8 November 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

Delivery of next phase of the world-leading MeyGen project continues at pace

SAE, the global leader in tidal energy, is continuing to make good progress in the delivery of the first commercial-scale tidal array in the world at its MeyGen site in Scotland. The next phase at the MeyGen site will see SAE deliver an additional 28 MW of predictable, renewable power.

To take overall responsibility for the delivery of phase 2, SAE is delighted to announce the appointment of Mr Mark Evans as Project Development Director. Mark brings over 20 years of renewable energy development and delivery experience, including the development of over 1 GW of wind projects. Mark brings to the team a proven track record of successfully delivering major renewable projects as well as a passion for tidal energy.

SAE also announces that it has appointed Lumin Capital, an international corporate finance advisory firm, as financial advisor for MeyGen phase 2 to advise on securing the necessary financing for the project. Lumin Capital brings extensive experience of working with project developers on projects around the world to enhance shareholder value and secure funding. Lumin will be a key part of the team in ensuring the success of MeyGen phase 2.

SAE has also been active at the MeyGen site, completing resource surveys which provide vital data to better understand the tidal resource across the site to allow for the detailed design of the project. In October 2022, SAE successfully deployed an acoustic Doppler current profiler ("ADCP"), a tidal flow measurement device, at the MeyGen site. The ADCP will be deployed for a month to record a full lunar cycle's worth of data. SAE has combined the fixed deployed ADCP with vessel-mounted ADCP surveys to better understand the variable flows across the site. SAE is working with Fraser Nash Consultancy and the University of Edinburgh on this analysis and the tidal array design optimisation work that will subsequently be conducted using this data.

SAE remains on track to achieve financial close of the MeyGen phase 2 project in 2024 with operation starting in 2027.

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Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

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