Hexagon Energy Materials Limited announced that the WAH2 Project is Hexagon's project to supply low-emissions ‘blue' ammonia to the de-carbonising powerhouse economies of the Asia Pacific, including Japan and South Korea. The WAH2 Project is well-placed as the energy transition drives an increasing demand for low- emissions energy. In summary, subject to the results and recommendations of the PFS, the WAH2 Project: would use proven technology to reform natural gas to produce hydrogen.

o WAH2's feed-gas requirement is small in the context of the WA gas market. o There are several potential suppliers with access to existing distribution infrastructure. Phase 1 of the WAH2 Project would consume ~2% of Western Australia's forecast daily gas supply at the expected time of start-up (Base Case, WA GSOO 2022).

would use proven technology to convert hydrogen to ammonia. Ammonia is considered the most appropriate energy carrier as it offers reduced processing and transportation costs and greater energy-efficiency than the alternatives of liquid hydrogen or liquid organic hydrogen carriers, and it aligns with customers' need for ammonia. would involve capture and storage of CO2 in depleted gas reservoirs to deliver low- emissions hydrogen and ammonia.

Several credible potential CO2 sequestration alternatives are being developed proximal to WAH2. Greenhouse gas assessment permits have been awarded to joint ventures operated by Santos (G-9-AP) and Woodside (G-10-AP), and the Australian Gas Infrastructure Group is investigating the potential to use its wholly owned Tubridgi asset for CO2 sequestration. Hexagon has identified its preferred site for WAH2 and has applied to the WA Government for a long-term lease over the site.

The proposed site is in an existing Strategic Industrial Area in northern Western Australia. It is proximal to services, with established export routes and an existing infrastructure corridor. It is well-placed to access key Asian markets such as Japan and South Korea and to provide domestic supply to Australia.

Engineering studies are being undertaken by Petrofac and are focused on determining the appropriate choice of hydrogen production technology, the appropriate production capacity for Phase 1 and Phase 2 of the WAH2 Project, and the associated capital and operating costs for the WAH2 Project (AACEI1 Class 4 cost estimate). Potential access to multi-user infrastructure including utilities import, product export and CO2 transmission offer opportunities to reduce unit costs and leverage economies of scale.