliver more hydrogen

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

Provaris hydrogen carriers are a key enabler of scaling hydrogen's value chain, prioritising safety, efficiency, and cost-effectiveness

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

• Extensive FEED and safety studies completed

• Class Approvals: (AIP and FEED Design Approval in 2021 and 2022)

• 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

Restart of Prototype Tank Program

• 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.

Uniper delegation to Fiska, Norway; August 2024

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

• 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

Adapting Provaris Tank IP for CO2 market Rising Demand for CO2 Carriers to 20501

Commercial potential for new CO2 tank design extends to ships, barges, and onshore storage

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

"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

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

Strong strategic partners enhances our credibility in delivering hydrogen to market

Compressed Hydrogen positioned as Europe's most economical regional supplier, aligned with demand

Multiple MOUs upgrading to Term Sheet affirm growing engagement in shipping and offtake opportunities

Leveraging tank IP into the established CO2 market increases our opportunities to commercial success

Upcoming Catalysts 2024-25

• 1. Advancing term sheet for H2 supply, offtake and shipping agreements
• 2. Additional H2 supply chain collaborations (Europe)
• 3. Prototype tank restart, to obtain Final Class Approvals (H2Neo)
• 4. Completing Concept Design for new CO2 Tank
• 1. Securing binding H2 Sale and Purchase Agreement (SPA) and Shipping Time-Charters
• 1. Developing small-scale tank production in Norway

Contacts

Martin Carolan Managing Director & CEO mcarolan@provaris.energy

Norm Marshall Company Secretary nmarshall@provaris.energy

www.provaris.energy

@ProvarisEnergy

Provaris Energy Ltd.

Sydney & Oslo

info@provaris.energy