Waroona Energy Inc.

The Waroona Renewable Energy Project is an advanced stage solar development project located 120 km south of Perth in Western Australia (WA). The Project is spread across 300 hectares of flat, cleared land, and has forecast energy generation of 241 mega watts (MW) with significant potential to expand further. The Project has completed all engineering and all key approvals, as well as secured one of only two available connection slots available (Landwehr Terminal) to the Western Australian power network. The Project strategic location close to all major infrastructure required for the production and dispatch of green hydrogen, has presented the Company with a unique opportunity to convert its solar energy electron into a higher valued green hydrogen molecule. The Company will continue to assess this opportunity, complete the required studies and assess the “trade off” between these options. Frontier Energy's (FHE:ASX) Bristol Springs green hydrogen project is adjacent to Waroona’s project, and shares all of the same attributes and benefits of nearby infrastructure for green hydrogen production and supply industry. Given this co-location, the groups signed a collaboration agreement in 2022, to allow for: - Shared discussions with stakeholders - Shared services and shared IP (through Study works); and - Long term potential for capital cost savings through shared infrastructure Frontier Energy is one of the most advanced green hydrogen developers in Australia, having completed a positive Definitive Feasibility Study, outlining the potential for their Project to be one of the lowest cost hydrogen projects in Australia. This included: - Hydrogen Production – 4.9 Mkg pa - Low total unit cost of $2.77 / kg hydrogen (inc. capex). - Low initial capital cost – $242.5m (114MW solar + 36MW electrolyser)