27 June 2023

SIMEC Atlantis Energy Limited

("SAE Renewables", "SAE", the "Company" and, together with its subsidiaries, the "Group")

Update on 2022 Annual Report and Financial Statements

SAE provides the following update in relation to its audited Annual Report and Financial Statements for its financial year ended 31 December 2022 (the "2022 Annual Report").

SAE will not be in a position to publish the 2022 Annual Report by 30 June 2023, as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules"). The Board has been working hard to sign the 30-year land lease for the 230MW BESS project at the Group's Uskmouth site which completed on 20 June 2023 and to receive approval from the holders of the AOE17 debentures to extend the maturity date of their bonds to 30 June 2024 which completed on 26 June 2023. The Board is working with the  auditors to complete the remaining audit formalities. Whilst the audit process has yet to be concluded, the Directors have been advised by their auditors that the audit is substantially complete and that there are no material audit issues causing this delay. Accordingly, SAE is targeting the publication of the 2022 Annual Report as soon as the auditor completes their final processes which is expected to occur during July 2023.

Accordingly, at the request of the Company, SAE's ordinary shares will be suspended from trading on AIM with effect from 7:30 a.m. on Monday 3 July 2023. The temporary suspension from trading on AIM will be lifted once the 2022 Annual Report has been published.

Notwithstanding the temporary suspension of trading in the Company's ordinary shares, SAE will continue to make announcements as and when there are any developments that require announcement in accordance with its obligations under the AIM Rules.

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Notes to Editors

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

https://www.saerenewables.com/

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). Upon publication of the announcement via a regulatory information service, this information is considered to be in the public domain.