Pilot Energy : Leading the Energy Transition through delivering Low-cost,Clean Ammonia to Korea

Disclaimer

This investor presentation has been prepared by Pilot Energy Limited ABN 86 115 229 984 (Pilot or the Company).

Any material used in this presentation is only an overview and summary of certain data selected by the management of Pilot. The presentation does not purport to contain all the information that a prospective investor may require in evaluating a possible investment in Pilot nor does it contain all the information which would be required in a disclosure document prepared in accordance with the requirements of the Corporations Act and should not be used in isolation as a basis to invest in Pilot. Recipients of this presentation must make their own independent investigations, consideration and evaluation of Pilot. Pilot recommends that potential investors consult their professional advisor/s as an investment in Pilot is considered to be speculative in nature.

This presentation contains "forward looking statements" concerning the financial condition, results of operations and business of Pilot. All statements other than statements of fact or aspirational statements, are or may be deemed to be "forward looking statements". Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "outlook", and "guidance", or other similar words & may include, without limitation, statements regarding plans, strategies and objectives of management, future or anticipated production or construction commencement dates and expected costs, resources or reserves, exploration results or production outputs.

Assumptions and Forward Looking Statements

Forward looking statements are statements of future expectations that are based on management's current expectations and assumptions, known and unknown risks and uncertainties that could cause the actual results, performance or events to differ materially from those expressed or implied in these statements. These risks include, but are not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, commercialisation reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

Statements in this presentation are made only as of the date of this presentation unless otherwise stated & the information in this presentation remains subject to change without notice. Reliance should not be placed on information or opinions contained in this presentation. To the maximum extent permitted by law, Pilot disclaims any responsibility to inform any recipient of this presentation on any matter that subsequently comes to its notice which may affect any of the information contained in this document and presentation and undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person. To the maximum extent permitted by law, neither Pilot nor, any affiliates, related bodies corporate and their respective officers, directors, employees, advisors and agents (Relevant Parties), nor any other person, accepts any liability as to or in relation to the accuracy or completeness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or any omission from this presentation or of any other written or oral information or opinions provided now or in the future to any person

2 Australia-Korea Business Council Critical Minerals and New Energy Forum | Sydney 30 October 2023

Competent Persons Statement

This announcement contains information on conventional petroleum and CO2 Storage resources which is based on and fairly represents information and supporting documentation reviewed by Dr Xingjin Wang, a Petroleum Engineer with over 30 years' experience and a Master in Petroleum Engineering from the University of New South Wales and a PhD in applied Geology from the University of New South Wales. Dr Wang is an active member of the SPE and PESA and is qualified in accordance with ASX listing rule 5.1. He is a former Director of Pilot Energy Ltd and has consented to the inclusion of this information in the form and context to which it appears.

Authorisation

This presentation has been authorized by the Chairman and Managing Director on behalf of the Board of Directors of Pilot Energy Limited

Mid West Renewable Energy Reporting Conditions

Pilot has agreed to certain conditions with the ASX in respect its renewable energy activities in relation to nature of activities and expenditure limits. Proceeding beyond the conditions will constitute a change in the nature and scale of the Company's activities in terms of Listing Rule 11.1 and as such the Company will be required to comply with all of the requirements of Chapters 1 and 2 of the Listing Rules before it proceeds beyond the agreed limits.

The key inputs for both blue and green Hydrogen

Blue*

Natural gas prices

The lower the gas price, the lower the LCOH2 for blue hydrogen. In Australia, the location of the project can be a key determinant of gas price.

Green*

Capacity factors

Higher capacity factors lead to lower LCOH2.

Projects with both solar and wind can increase overall capacity factor which increases electrolyser efficiency.

Power prices

The lower the power costs, the lower the LCOH2.

Connecting to the grid vs behind the meter.

Technology selection

ATR has slightly lower capital costs when high rates of CO2 capture is required, and ATR also uses less natural gas. However, ATR uses more electricity.

CCS costs

CCS costs are driven by electricity and natural gas prices and accessibility of storage facilities/infrastructure.

5 Australia-Korea Business Council Critical Minerals and New Energy Forum | Sydney 30 October 2023

Power prices

The lower the power costs, the lower the LCOH2.

Connecting to the grid vs behind the meter.

Technology selection - electrolysers

Currently, Chinese alkaline electrolysers are the cheapest on market but is difficult to procure and has long lead times.

Western alkaline electrolysers are a more costly alternative to Chinese Electrolysers.

Proton exchange membrane electrolysis is a newer technology and currently the most expensive.

*Source: Bloomberg New Energy Finance Report 2023 Hydrogen Levilized Cost Update: Cost of Capital and inflation take hold, July 10, 2023

Right

technologies

Abundant

natural gas

Western Australia - a natural partner of production and supply of Clean Ammonia

Low-Cost

Clean

Energy

Carbon capture

World class renewable energy

• Conversion of Cliff Head Offshore oil field to CCS

• Over 1 million tpa CO2 injection to third parties from 2026
• Targeting continuous CO2 injection through to 2050

7 Australia-Korea Business Council Critical Minerals and New Energy Forum | Sydney 30 October 2023

• Targeting Clean Ammonia production of over 1 million tpa
• Clean Ammonia produced fromCleancombined Blue & Green Hydrogen Plant

Ammonia

• Blue H2 with full carbon capture through integrated Cliff Head CCS

• Green H2 from self-sourced industrial water supply + low-cost,behind-the-meter renewables

• Estimated levelized cost of ammonia (LCOA) of A$400/tonne

Renewables & Electrolysers

Liquid O2

Storage Power

(LOX)

NG

H2

Ammonia

H2Synthesis

N2

Cliff Head

Storage

8 Rivers 8RH2 technology

• Proven technology
• High hydrogen production efficiency while requiring minimal capital costs compared to over conventional power cycles
• Minimal water consumption

A unique opportunity

Integration of CCS and low-cost renewables through 8 Rivers technology delivers

clean cost-competitive power, Hydrogen and Ammonia

Gas Discoveries of the North Perth Basin

Mid West Clean Energy Project

Gas Volume (TJ/d)

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

Mid West Clean Energy Project