Hexagon Energy Materials Limited announced that Mr. Stephen Hall has been appointed as Chief Executive Officer of the Company with effect from 1 September 2023. Mr. Hall is an experienced executive with over 30 years of experience in the energy sector across the full value chain and asset lifecycle. Stephen has been assisting the Company for several months with the WAH2 Project and has demonstrated his value in advancing engagement with gas suppliers, off- takers as well as external technical advisors.

Securing Stephen for this role is a significant step in building Hexagon's management and executive team and capability to deliver the WAH2 Project and associated commercial agreements. The focus of the Company over the next four months is to bring the current discussions with off-takers, gas suppliers and sequestration providers to agreements. In recognition of the importance of such agreements to generating shareholder value and to align his interests with those of shareholders, Mr. Hall proposed that a one-month notice period should apply to the first four months of his contract.

Additionally, Mr. Hall's long-term incentives will be linked to the successful delivery of project milestones and Hexagon's share price performance. The board has already seen the significant progress that Mr. Hall has made in progressing the key partnership negotiations and his past experience and relationships have provided a significant factor in turning the WAH2 project into a reality. Mr. Hall has been supporting Hexagon since November 2022 and, since then, has led the progress made on the WAH2 Project.

He has been instrumental in guiding successful delivery of the Pre- Feasibility Study, establishing constructive relationships with stakeholders and progressing commercial discussions with various counterparties and potential strategic partners. The timing of Mr. Hall's appointment as Chief Executive Officer reflects Hexagon's confidence in the progress being made on the WAH2 Project as the team advances discussions with third party potential partners. Prior to joining Hexagon Mr. Hall spent 28 years with Woodside Energy before founding an independent business advisory firm to provide strategic and commercial support to the energy sector.

Mr. Hall's roles at Woodside include Vice President Strategy Power & New Markets, Vice President Strategic Planning, and Vice President North West Shelf Development. Through these roles he has developed broad leadership experience and expertise in setting corporate strategy, new business development, commercial structuring, negotiations, project development and delivery, and stakeholder management. In his last role at Woodside, as Vice President Strategy Power & New Markets, Mr. Hall was responsible for implementing Woodside's market-led growth strategy as well establishing the capability and governance framework necessary to allow increased trading and portfolio optimisation.