ReGen III Corp. provided an update regarding the Company's pilot testing with Koch Modular Process Systems ("Koch Modular"), offtake negotiations, the Company's Title 17 Part I application to the Department of Energy ("DOE") Loan Programs Office ("LPO"), Greenhouse Gas ("GHG") credit eligibility, and patents. As detailed in the Company's February 26 press release, Koch Modular's pilot study in Houston advanced significantly over the past several weeks, with the pilot test generating positive interim results for Group III base oil quality and yield.

The pilot study is nearing completion. ReGen III received a Letter of Intent ("LOI") for Group II and Group III offtake and the Company will continue to advance discussions with the offtaker to expand on the framework outlined in the LOI. In addition, and pending the completion of the pilot study, ReGen III will deliver product samples to the many interested offtake parties.

The Company expects that following the completion of sample testing by these lubricant blenders, traders, and oil and gas Super Majors and Majors, it will secure additional LOIs. In early March, ReGen III submitted its Title 17, Part I application to the DOE's LPO on behalf of its subsidiary, RG3 Texas LLC. Following its Part I submission, the Company received and responded to multiple rounds of follow-up questions from LPO.

The LPO's review is ongoing. In February 2024, ReGen III engaged ClearBlue Markets ("ClearBlue"), an award-winning environmental consultancy firm, to complete an initial feasibility study on ReGen III's eligibility for voluntary GHG offset credits. As part of its feasibility assessment, ClearBlue assessed applicable methodologies, conducted high-level additionality tests, and estimated potential GHG credit volumes under various methodologies.

Based on ClearBlue's analysis of relevant methodologies, including inactive and under-development methodologies, industry and market data, and ReGen III's Life Cycle Assessment ("LCA") by GHD Services, ClearBlue concluded the monetization of GHG credits is feasible. Clearblue has prepared and presented a framework outlining the high-level steps ReGen III will need to take in order to complete the monetization of the voluntary GHG credits. ReGen III's 2021 patent application to the Saudi Arabian Patent Office for the method and system for re-refining and upgrading used oil was accepted for grant on February 15, 2024.

Issuance of the patent certificate will occur in due course. This is ReGen III's first patent issued in Saudi Arabia, a country which boasts one of the highest rates of re-refining globally (Source: U.S. Department of Energy). Following the acceptance of this application, ReGen III has nineteen (19) patents issued, allowed, or accepted for the Company's ReGenTM process, in addition to thirteen (13) patents pending globally.