14 March 2023

MetalNRG plc

                                                   EQTEC Italia MDC Update

MetalNRG plc ("MetalNRG" or the "Company") is pleased to confirm that EQTEC Italia, our  joint investment with EQTEC and two family offices in a waste to energy plant in Italy is operational. EQTEC's technical commissioning team has commenced handover protocols for transferring plant operations to EQTEC Italia MDC srl ("Italia MDC")

The 1.1 MWe plant, located in Gallina, near Castiglione d'Orcia, Tuscany, Italy (the "Plant") had already commissioned gasification and biochar production capabilities in January 2023. On 8 March 2023, following commissioning of the Jenbacher 612 engine, the Plant exported its first electricity to the national power grid. To finalise calibration and performance testing of the engine and to support Handover Protocols, a representative of INNIO Jenbacher (Italia) will be on site from 15 March 2023. Following completion of this work on the engine and before the end of March, the Company expects to fully transfer plant operations to the Italia MDC staff.

Additionally, Italia MDC is pursuing a refinancing of the plant asset by an Italian bank. The technical advisor to the bank visited the Plant in March to complete a technical survey.  Subject, inter alia, to the finalisation of the technical report, the Company expects that a funding agreement with the bank will be completed during Q2 2023.

Rolf Gerritsen commented "We are delighted with the commissioning of the Plant and look forward to further positive news over the next few months. With the re financing of the Plant MNRG should be able to recover some of its investment while maintaining its current equity position in the Plant".

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