December 2024 Quarterly Activities & Appendix 4C Cashflow

Provaris Energy Ltd (ASX: PV1, Provaris, the Company) is pleased to provide the following summary of the Company’s development activities for the quarter that ended 31 Dember 2024.

HIGHLIGHTS OF THE QUARTER

Term Sheet with Uniper and Norwegian Hydrogen for supply and offtake is a breakthrough validation milestone

• Executed Term Sheet outlines the delivery of 42,500 tonnes per year of green hydrogen to Uniper, transported via Provaris’ H2Neo compressed hydrogen carriers. Deliveries could begin in early 2029 and will extend for a minimum of 10 years, establishing Europe’s first large-scale regional hydrogen marine transport project.
• Provides the basis of negotiating a binding Hydrogen Sale and Purchase Agreement which is targeted for June 2025, and a catalyst to mature discussions with shipyards and owners on shipping.
• Provaris and Norwegian Hydrogen continue to collaborate on the development of the supply of RFNBO compliant hydrogen from the Nordics.
• Ongoing work with Uniper on the optimal shipping schedule and import terminal solutions to ensure flexible and efficient transport.

Positive advancements in European supply chain developments continued in 2024

• Demonstrated compliance with Europe’s Renewable Energy Directive II (RED II) emissions standards for bulk hydrogen shipping using its proprietary H2Neo carrier on a round-trip between Norway and Germany.
• Advanced the conceptual design with Global Energy Storage (GES) of an initial 40,000 tpa compressed hydrogen import project in Rotterdam, including options for hydrogen storage at the terminal and connection to the Hynetwork Netherlands H2 network.
• Continued to qualify and advance a pipeline of supply chain opportunities in the European region suitable for Provaris’ carriers to deliver hydrogen at a superior cost to alternatives such as ammonia.

Commenced innovative CO2 Tank design with Yinson Production AS for bulk storage and shipping

• Commenced collaboration with Yinson on the technical design for an innovative large capacity CO2 tank design for bulk storage and marine transport of liquid CO2, provides a new market to commercialise Provaris tank IP.
• Concept Design phase progressed with the completion of a Basis of Design and Production Concept, including material selection and development of a Structural Design Model.
• Received USD 200,000 payment from Yinson for Technology Service Fees related to the Concept Design, in addition to external project costs being met.
• Yinson has a long track record in the construction of floating production, storage, and offloading vessels, with the strategy and financial backing to support the development of comprehensive carbon capture and sequestration supply chains.

Provaris Managing Director and CEO, Martin Carolan, commented: “The execution of a Term Sheet for hydrogen supply and offtake with Uniper is a breakthrough commercial milestone for Provaris, validating our focus on Europe to be the first regional market for bulk supply and recognising the benefits of our approach and delivered cost advantage in scaling hydrogen supply using compression.

We have seen this milestone catalyse several discussions with stakeholders and industry partners on other supply chain proposals and industry partners and an overall increase in activity going into 2025.

The diversification into the CO2 supply chain is now underway with the support and collaboration of a strong partner in Yinson, a leader in the offshore industry. Progress is being made on a innovate CO2 tank that could be a game- changer for the industry, which is advanced with transport infrastructure but still requires cost and transport efficiency to economically scale-up.”

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