Progress on Fiskå Facility Lease

I recently had the opportunity to touch base with Martin Carolan, Managing Director & CEO of Provaris, regarding key operational developments at the Fiskå facility and I wanted to pass this information along to you.

Here are the key updates as shared by Martin:

• Lease Agreement for Fiskå Facility: As mentioned in previous releases, Provaris has been working towards securing a lease agreement for a portion of the Fiskå facility to enable the resumption of the Prototype Tank fabrication and testing program. I am pleased to report that all key terms of the lease agreement have now been finalized. We can expect the final lease agreement to be executed this month (March 2025). This is a significant step forward in securing access to this important facility.

• Acquisition of Production Cell: Provaris has also been in advanced negotiations to acquire the installed Production Cell at the Fiskå facility. I can confirm that key terms for the asset purchase agreement have been agreed upon. The execution of the Purchase Agreement is now pending. Importantly, all the equipment remains installed at the Fiskå facility, ensuring continuity as we move forward with the acquisition.

• Restart of Prototype Tank Program: With progress on the lease and acquisition, many of us are keen to understand the timeline for the restart of the Prototype Tank fabrication and testing program. While the exact date is still being finalised, the current aim is to restart the program this quarter (Q1 2025). It's acknowledged that the restart has taken longer than initially anticipated, but I want to emphasise, as Martin Carolan highlighted, that this has not prevented Provaris from progressing key milestone commercial agreements. The recent execution of the Term Sheet for hydrogen supply and offtake with Uniper in early January 2025 is a testament to this continued commercial momentum. Provaris is committed to updating all shareholders as soon as the confirmed restart date for the Prototype Tank Program is available.

This update from the CEO provides welcome clarity on these important operational aspects. The finalisation of key terms for both the lease and acquisition, and the commitment to restarting the Prototype Tank Program this quarter, are all positive indicators of continued progress. While timelines can sometimes be fluid in complex projects, it's reassuring to know that these developments are advancing and, crucially, are not hindering the company's commercial progress.