VERIS LIMITED — Capital/Financing Update 2022

Feb 16, 2022

ASX / MEDIA RELEASE – VRS 17 February 2022

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Veris secures $4.6 million in new pipeline infrastructure works

• Veris Australia secures $4.6 million of pipeline infrastructure works in Western Australia and Queensland to be delivered over the next 12 months

• Brings combined value of recent contract awards in pipeline infrastructure to $6.6 million

• New contracts highlight Veris Australia’s market-leading capability in pipeline surveys

• Veris Australia is well-positioned with a pipeline of opportunities arising from the significant workload of planned future pipeline and linear infrastructure construction projects nationally.

Veris Limited ( ASX: VRS ) is pleased to announce that wholly owned subsidiary Veris Australia (or “the Company”), a leading provider of spatial data services, has secured new pipeline infrastructure project works across Australia expected to generate approximately $4.6 million in revenue to be delivered within a 12-month period.

The pipeline infrastructure project works include:

• Iron Bridge Magnetite Project, Pilbara, Western Australia: the awarded works, for MPC Kinetic, are expected to generate approximately $4 million in revenue for Veris Australia over the next 12 months, with early works having already commenced in late 2021. The scope of works involves the provision of survey management services, including surveying, data and GIS services for a concentrate and return water pipeline.

• Beaudesert Water Supply Upgrade, South-East Queensland: the works, to be performed under a Panel Contract Agreement with the lead construction contractor Comdain Infrastructure (part of the Service Stream Group), are estimated to generate approximately $600,000 in revenue for Veris Australia, with completion expected by September 2022. The surveying services to be provided will include design audits, survey set-out, machine control modelling, asset design and as-constructed surveys.

The new works are in addition to the Stage 1, $2 million contract awarded to Veris Australia by MPC Kinetic for the Iron Bridge Magnetite Project in November 2021, bringing the combined value of the three contracts to approximately $6.6 million to be delivered across this calendar year.

The Iron Bridge Magnetite Project, a joint venture between Fortescue Metals Group subsidiary, FMG Magnetite Pty Ltd and Formosa Steel IB Pty Ltd, is set to deliver 22 million tonnes per annum of high-grade magnetite concentrate product when complete. The project is located 145km south of Port Hedland in Western Australia.

The Beaudesert Water Supply Upgrade includes the design and construction of a 27km bulk water pipeline and associated infrastructure connecting Beaudesert to the SEQ Water Grid. The $95 million project will create up to 100 construction jobs and take up to 18 months to complete.

Combined, these pipeline infrastructure works demonstrate the strength of Veris Australia’s position as the nation’s leading pipeline survey and spatial data service provider. Further, the Company is well-positioned for opportunities to support the delivery of a significant future workload of planned pipeline and linear infrastructure construction projects nationally.

Corporate

WA 6017

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Outlook

Despite the current economic uncertainty due to COVID-19, our secured forward workload has continued to grow and is now in excess of $50 million to be executed over the next 12 months. In addition, Veris Australia maintains a healthy, unsecured project pipeline which continues to grow and has a weighted value of $190 million over the next 24 months.

Michael Shirley, Chief Executive Officer, Veris Australia commented:

“We continue to demonstrate our strength in the delivery of pipeline surveys and spatial data services across Australia and look forward to working closely with our clients to execute these projects with our talented teams in Queensland and Western Australia.

“Given the considerable workload of future pipeline projects nationally, we are well positioned to leverage our strength and capability in pipelines and linear infrastructure to secure future opportunities.”

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About Veris Limited

Veris Limited is the Group’s 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.

Aqura is a specialist in the delivery of high-performance technology solutions across industrial wireless, enterprise communications and next-generation IoT which are critical for organisations with the adoption of digital transformation. Aqura is known for innovation, whether it is our technology approaches such as Private 4G and 5G LTE networks and or our commercial approaches which now offer in-house developed technology solutions via flexible As-A-Service models. Aqura’s markets include resources, oil & gas, industrial, commercial and defence sectors.

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

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