Montem Resources Limited provided a progress update on its Tent Mountain Renewable Energy Complex (TM-REX) in Alberta, Canada. Montem is planning for the transition of the Tent Mountain Mine to a renewable energy complex following separate independent expert studies in 2019 and 2021 which demonstrated the project's strong viability to host a renewable energy complex including: 320 MW Pumped Hydro Energy Storage. 100 MW Green Hydrogen Electrolyser.

100 MW Wind Farm (offsite). Montem has selected Hatch to undertake the detailed design and engineering work to support a Class III cost estimate for the PHES element of TM-REX. The PHES Class III cost estimate will be coupled with analytics supplied by Boost Energy to provide project economics.

The cost estimate and project economics results are both expected at the end of second quarter of 2022. Hatch is a world leader in PHES project design and development. They have significant local experience having been involved in the design and development of the Canyon Creek PHES Project, which is located near Hinton, Alberta.

Hatch has a global network of 9,000 professionals working on the world's toughest challenges. Their experience spans over 150 countries around the world in the metals, energy, infrastructure, digital, and investments market sectors. The development of final designs for the pump hydro, and Class III cost estimates, will feed into project economics.

With these in hand, Montem will have the necessary information to enable a decision to be made to accelerate the development of the Tent Mountain Renewable Energy Complex, rather than restarting the coking coal mine on site.