The board of directors of Interra Resources Limited announced that it has entered into a joint venture agreement with VibroPower Corporation Limited on 1 November 2023. Under the Joint Venture Agreement, the Company and VibroPower have agreed to co-operate to build a 2-megawatt solar farm within a land parcel located in Sabah, Malaysia owned by VibroPower's associated company with the capacity to generate up to 2 thousand kilowatts of electricity from sunlight and develop a renewable energy supply business.Principal Terms of the Joint Venture Agreement. The principal terms of the Joint Venture Agreement are set out: The Company shall provide a sum of SGD 1,500,000 which shall be secured by the Convertible Bond.

The total cost for developing and constructing the Solar Farm is currently budgeted at SGD 3,000,000. Any costs incurred in the development and construction of the Solar Farm that is in excess of the sum of SGD 3,000,000 shall be borne solely by VibroPower. VibroPower shall also procure the land on which the Solar Farm will be built.

No rent shall be payable for the said land. Upon completion of the Solar Farm, all assets belonging to or are a part of the Solar Farm and all profits generated by the Solar Farm will be owned and shared equally between the Company and VibroPower (the Profit Sharing and Ownership Arrangement). The Profit-Sharing and Ownership Arrangement will continue to be in effect until the Convertible Bond has been redeemed in full by VibroPower, converted by the Company into ordinary shares in the capital of the VibroPower (VP Shares) if permissible under the terms and conditions of the Convertible Bond Agreement, or repaid by the Guarantor under the Personal Guarantee.

Thereafter, the Company and VibroPower will negotiate in good faith the share of profits the Company shall be entitled to, based, and dependent, on the contribution the Company makes to the Solar Farm. While VibroPower is primarily responsible for the development and construction of the Solar Farm, the Company and VibroPower have agreed to jointly manage the process under the terms of the Joint Venture Agreement.