STRIKE ENERGY LIMITED — AGM Information 2021

Nov 14, 2021

ASX: STX The Company Announcement Officer ASX Ltd via electronic lodgement

Chairman’s AGM Address and MD Presentation

Please find attached the following items to be presented at Strike Energy Limited’s Annual General Meeting to be held at 11:00 am (AWST) today.

• Chairman’s 2021 Annual General Meeting address; and

• Managing Director and Chief Executive Officer’s presentation.

This announcement is authorised for release by the Managing Director and Chief Executive Officer in accordance with the Company’s Continuous Disclosure Policy.

Company Contact Georgina Fraser Investor Relations Email: georgina.fraser@strikeenergy.com.au

Media Contacts

Paul Ryan ( Citadel-MAGNUS) Phone: 0409 296 511 Email: pryan@citadelmagnus.com

strike@strikeenergy.com.au ABN 59 078 012 745 www.strikeenergy.com.au 2, 66 Kings Park Rd, West Perth WA 6005

Chairman’s 2021 Annual General Meeting Address

Ladies and Gentlemen,

2021 has been an important year for the company in terms of advancing towards our strategy of becoming an integrated energy, fertiliser and renewable developer.

In May, we announced our plan to reach net-zero carbon for Scope 1 & 2 emissions by 2030. A clear commitment by Strike’s Board and Management team to an ambitious target which demonstrates Strike’s ESG leadership. This goal will be achieved through Project Haber, our low carbon urea project in the Mid-West. Our vision for Project Haber could see the carbon intensity of Australia’s wheat reduce by ~60% through the use of our geographically advantaged gas to produce one of farming’s most important inputs. Further to our strategy, Strike acquired 100% of the existing geothermal rights in the Perth Basin. Whilst early days in terms of project development, the potential of geothermal power could be significant in terms of not only providing green power to Project Haber but also other large scale industrial projects. Geothermal power unlocks Net Zero for Scope 3 emissions.

Whilst the company remains committed to our decarbonisation vision, it goes without saying, that the immediate priority for Strike has been the advancement of the West Erregulla Gas Project.

Strike reached an important milestone late this year with the independent certification of its Perth Basin Gas Reserves. The reserve certification is the culmination of our exploration and appraisal well campaign. We have drilled the West Erregulla 3, 4 and 5 appraisal wells during the year and further work will be done in 2022 with the re-completion of West Erregulla 3 and 5.

Whilst we acknowledge the reserves volumes may have fallen short of market expectations, we are proud of the milestone achieved and what it unlocks for the Company and our shareholders. The reserves certification demonstrates that Strike has sufficient gas to meet its contractual obligations and provides a pathway to project financing. The market’s reaction to the reserves announcement has regrettably seen the share price decrease however the Company has planned exploration and appraisal activities to potentially unlock additional resources.

The unfolding energy crisis in the northern hemisphere has been a timely reminder that gas plays an important role in our energy mix. Strike’s portfolio of acreage represents some of the lowest cost and cleanest gas to produce globally. Providing Western Australia with reliable and affordable gas from West Erregulla is nearing a reality. We remain focused on ensuring that West Erregulla Phase 1 continues to advance on time whilst maintaining the highest safety standard for our people and our contractors.

Whilst we are proud of what we have achieved in 2021, there is still much that needs to be delivered in our vision to become Australia’s leading integrated energy, fertiliser and renewables company.

As I look to the end of this year and the year ahead we have a number of important activities. Our Managing Director, Stuart Nicholls, will talk more about these plans in his presentation. But I would like to touch on South Erregulla. SE-1 will be drilled in early 2022, and it’s a prospect that we are excited about, as it has the potential to unlock Project Haber and deliver Australia’s agriculture sector competitively priced urea at a lower carbon intensity compared to our existing

imports. Australian farmers have felt the pain of international energy shortages and volatile shipping routes impacting urea pricing. Locally produced and competitively priced urea is critical to the success of Australian broad acre farming. Project Haber plays an important role in the domestication of this critical input and we hope to enter Front-End Engineering and Design (“FEED”) in 2022 if successful at South Erregulla.

I’d like to take this opportunity to thank the Board for its ongoing guidance of the company. This year we introduced the Environmental Social and Sustainability Committee with membership from Nev Power and Mary Hackett. This committee plays an important role in implementing the Company’s sustainability vision to develop gas assets that enable and support Australia’s transition to a lower carbon future.

Our staff and contractors have demonstrated their resilience this year as they continue to strive for excellence in safety and project delivery, and I thank and congratulate all of these people for their commitment, and the results this commitment has delivered.

I would also like to thank Stuart Nicholls and his management team for their professionalism and stewardship of the company.

Finally, on behalf of the Board, I extend our thanks to all of shareholders for their ongoing support and continued confidence in the Company.

John Poynton AO Chairman – Strike Energy Limited

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~~MD’s Address~~

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An Integrated Energy, Fertiliser & Renewables Developer

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Summary information

This presentation contains summary information regarding Strike Energy and its subsidiaries current as at 12[th] November 2021. The information in this presentation is of general background only and does not purport to be complete. The contents of this presentation should be considered in conjunction with Strike Energy’s other announcements lodged with the Australian Securities Exchange available at www.asx.com.au.

Not an offer

This presentation does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security and neither this presentation nor anything contained in it shall form the basis of any contract or commitment.

Not financial product advice

Reliance should not be placed on the information or opinions contained in this presentation. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any decision to purchase or subscribe for any shares in Strike Energy Limited should only be made after consideration of your own objectives and financial situation, making independent enquiries and seeking appropriate financial advice.

Past performance

Statements about past performance provides no guarantee or guidance as to future performance, including in respect of the price of Strike shares.

Future Statements

Statements contained in this document, including but not limited to those regarding the possible or assumed future costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Strike Energy Limited, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may be forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘budget’, ‘outlook’, ‘schedule’, ‘estimate’, ‘target’, ‘guidance’ ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward looking statements including all statements in this presentation regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as

Important notices

an indication or guarantee of future performance. These statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of Strike Energy Limited. Actual results, performance, actions and developments of Strike Energy Limited may differ materially from those expressed or implied by the forward-looking statements in this document. Such forward-looking statements speak only as of the date of this document. Refer to the ‘Summary of Key Risks’ section of the release titled “ Equity Raising and Corporate Update April 2021” released to ASX on 15 April 2021 for a summary of certain general, Strike Energy Limited specific and acquisition specific risk factors that may affect Strike Energy. There can be no assurance that actual outcomes will not differ materially from these statements. A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including the risk factors referred to in this document. Investors should consider the forward looking statements contained in this document in light of those disclosures. To the maximum extent permitted by law (including the ASX Listing Rules), Strike Energy Limited and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions; do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

Information regarding Reserve and Resource Estimates

Information in this presentation relating to the Reserve and Resource Estimates for the West Erregulla Project is set out in the ASX announcement dated 11 October 2021 entitled “Strike delivers maiden Perth Basin gas reserve”. Strike Energy interest is 50%. Strike Energy confirms it is not aware of any new information or data that materially affects the information included in the referenced announcement and that all the material assumptions and technical parameters underpinning the estimates in that announcement continues to apply.

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Project Haber
domestic 1.4mtpa urea fertiliser development
land, engineering, offtake
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ASX300
inclusion
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100% of the Perth Basin
geothermal rights acquired
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Strategic outcomes

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149 km² of highly
prospective Permian
gas acreage won in
bid round
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maiden gas
reserves
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farmout to drill
Walyering-5
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Operational outcomes

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2 flow tests
performed
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3 wells
executed
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12 point heat
needle survey
complete
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87 TJ/d
Erregulla
gas plant
FEED
completed
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128km of 2D
seismic
acquired
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2 [nd] drilling campaign of 3
wells procured and approved
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How did we go about our work

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WE3 well site cultural heritage
clearance team including members
of the Southern Yamatji nation
W5 well site cultural heritage clearance team
including members of the Yued Group.
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$6 million spent on traditional owner and local Mid-West businesses

938ha

surveyed to avoid and minimise impacts on areas of cultural heritage or flora and fauna significance

33 local Mid-West businesses engaged and used to support Perth Basin operations

TCFD

Strike has included full TCFD style disclosure within its annual report and established an ESS Board Sub-Committee

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Worked with farmers and landholders during
growing season to acquire the Maior 2D
seismic campaign over South Erregulla
(EP503)
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Environmental, Safety and Social Performance

Zero

576,356 operational man hours LTI free and counting

reportable environmental incidents

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Three Springs, Mingenew and Carnamah Primary
School Excursion to West Erregulla
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WA Minister for Resources visits
West Erregulla
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35% current female employees post Adelaide office closure and transfer

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Fully integrated energy, renewable power and fertilisers

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Project Haber Fertilisers
1.4mtpa
Wholesale
Ure a Sales
Raw Gas Ammonia/Urea
Raw Gas Sales Transmission Production
WA Urea Sales
Hydrogen
Electrolyser
Identification Production
Core competency
Industrial scale
drives integrated value Geothermal
renewable electricity
power
Sales Gas Low-cost WA
Processing Transmission domestic gas
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~~Net Zero Scope 1 & 2~~

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Strike: Scope 1 & 2 net zero by 2030

Strike’s projected net carbon production from its various projects and operations CO2e-kt p.a. base lined at 2019

*all numbers are Strike share

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all numbers are Strike share
Scope 1 & 2 Scope 3 Offset
Target Scope 1 & 2: Aspired Scope 3:
Net Zero 2030 Net Zero Plan
562
140
Surplus
Offset 752 Net Zero All
650 Emissions
48
180
2,749
2,821
300
Greater Greater Project Haber Project Haber Strike Greater Greater Downstream Industrial Strike
Erregulla Ph1 Erregulla Ph2 Net Carbon Green Energy Net CO2 Erregulla Ph1 Erregulla Ph2 Expansion Scale Net CO2
(40 TJ/d) (150 TJ/d) (Base) (Stretch) Geothermal
(350MW)
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Through the proposed development of Project Haber, Strike is targeting to reach net zero across its Scope 1 & 2 emissions by 2030. Success at the company's geothermal assets and expansion of downstream activities may enable Strike to be the first energy company to deliver full Scope 3 offsets.

Refer to ASX announcement: Strike commits to Net Zero 2030 on 14[th] May 2021 for the assumptions and source information on which Strike’s estimates of its projected carbon production and Net Zero Plan is based.

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~~the road ahead~~

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11
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Restorin confidence and buildin value g g

Strike Energy Limited

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Planned & funded
Share Price Performance for current Board & Management
activities
West
0.35
Erregulla
Reserves
0.30 value today
0.25
Gas Resource Addition &
Pathway to 1 [st] Production
0.20 Walyering and the Greater Erregulla Region
1H/22
0.15
Project Haber Fertilisers &
Geothermal Power Project
0.10
End 22
0.05 Strike has established a foundation of value based on
reserves booking at the West Erregulla gas project.
Success in its next operational phase will be the catalyst to
unlocking a major value driver in Strike’s planned
2017 2018 2019 2020 2021
downstream integration
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STX ($/share)

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*Production at West Erregulla is contingent on, among other things, drilling results, financing/banking processes, EPA processes, AGIG development and processing agreement and endorsement and other regulatory approvals

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West Erregulla Resources & Reserves

Total Gas West Erregulla Gas

NSAI certified, PJ, gross

Build up of P50 Gas Resources

NSAI certified, PJ, gross

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Gas in place Kingia
1,072
Recoverable High Cliff 198 626
Wagina/Dongara
920
109 109
771 769 38
69
128
626
110
300
474
480
300
P90 P50 P10 2P 2C 2U 2P+2C+2U
1P+1C+1U 2P+2C+2U 3P+3C+3U
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1. 300 PJ 2P Reserve supports Phase 1 WE 80TJ/day development. 2. Activities at WE3, WE5 and SE1 present the opportunity to convert existing resources to reserves and generate additional resources

*Refer to Important Notices on Slide 2 for Reserve and Resource estimate information. Strike share is 50%. Prospective Resource Cautionary Statement : The estimated quantities of petroleum that may potentially be recovered by the application of a future exploration and development project(s) relate to undiscovered accumulations. These estimates are un-risked and have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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Greater Erregulla Phase 1: 80 TJ/d

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West Erregulla Gas Project
Resources & Reserves
Sufficient Resources & Reserves independently certified by
NSAI
All EPs submitted awaiting
Environmental Approvals
approvals
Foundation Gas Sales
~9% of WA’s gas consumption
Development Plan
BOO 87TJ/d gas plant
Pre-Development Macquarie
Pre-Development Funding
facility plus April 2021 equity
raising proceeds
Project Financing Banks being selected
Long Lead Procurement
Final Investment Decision [1]
commenced
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1. Final Investment Decision subject to, among other things, execution of infrastructure documentation and midstream-FID, JV processes, debt procurement, and regulatory approvals.

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Consistent geological outcomes from the Erregulla re ion in the Permian Gas Fairwa g y

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West Erregulla 2
West Erregulla 3

 43m net pay at
Suspended
14% phi
pending re-entry
 69mmscfd
and completion
 Strong gas shows
in the Carynginia
South Erregulla 1
West Erregulla 5  Large pronounced
 32m net pay at 10% structure with visible
connectivity to West
phi
 5mmscfd Erregulla
 Recompletion
required prior to
production
West Erregulla 4
 28m net pay at
11% phi
 35mmscfd
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100%

conventional reservoir development

all penetrations of the Kingia Sandstone in and around the Dandaragan Trough have encountered commercial grade conventional reservoir.

90%

success rate

of the 10 deep wells (Kingia deeper than ~3,000m subsea), 9 have been the foundation for major conventional gas discoveries.

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Strong funnel of low-cost gas opportunities

Perth Basin gas resource opportunities are sized and aligned with Strike’s development priorities

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Resource
development priorities
Leads Walyering
West Erregulla
Coomalo Erregulla Contingent
East
Lead B Ocean
Hill
Various Permian Eneabba South
Leads
Deep Erregulla
Permian Target
Jurassic Target
Size indicative of West 350 PJ
resource potential Erregulla 1P/1C
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West 350 PJ
Erregulla 1P/1C
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• Significant high confidence gas and gas-condensate opportunities across two plays to underpin and/or build up:

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LNG Export?
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Project Haber
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Domestic Gas
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1. Project Haber gas feedstock; and

2. Domestic gas sales opportunities

3. Prospective acreage to provide potential deal flow for parties interested in entering the quickly evolving Perth Basin

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Development Bucket

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Walyering-5 appraisal well

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W5
Spud occurred today, 33 days
of planned drilling operations
W2 Appraising existing gas
discovery with 38% POS [1]
W5 drilling into southern structural high where amplitude response
is interpretated to be diagnostic of good quality reservoir
W5
W1
W4 Condensate rich gas with <1%
CO₂ measured in all wells
W5
W3
Pipeline tie in above field
location
Carried for $6 million of well
cost by Talon Energy
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Walyering bounded by industrial energy users

Strike owns 1,853km² of petroleum acreage in this play which will rerate on success at Walyering. This acreage includes the Ocean Hill gas discovery and some ~270km² of leads across the Coomaloo and Dandaragan troughs.

1. Refer to ASX announcement dated 9 June 2020 entitled “Greater Erregulla and Walyering Update”.

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Understanding history to build drilling confidence

Strike’s geotechnical work based off the new high-resolution 3D seismic concluded:

1. Existence of micro-faulting creating compartmentalisation in parts of the Cattamarra

2. Amplitude signatures are diagnostic of coarse sand channels with conventional potential

3. Major Walyering structure is higher and more pronounced in a southerly direction

We can now diagnose why the Walyering wells produced their disparate results

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W-1 W-4 W-2 W-3
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Walyering-1
Result : Walyering-2 & 3
 Conventional gas discovery Result:
that flowed 13.5mmscf/d Gas in multiple zones below A
 Watered out after 0.25 BCF sands which did not flow at
conventional rates
Evidence on new 3D Data:
 Small faulted compartment (<1mmscf/d)
 Amplitude response evident Evidence on new 3D Data:
Good structure to trap gas.
over well indicating
Zero amplitude response
conventional quality coarse
channel sands. which modelling now indicates
thinned, wet sands.
Amplitude
map
Walyering-4
Initial Result :
 Water wet sands
Evidence on new 3D Data:
 Structural map shows
bottom hole location entered
into the water leg and was
downdip of the gas water
contact
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W4 initial results were ‘wet’ and unsuccessful. Closer inspection shows minor success.

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South Erregulla-1 low risk, updip near field exploration

Base Kingia Depth 1 Structure Good Data Greater Erregulla Control 2 Connected & Updip 3 Regional Consistency

• South Erregulla is bounded by the West Erregulla and Trieste 3D seismic data sets where observed structurally conformable amplitude anomalies are diagnostic of gas charged porous sands.

• Well penetrations from West Erregulla show a consistent zone of pay within the base of the Kingia.

• Structural connectivity is observed on 3D seismic between West and South Erregulla.

• South Erregulla is also noticeably updip which indicates a working trap, competent seal, and source presence with good migration.

• The Kingia is seen to form a regional sheet-like body across the basin where observed thickening to the South and East have been proven in local well penetrations.

• 100% of deep Kingia penetrations (10/10) have had commercial conventional reservoir development

• Carynginia shale is shown to be a regionally competent seal

61% POS[1]

of discovering a commercially developable gas accumulation

1. Refer ASX announcement titled “Exploration Portfolio Update” dated 17 February 2020.

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Resource & Reserve distribution within Greater Erregulla

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EP469 [1] EP503 [1,2]
(50% Strike operated equity) (100% Strike operated equity)
WE5 WE2 SE1 (prop) SW
NE -4,485m
2U
-4,530m
-4,560m 2U
1P
1P 1C 2U
1C
1P
-4,630 m 2P 2C
2C 2P
-4,650 m
1C
-4,655 m 2U 2U
-4,670 m
upside West Erregulla South Erregulla
-4,720 m
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NSAI Kingia structural grids and Reserves / Resources classification for West Erregulla

2km

• South Erregulla lies updip of the West Erregulla gas field

• The SE1 well is prognosed to intersect the Kingia approximately 30m shallower than WE2 did

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1. Refer to Important Notices on Slide 2 for Reserve and Resource estimate information. 2. Refer ASX announcement titled “Exploration Portfolio Update” dated 17 February 2020.

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Strike’s acreage at the centre of attention

Strike, Beach, Mitsui and Minres / Norwest Permian Portfolio’s

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Lockyer Deep /
Waitsia North Erregulla
West
Erregulla
W.Erregulla
CR
Erregulla
Beharra
Springs & South
Deep
Erregulla
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• Discovery and successful appraisal at West Erregulla has broken open the Permian Gas Fairway.

• Lockyer Deep success is the first 2D seismic only Kingia discovery.

• Permian Gas Fairway remains ‘open’ to North, East & South.

• Strike’s geophysical work shows high correlation in seismic reflectivity / amplitudes with gas discoveries.

• Increased success and activity will bring down costs for all operators across the basin.

Validation of South Erregulla structural mapping as Strike and Beach have both imaged the South Erregulla ‘tail’ in the Trieste 3D seismic almost identically. Beach have also commented it is ‘updip’ of WE

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Eneabba
Deep
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Source: company reports and announcements

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WA domestic gas market

WA Gas Buyers

Who’s selling it today?

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2030
Oct-20
Distribution
Other
Electricity (GPG)
ExxonMobil 9%
4%
Shell
16% Industry
5%
Woodside
7%
Santos
46% 28% Mining
1,200 TJ/d
14% +64%
BHP
36% Mineral processing
17%
Chevron
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2030

The mining industry accounts for more than 60% of all gas consumed in WA. The mining industry is under carbon pressure to move away from diesel fired electricity generation and increase gas/renewables

Santos’ WA business was the highest EBITDAX contributor in their 2020 FY group financials

WA’s domestic gas market continues to be supplied by less participants every year. Consolidation is reducing competitiveness

Commodity prices are driving growth in WA’s mining and mineral processing sector, which in turn is increasing gas demand

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Source: AMEO Gas Statement of Opportunities 2020

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WA gas market update – supply down, price up

4 quarters consecutive gas storage withdrawals

Material withdrawals from gas storage has now become an ongoing structural trend since mid-2020, evidencing that the required supply to balance the market is not becoming available as demand is maintained or increases.

$5.25GJ spot gas prices

Spot prices highest since 2013 with market volumes trending downward reflecting seasonal drawing on gas and further tightening of supply and demand conditions

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WA Domgas Supply & Demand

WA domgas supply/demand balance

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TJ/d (source: AEMO, Rystad & Strike Analysis)
1,200
800
400
0
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Low High + Project Haber Waitsia West Erregulla Ph1
Base Scarborough Beharra Springs Existing Production
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It is now widely accepted that the WA domestic gas market will be short supply in the mid 2020s. Without accelerated development of the Perth Basin, Strike believes this shortage could emerge sooner

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Only sanctioned or close to sanctioned project included

The Perth Basin natural advantage

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Perth Basin customers benefit from a material transportation and carbon cost advantage

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Estimated
Transmission Costs WA LNG
The Perth Basin North West
gas can deliver
superior
outcomes:
APA’s sanctioned
Northern Goldfields
Strike Perth Basin
1. Lower transportation Interconnector
$1.44 GJ Gas Assets
costs
2. Lower carbon cost
Mid West
through reduced >80%
compression and fuel
consumption to final of WA gas
destination. $0.34 GJ market
Perth
Perth / Perth/
South West South West
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Estimated transmission costs are via AGIG DBNGP: Five year plan Dampier to Bunbury Natural Gas Pipeline 2021-25 draft plan https://www.dbp.net.au/wp-content/uploads/2019/05/AGIG-DBP-Draft-Plan-2021-2025_Web.pdf

~~the opportunity~~

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Project Haber – 1.4 mtpa low carbon urea facility

Project Haber – Proposed 1.4mtpa Urea Plant

More competitive pricing

Certainty of supply

Reduced pricing volatility

Carbon reduction

Estimated $8.4bn in GDP, 3.8% boost to Mid-West economy each year, 1,100 construction jobs & 300 FT for 30 years[1]

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Guaranteed quality
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Geraldton Port
Pre-FEED complete
WA rail network
Airport
60ha strategic land awarded by
Site
Rail WA Govt
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Australia’s Urea
Consumption (2020) 5%
2.1mtpa
Imported
Domestically Produced 95%
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• 1Source: Refer to ASX announcement: “Project Haber to deliver huge carbon abatement and billions Australian GDP” on 6th May 2021

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Project Haber – globally competitive

Global urea cash cost curve

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$USD/ton FOB Source: CRU & Strike Internal
Other costs
Energy
CIS ME N.Am S.E.Asia China Eur S.Asia
S.Am
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Project Haber
cash cost
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Urea production capacity (mtpa)

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Geraldton Shipping Costs vs
AUD/ton
current major urea importers
-36%
60
-43% -44%
50
40
30
20
10
0
Geelong Portland Adelaide Newcastle Brisbane
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Geraldton
Malaysia
China
Qatar
Saudi Arabia
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• Project Haber is projected to be more cost competitive on a cash cost basis versus 91% of all global supply.

• Geraldton coastal shipping to most Australian ports is more competitive than international shipping from all of Australia’s major import countries, where 56% of Australia’s urea imports come from the Middle East & China.

Project Haber will manufacture Australia’s most competitive urea supply

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Source: Project Haber economic model, commissioned work from GHD and CRU

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Global fertiliser prices & shipping

Urea FOB Arab Gulf (USD/tonne)

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US$1000/t sold on
spot market Nov-21
800
700
600
+220%
500
400
300
200
Q1/16 Q1/17 Q1/18 Q1/19 Q1/20 Q1/21
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Baltic Dry Shipping Index

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5,000
4,000
+479%
3,000
2,000
1,000
0
1/01/2020 1/07/2020 1/01/2021 1/07/2021
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Source: The Market 07/10/2021 Published by ICIS www.icis.com/fertilizers

The BDI is a composite of the Capesize, Panamax and Supramax Timecharter Averages. It is reported around the world as a proxy for dry bulk shipping stocks as well as a general shipping market bellwether. Source: https://seekingalpha.com/symbol/BDIY:IND/historical-price-quotes

Access and availability of urea for Australian farms is being affected by global energy shortages and rising international shipping rates.

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Project Haber – reducing Australia’s urea carbon footprint

Average CO2 intensity of urea imported to Australia vs Project Haber

(tonnes of CO2e per tonne of urea)

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-
CO2e urea Green Energy
Net impact via Project Haber
footprint of Aus Stretch
0.10 -0.08
-60%
-66%
-0.48
Gas 0.62
0.93
-0.01 0.37
-5% 0.32
Coal 0.21
Carbon intensity International Australian Net effect of Perth Basin Dedicated Haber net Further Green Final net
of avg urea tonne shipping delivered urea domestic energy & best in green hydrogen CO2 intensity Hydrogen CO2 intensity
imported in 2019 supply chains class technology (~2% H2 inputs) Inclusion (~20%)
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Refer to ASX announcement: “Project Haber to deliver huge carbon abatement and billions Australian GDP” on 6[th] May 2021

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Hydrogen & Carbon

Possible Haber green hydrogen demand and CO2 sink over time

(tonnes of CO2e and source of hydrogen by %)

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Kt CO
2
100% 500
Haber
becomes CO2
Break through point deficient to
on cost of Green H2 make urea 400
75% (< A$2/kg), with high
to very high carbon
Some technology cost costs
reduction and
300
deregulation of
additional renewable
50% Haber’s power brings additional
dedicated
surplus regional green
10MW
hydrogen 200
electrolyser
25%
100
0% 0
2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046
year
Methane Green H2 Imported CO2
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Strike has executed green hydrogen offtake MOU’s with various Mid West hydrogen developers

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Perth Basin Geothermal

Heat Needle Survey Locations

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3,500km² of
Prospective Geothermal
Acreage
Waitsia
Irwin-1
West Erregulla
Beharra Springs
South Erregulla
Heat Needles
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More than 500km² of already mapped resource

• Strike owns 100% of the existing geothermal rights in the Perth Basin.

• 12-point heat needle survey completed; data corroborates Strike subsurface heat mapping.

• Inferred resource being compiled by Monteverde Energy Consultants

• Application to convert permit to a full GEP for testing has been submitted.

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Mid West Geothermal business model

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Mid West Geothermal
Power Concept
Industrial
transmission
power
export
turbine
Vapor driven
turbine
Condenser
Working fluid to
have a vapor temp
of less than 70ºC
Working fluid
vaporisation
Downstream use of residual
heat and some brine
heat exchanger
reverse high efficiency
osmosis hydrogen electrolysis
Very hot brine flows and
Full or partial return of
is pumped to surface
brine to subsurface
150-185ºC
High Permeability Kingia Sandstones
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• Primary objective is to generate maximum zero carbon 24/7 dispatchable and synchronous electricity.

• Secondary opportunities include utilising the residual heat and a portion of the produced geothermal brine for:

o Desalination

the brine; is both warm and only ~21k ppm salinity versus sea water (38k ppm), much less energy intensive to create fresh water

• High Efficiency Hydrogen Production

Producing hydrogen from ‘warm water’ is estimated to increase production rates by as much as 20%

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Irwin-1: modelling & resource calibration

Irwin-1 static flow modelling

with artificial lift, max 30k bbls/d (esp)

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bbls/d x10,
psi 180
6,000
150
-7%
4,500
Heat economic cut-off 130°
120
3,000
90
Water Rate
1,500
Pressure
Flowing Wellhead Temp 60
0
0 5 10 15 20 25 30
years
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• Irwin-1 was drilled in 2015 by Origin to test the gas potential to the east of the Senecio and Waitsia discoveries but found water wet Kingia at 4,049m.

• Logs recorded 39m of water wet conventional high-quality reservoir with average porosities of 10% and up to 17.6%.

• Reservoir simulation using an avg perm of 100 mD shows sustained flow of 30,000 bbls/d limited by electric submersible pump (ESP) size (3-1/2”) for Irwin-1 bottom hole well bore diameter (5-1/2”)

Irwin-1 3D flow model

1000m distance between producer and injector

Irwin-1 could support power generation for more than 30 years

Irwin-1 Kingia reservoir modelling shows:

• the Irwin-1 well partnered with an injector 1,000m away can maintain economic flowing temperatures and pressure for a long project life, with only a 12ºC or 7% temperature drop over a 30-year period.

• Irwin-1 is limited by the well design not the reservoir.

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*All Irwin-1 modelling based on Strike’s interpretations of the petrophysical and well construction data which is publicly available via GP Info/ DMIRS

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A complementary transition

Overlap between gas and geothermal businesses in the Perth Basin

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Strike’s Geothermal
geothermal businesses in
Core Skills & Competencies Operational Prerequisites
the Perth Basin
Safety in Same
Operations Reservoir
Subsurface Same
Identification Communities &
& Mapping Landholders
Deep Onshore Immense operational Well delivery
Drilling & IP overlap supply chain
Facilities Same Regulator
Management & Legislation
Land Access Same Operator
& Community and Primary
Engagement Contractors
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A pipeline of near term material events

Upstream drilling & testing events

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W-5 WE5 Retest SE-1 Natta WE 3D WE3
Results & testing Results & testing Results & testing
Walyering-5 South Erregulla-1 WE3 Re-entry
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November ‘21 June ‘22
Strike
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Other Perth Basin events

Environmental Permits & AGIG Agreement WE Finance Initial Geothermal Project Haber WE Construction Execution Resource Estimate FEED Entry Commencement & Offtake

Planned & Funded Events

Contingent Events

*Timelines are indicative only. Milestones associated with WE are contingent on, among other things, drilling results, financing/banking processes, EPA processes, AGIG agreement and endorsement and other regulatory approvals. Milestones associated with Project Haber are contingent on the results of SE-1.

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