For the Quarter ending 31 December 2023 Earths Energy (ASX:EE1) (Earths Energy or the Company) is pleased to present its Quarterly Activities Report for the December 2023 Quarter. HIGHLIGHTS • Earths Energy to advance geothermal projects in South Australia and Queensland after $6 million capital raise and Project acquisitions o The Company acquired 84% of all the shares in Volt Geothermal Pty Ltd ("Volt") and Within Energy Pty Ltd ("Within"), which hold geothermal exploration projects in South Australia and Queensland, respectively o 220.4m Earths Energy shares issued to the vendors of Volt and Within o The Company formed a Joint Venture with Volt and Within to advance these geothermal exploration and development projects • Earths Energy positioned as an early mover in the Australian geothermal energy industry, with the aim to create a leading renewable energy solution with 24/7 production capability to help achieve Australia’s clean energy targets o Geothermal energy is growing globally as a renewable source of consistent base-load power, essential for reducing carbon emissions o Earths Energy is an early mover in securing tenure near potential offtakers in Queensland and South Australia • Advances in technology, supported by major industry players, aim to unlock significant unexploited geothermal resources o Most geothermal resources have so far not been developed as the industry has historically focussed on hot rocks around the Ring of Fire o Recent technological advances such as closed loop systems have demonstrated potential to unlock lower temperature, non permeable reservoirs of geothermal energy • Former Beach Energy Managing Director Matt Kay appointed Managing Director • The Company’s cash balance at 31 December 2023 was $6.02m. • The Company expects to recommence trading shortly.
Managing Director Matt Kay commented: “I am excited that we have created Earths Energy with a successful $6 million capital raise and the acquisition of material equity interests in both Volt (South Australia) and Within (Queensland). Geothermal energy provides clean, emission free, 24/7 baseload power and has the potential to be an essential contributor towards Australia’s clean energy transition. There has been more than US$630 million raised in the past 3 years by next generation geothermal startups including the support of major industry participants1 . Earths Energy is joining this wave of advanced geothermal activity seeking to deliver “geothermal anywhere”. Earths Energy will work closely with regulators, governments, and industry to help Australia realise its Net Zero targets.” Project Acquisitions completed The Company acquired 84% of all the shares in Volt Geothermal Pty Ltd ("Volt") and Within Energy Pty Ltd ("Within"), which hold geothermal exploration projects in South Australia and Queensland, respectively. Earths Energy's geothermal assets in SA are at the nexus of the state's push towards renewable energy, with substantial exploration blocks spanning 12,035 km² in prime locations (See Figure 1). These blocks are strategically situated along major transmission lines and adjacent to large-scale mining operations, such as Olympic Dam and Carrapateena and Four Mile / Beverly, all major consumers of energy in SA.
TO CHEAP UNDER 10M MARKET CAP
EE1 Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
