Waroona Energy Inc. announced the commencement of a Definitive Feasibility Study ("DFS") for a 120MWdc solar facility at the Company's Waroona Renewable Energy Project in Western Australia. The DFS will be completed in early 2024, ensuring the solar facility development remains on track to commence in the first half of 2024. HIGHLIGHTS: · The Company has engaged electricity and solar energy specialist, Incite Energy Pty Ltd, to complete a DFS for a 120MWdc Solar Facility ("Stage One") at the Waroona Renewable Energy Project; The DFS will finalise the detailed design, including site layout, equipment specification and capital costs estimate (accurate to ±15%) for the Stage One development; Given the significant work already completed, the DFS will be released in early 2024, The Project has all major permits, approvals and an executed Electricity Transfer Access Contract and Interconnections Work Contract (ETAC) to WA's electricity network (SWIS) in place; The Company continues to advance a Study for a 120MW green hydrogen-fuelled peaking plant that remains on track for completion in 4Q2023, A Peaking Plant was identified as an early consumer of green hydrogen, given it's a proven technology, the market is already in place (electricity) and no legislative changes are required for its development; The Company continues to work with Frontier Energy Limited (FHE.ASX or Frontier) to progress binding agreements following the execution of a non-binding letter of intent that would see Frontier acquire Waroona, Under the terms of the Proposed Transaction, and as described in the Company's September 5th news release, Frontier would acquire all issued and outstanding common shares of Waroona on the basis of 1 Frontier share for every 4.27 Waroona Shares.

The Company has appointed electricity and solar energy specialist, Incite Energy Pty Ltd. ("Incite"), to complete a DFS for a 120MWdc Solar Facility ("Stage One") at the Waroona Renewable Energy Project. The Company has an approved Declared Sent Out Capacity (DSOC) of 213MWac (241MWdc) from Western Power, of which Stage One will be targeting to deploy 120MWdc of the approved capacity. Incite was selected through a competitive tender process due to their expertise in the industry and their exceptional track record, including several operational utility-scale projects across Australia (ranging from 50MW - 300MW) and multiple utility-scale solar farms and load connections currently in early-stage development in Western Australia.

The Scope of Work for the DFS includes: 1. Layout - considering clearing limitations, flood studies, road servitudes, drainage channel, and allocating areas for future Peaker Plant and hydrogen plant 2. Design; 3. Equipment specification and supplier quotations; 4. Update and refinement of geotechnical information; 5. Construction and commissioning scope and costing; 6. Interfacing with Western Power. A DFS was preferred at this time compared to appointing an EPC contractor to carry out an early works program as was contemplated previously 1. This decision was made as it is more cost effective, both in the short and long term. This approach allows the Company to consider a more flexible approach through the construction phase, as it allows for the Company to manage procurement of key equipment, including critical path long lead items, in-house.

This would likely reduce the overall capital requirement whilst having no material impact on timing to Final Investment Decision (FID). The Stage One DFS will be delivered in early 2024. Expansion opportunities, including utilising the Company's total landholding (303ha) that could produce 241MWdc or more, as well as a corporate transaction with Frontier Energy 2, that would see future solar production reach 1.1GW, will continue to be assessed in the future.