Renergen : Quarterly Activities Report

onlyQuarterly Activity Report

useersonalJune 2022

Introduction

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Herewith the revised quarterly activities report for the quarter ended 31 May 2022, which includes additional disclosure items. Please note that all the company's Production Right areas remained fully owned by our 100% owned subsidiary Tetra4 , however the Company reached conditional agreement to sell a 10% interest in Tetra4 to the Central Energy Fund (CEF) as announced to market on the 28th March 2022. The Ivanhoe due diligence is ongoing.

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Highlights

Significant highlights from this quarter, in chronological order, include:

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US$ 500m debt retainer signed with US DFC US$ 600m debt offer letters from 5 banks Commencement of commissioning

Phase 1 construction update

New Gas Strike, Gandalf

US$500m Debt Funding for Phase 2 From US DFC, Additional Lenders Too

The US Development Finance Corporation ("DFC") has conducted a preliminary screening of the proposal to

fund Phase 2 project with up to US$ 500m of senior debt, along with 5 additional lenders offering a cumulative
amount of c. US$ 600m over the DFC amount
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• Renergen recently announced signing a retainer letter with
	the US Development Finance Corporation ("DFC") for a loan
	of up to US$ 500mn after successfully passing screening
•	DFC is already a lender for Phase 1
•	In addition to the DFC, there are three other lenders that have
use	provided letters of interest to a cumulative amount of up to
US$ 600m of debt, co-lending beside the DFC
•	On this basis, Renergen is targeting a 65% debt level for the
ersonal	Phase 2 project

• This is a major de-risking event, giving investors certainty on the level of dilution in raising the funds for the construction of Phase 2

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Commencement of Commissioning and Phase 1 Construction Update

Completed commissioning items include:

only	• Alarm systems and monitoring
• All lines insulated
• Plant filled with pure helium, with full leak detection tests done showing no leaks throughout
	• On site laboratory complete
	• Flare systems ready
ersonal use	• Main compressor building complete

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