Global Energy Ventures : Quarterly Activity Report - March 2022

GEV Quarterly Report - March 2022

Quarterly Activity Report - March 2022

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SYDNEY, 20 April 2022: Global Energy Ventures Ltd (ASX: GEV, the Company) is pleased to provide the following update on the Company's development activities for the quarter ended 30 March 2022.

HIGHLIGHTS

TIWI H2 EXPORT PROJECT

• • Granted key permissions from the Munupi landowners to increase the land areas proposed for solar generation, hydrogen and compression facilities, and required on-country activities for environmental and engineering studies.

• • Advanced the EIA Referral submission with completion of on-country flora and fauna survey across the proposed solar site, transmission line and adjacent ground to the Port Melville Industrial precinct.

• • Completed high-level engineering for water desalination and brine discharge modelling, and the proposed high voltage transmission line.

• • Advanced design and configuration of solar site for integration with electrolyser facilities.

• • Commenced engagements with the Australian Embassy and Austrade staff in Singapore, Korea and Japan for outreach programs to attract hydrogen offtake, investment and technical partners.

• • Completion of Singapore roadshow to showcase the Tiwi H2 project and the advantages of marine compressed hydrogen to key government agencies along with potential off-take and project investment partners.

HYENERGY EXPORT PROJECT

• • Multiple deliverables completed relating to the offshore components of the HyEnergy Export Study. These include the proposed offshore loading site location, design of the offshore loading facilities, and a marine environmental risks and constraints assessment.

• • Commenced detailed onshore compression facilities design and reliability modelling to assess round-trip schedule and fleet size.

• • First milestone payment received from the WA Government's Renewable Hydrogen Fund for work completed in the December 2021 quarter.

• • Feasibility Report remains on schedule for completion in the June quarter of 2022.

GH2 CARRIER - DETAILED ENGINEERING AND CLASS APPROVAL

• • Progress continues on the detailed design and ship specification of the GH2 Carrier, with completed packages including hull design optimization (speed-power, structural steel weight reductions, watertight subdivisions), finite element modelling, and shipboard safety systems.

• • The final Contract Design Package remains on track for completion in June 2022 and support revised capital and operating cost assumptions.

• • Commenced identification of suitable shipyards for the construction and testing of a prototype tank and future construction partner for newbuild carriers.

• • Small-scale testing program underway with procurement of materials including carbon steel and stainless-steel plates for testing of various welding alternatives.

CORPORATE

• • Cash position of $13.6M to fund all planned 2022 development programs.

• • Appointment of new Independent Non-Executive Director and Chairman Greg Martin. Current Non-Executive Director and interim-Chair Andrew Pickering remains on the Board as Non-Executive Director.

• • Appointment of European-based executives, Per Roed as Chief Technical Officer and Mats Fagerberg as Commercial Advisor, to drive additional technical and marketing activity within key markets for hydrogen.

• • Continue to qualify and advance additional compressed hydrogen project opportunities focussed in Europe.

• • Subsequent to the quarter, a Notice of General Meeting was lodged for 5 May 2022 with resolutions to include a change of Company name to 'Provaris Energy Ltd'.

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GEV Quarterly Report - March 2022

Martin Carolan, Managing Director and CEO, commented: "During the quarter, the Company continued to track to plan and budget across the focus areas of ship design, class approvals and project development to support our goal for first exports in 2026. The next two quarters will start to see completion of several scheduled milestones and deliverables. We also welcomed GEV's new chairman, Greg Martin, who will bring experience to refine and help deliver on our strategy for the year ahead.

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"The recent appointments of senior technical and commercial resources into Europe are increasing the awareness of compression as an alternative approach to bulk carrier transport of hydrogen, and we are now marketing to several high-demand markets in Europe within a 2,000 nautical mile distance from supply. The energy crisis in Europe has resulted in an increased level of interaction, as new natural gas infrastructure proposals will be required to be 'H2 ready', meaning the infrastructure available to hydrogen can be brought forward to before 2030 and strategies for energy security include greater volumes of renewable energy, including hydrogen.

"Overall, the awareness of Tiwi H2 as an advanced export project from Australia continues to develop given the outreach program we have underway, supported by the Australian Trade Commissions across Asia, with the first of our roadshows to Singapore resulting in further interest from government agencies, investors and offtake groups seeking further engagement on the advantages of compression and our target for supply in 2026. The selection of GEV by Austrade for the Team Australia stand at the World Hydrogen Summit in May is another example of our promotional activity beginning to see compression as mainstream when marine transport is being considered."

TIWI H2 PROJECT, TIWI ISLANDS, NORTHERN TERRITORY

GEV acknowledges that its proposed Tiwi H2 Project is located on the traditional lands of the Munupi people. It is a privilege to have the support and such a close working relationship with the

Munupi Clan and other key stakeholders.

Following the announcement of the Tiwi H2 project in October 2021, the Company continued to advance the development of a green hydrogen export project during the March quarter. Located on the Tiwi Islands, Northern Territory, the Tiwi H2 project will develop a completely off-grid integrated energy to green hydrogen from up to 2.8 GW of solar generation, avoiding up to 1.4 million tonnes of CO2 annually.

The modular nature of a compressed hydrogen export solution will support a phased approach to produce up to 100,000 tonnes per annum. Key project milestones include environment approvals mid-2023, financial investment decision late 2023 and first production for export late 2026. The project includes solar generation, transmission and backup, desalination, electrolysis, compression, and port facilities.

The Tiwi H2 project supports GEV's strategy of becoming a fully

integrated green hydrogen production and export company, with the development of a fleet of GH2 Carriers to align with the Tiwi H2 project schedule. Selection of the Tiwi Island location provides a brownfield site that will have a low environmental impact, reducing the development time and cost, and an export site providing the shortest shipping distance to the future demand markets in the Asia-Pacific region from Australia.

Figure 1: Tiwi H2 project's strategic location and proximity to Asia Pacific includes Singapore, Korea & Japan

During the March quarter, the project team advanced or completed:

• • Preliminary engineering and modelling for water desalination and discharge requirements for hydrogen production using electrolysis.

• • Preliminary engineering for a 30km high voltage transmission line from the solar site to the Port Melville industrial zone.

• • On-country flora and fauna surveys across the project areas required for installation of solar generation, transmission line and H2 production.

• • Drafting Referral submission to the NT Environment Protection Authority (NT EPA) so that a decision can be made on the level of assessment required for the Tiwi H2 Project.

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GEV Quarterly Report - March 2022

• • Stakeholder meetings with the Northern Territory Government, Tiwi Land Council, Tiwi Plantation Council and Munupi clans, with permissions granted for various on-country activities and an increase to the land areas for proposed solar generation and H2 generation adjacent to Port Melville.

• • Engagements with the Australian Embassy and Austrade staff in Singapore, Korea and Japan for ongoing outreach programs to attract offtake, investment and technical partners.

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• • Three-day Singapore roadshow to showcase the Tiwi H2 project's export timeline and volumes to prospective offtake parties and Singapore government agencies for future approvals for import site and license.

• • Collaboration to develop a concept level design for a compressed hydrogen import terminal suitable for the operational and land constraints for new import terminals in Singapore. Collaboration partners will include marine engineering, port operators and the relevant government agencies.

• • Refinement of the project's Prefeasibility Study with updated information from work undertaken on the solar and transmission line.

Munupi landowner support for the project: GEV continues to receive support from the various stakeholders involved in the Tiwi H2 project to be located on the traditional land of the Munupi people, Melville Island. At a recent meeting convened with Munupi Landowners and the Tiwi Plantation Corporation, several permissions were requested and granted, allowing GEV to undertake the necessary environmental and engineering surveys for the EPA Referral submission to be completed, with further engineering surveys and studies to follow in 2022 for the project's pre-feasibility study.

Key permissions included an increase in the land available to the Referral submission, with the scope to include solar generation now based on ~2,580 hectares (up from 1,800 hectares) and an additional 40 hectares (for a total of 72 hectares) of land adjacent to the existing port facilities for hydrogen production and compression facilities. Other permissions include solar monitoring to get underway in the September quarter of 2022 and will be based on agreed sites for clearing and installation.

Singapore marketing showcases Tiwi H2 for offtake and investment: With the assistance of Australian High Commission, Management completed a roadshow in Singapore that included key government agencies defining strategy, roadmap and approvals for hydrogen, hydrogen offtake groups and sovereign funds seeking investment in hydrogen supply chain projects and supportive technologies. Indicative support received by GEV has resulted in further engagement and case study analysis specific to near-term and long-term import hydrogen volumes and end markets aligned with the country's hydrogen strategy.

Solar Panel Preliminary Layout / Design: Specialist consulting group CE Partners have been engaged to provide project delivery expertise on the proposed 2.8 GW solar farm and 30km transmission line, covering design, construction, operation, and generation modelling. CE Partners brings +20 years of delivery expertise on renewable energy projects across Australia, including the Cohuna Solar Farm, Gannawarra Solar Farm, Gannawarra Energy Storage System, Wemen Solar Farm and Clermont Solar Farm.

Figure 2: Tiwi H2 solar site and illustration of layout

Figure 2 outlines the proposed solar site on Melville Island, with the proposed land package increased to 2,580 hectares from existing commercially zoned plantation areas on the island. The selection of existing plantation land

reduces the environmental and cultural impact of the proposed site layout. Site selection and planning is underway for solar monitoring equipment to be procured in the June quarter.

Figure 3 provides an overview of the key project components and locations for the development of the Tiwi H2 project for export. The Tiwi Islands is located approximately 100km from Darwin, a region that has successfully developed and commission large-scale export energy projects and is now being targeted by the Federal Government as a major export hub.

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GEV Quarterly Report - March 2022

Figure 3: Outline of the Tiwi H2 Project - Including site locations for solar, transmission line, H2 production, compression and existing jetty for loading and export.

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NEXT STEPS FOR THE PROJECT

• 1. Environmental and engineering surveys and studies will continue to be undertaken, mostly on-country, in line with the permissions granted and as required to complete the Referral submission in the June quarter of 2022.

• 2. Prepare for and commence solar monitoring in two locations in the September quarter of 2022 for a period of 12 months. Permissions have been granted, with associated monitoring agreements with the Tiwi Plantation Corp to be concluded in the June quarter of 2022.

• 3. Request for proposal and appointments of lead consultants in the June quarter of 2022 to commence detailed engineering and support the target of financial close of an initial phase of development by the second half of 2023.

4.

GEV to continue its preliminary marketing activities for investment and offtake from Tiwi H2, with several

strategies underway to identify bankable parties for potential offtake and investment in the markets of Singapore, Japan and Korea. GEV's selection for participation in Austrade's Team Australia Stand at the World Hydrogen Summit, Rotterdam in May will showcase Tiwi H2 as an early export project.

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GEV Quarterly Report - March 2022

HYENERGY EXPORT FEASIBILITY, GASCOYNE, WESTERN AUSTRALIA

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In August 2021, GEV entered into a non-binding Memorandum of Understanding with Province Resources (ASX:PRL) and global renewable company Total Eren (together the HyEnergy Project partners) to support a technical and commercial feasibility study on exporting green hydrogen using compressed shipping from the 8 GW HyEnergy Project located in the Gascoyne region, WA to nominated markets in the Asia-Pacific region. The feasibility study is focussed on the proposed phase 1 capacity of 4 GW of renewable energy generation and consider the export of approximately 200,000 tpa of hydrogen. The Study is due to be completed in June 2022.

In November 2021, GEV was selected by the WA Government for feasibility funding of $300,000 (plus GST) as part of the WA Renewable Hydrogen Fund (Round 2). GEV has successfully met and received its first milestone payment during the quarter, with funds received in January. The remaining milestones are on track for submission in the June quarter of 2022.

Refer to Figure 4 for an illustration of the project scope. The HyExport Export Study team consists of a world-class team of consultant specialists: WSP, Oropesa, ERM, Turner & Townsend.

During the March quarter, the project team advanced or completed:

• • Offshore site selection of proposed moorings, connected to a subsea and onshore pipeline, to transport compressed hydrogen from the electrolyser to the fleet of GH2 Carriers.

• • Environmental risk and constraints assessment of the proposed marine infrastructure on the Gascoyne coast.

• • Design of offshore facilities, including APL's Single Anchor Loading (SAL) system, for loading compressed hydrogen.

• • Design of onshore compression facilities with detailed vendor inputs, process modelling and plot plans.

• • Review of available onshore storage concepts.

• • Commercial modelling and round-trip schedule scenarios for the proposed fleet of GH2 Carriers.

APL's Single Anchor Loading system provides

an illustration of the proposed use of offshore loading for a compressed hydrogen export solution. APL's SAL technology has been adopted on many projects worldwide with 16 SAL systems installed and operated (3 of which are twin/dual systems). The SAL is traditionally designed for oil and gas, however most components are 'H2 ready' with a clear path to qualification for use with compressed hydrogen. The SAL system is both safety and environmentally friendly, providing a low visual and environment impact and small footprint.

Figure 4: Overview of the HyEnergy Project to evaluate export using GEV's compressed hydrogen

The completed deliverables continue to demonstrate the technical, commercial, and environmental advantages of a compressed export solution. Completion of the feasibility is scheduled for June 2022. Outcomes of the Study will be subject to a Knowledge Sharing review process with the WA Government, before details are to be made public. Discussions with the HyEnergy Project partners are underway to integrate the outcomes of the Study with the upstream development strategy and project feasibility phase.

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