VERIS LIMITED — Capital/Financing Update 2022

Mar 16, 2022

ASX / MEDIA RELEASE – VRS 17 March 2022

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Veris awarded $5 - $8m stage 1 M6 Motorway project in Sydney

• Veris Australia awarded M6 Motorway, Stage 1 contract in Sydney

• $5 - $8 million estimated value of Stage 1, with potential for additional growth

• Key infrastructure project win in the Sydney market amidst a growing pipeline of project tenders

• Adds to significant portfolio of tunnel, road and rail projects across Australia

• Veris’ alliance with Wumara Group key to supporting project delivery and meeting project Indigenous Participation requirements

Veris Limited (ASX: VRS) is pleased to announce that wholly owned subsidiary Veris Australia, a leading provider of spatial data services, has been awarded a significant contract to provide Project Network Control and Survey for tunnelling for the M6 Stage 1 in Sydney, NSW.

The package, to be performed for design and construct contractors for the project, CGU, a joint venture between CPB Contractors, Ghella and UGL, is expected to generate estimated revenue of between $5 - $8 million for Veris Australia over a 30-month period with potential for subsequent further growth. Early-stage scoping works commenced in late February 2022.

Key to Veris Australia’s successful project award is its service delivery capability with Alliance partner, Wumara Group, a majority Indigenous-owned land and construction surveying company. Wumara Group will play a key role in the service delivery of the package whilst also meeting and exceeding Indigenous participation requirements on this significant infrastructure project.

The Alliance between Veris Australia and Wumara Group was established last year to help close the gap between Indigenous and non-Indigenous Australians by providing meaningful employment, education and economic opportunities for Australia’s First Peoples.

The $2.7 billion M6 Stage 1 is being delivered by Transport for NSW in collaboration with its contractor CGU. It will connect Sydney’s south to the city’s wider motorway network. It will improve journey times, reduce congestion, and remove trucks from local streets.

It includes the delivery of an underground motorway connection between President Ave, Kogarah and the M8, mainline tunnels, exit/entry ramps, shared cycle and pedestrian pathways and tunnel stubs for a future Stage 2 of the M6 (subject to obtaining relevant planning approvals).

Outlook

Despite the current economic uncertainty due to COVID-19, Veris Australia’s secured forward workload has continued to grow and is now in excess of $50 million. In addition, Veris Australia maintains a healthy, unsecured project pipeline which continues to grow and has a weighted value of $190 million for the next 24 months.

Michael Shirley, Chief Executive Officer, Veris Australia commented:

“This is a significant addition to our portfolio of tunnel, road and rail projects that we are currently delivering across Australia. It demonstrates not only our specialist capability but also our capacity to deliver large infrastructure projects with major resourcing demands. It also continues our track record of recent infrastructure awards in Sydney and NSW, where we are continuing to build momentum in a geographic market with one of Australia’s largest pipelines of infrastructure works.

“It’s particularly pleasing to be delivering this with our Alliance partner Wumara Group, and we look forward to working closely with CPB Contractors, UGL and Ghella, to exceed Indigenous Participation requirements on the project. Our Alliance with Wumara was established to help close the gap between Indigenous and non-Indigenous Australians, and it’s projects like this that will help us achieve this aim.

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“Having already provided specialist scanning and Preservation of Survey Information services to assist our client to meet other aspects of contract compliance for the M6, there is strong project continuity there and it demonstrates our ability to provide a full suite of services to our client.”

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About Veris Limited

Veris Limited is the holding company that is listed on the ASX under the code VRS.

Veris Australia is Australia’s leading provider of spatial data services across the infrastructure, property, resources, defence, utilities and government sectors. Veris Australia provides an end-to-end spatial data solution for its clients that not only includes data collection, analysis, interpretation but also data hosting and access, modelling, sharing and insights for clients with largescale data requirements.

Authorised for release by the Board of Veris Limited.

Issued by Veris Limited

For further information please contact: Veris Corporate Office - Telephone: (08) 9317 0600

Issued by Veris Limited For further information please contact: Veris Corporate Office - Telephone: (08) 9317 0600

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