Waroona Energy Inc. provided an update on the Company's Waroona Solar Energy Project (the "Project") in Western Australia. The Project is significantly advanced with all major permits and approvals in place. The Company aims to finalise all outstanding aspects for the Project's development in the coming months, including a fixed price capital cost estimate, to put the Project in a "shovel ready" position before the end of 2023.

The Company continues to advance the development of its Solar Project as it prepares for it to be in a 'shovel ready' position before the end of 20 23. All major permits, approvals and a connection to the WA electricity network (213MWac DSOC) are in place. A preferred EPC contractor will be selected and tasked with finalising the design, size and technology for the Project.

This will result in a fixed priced capital cost estimate for Project construction. Modelling1 has indicated the average solar price the Project would have received in the past 12 months was approximately AUD66/MWh (38% increase compared to the previous year). This price excludes revenue from Large Generation Certificates (LGC) and from reserve capacity payments.

LGCs are essentially Australian carbon credits and currently trade at approximately AUD 55 each. Reserve capacity payments are payments made by the Market Operator (AEMO)_to electricity generators to ensure there is sufficient generation capacity available in the South West Interconnected System (" SWIS"). The benchmark reserve capacity price for 2025/26 onwards is currently AUD 193,400 per MW.