ADX Energy Geothermal Pilot

[Sparty]

Key Points:
ADX has entered into a Letter of Intent with Siemens Energy and RED Drilling & Services
GmbH (RED) to build and operate a well test site (Pilot Project) in Austria to evaluate
geothermal to power technology.

ADX is the responsible party for all licensing and subsurface execution aspects of the project, including engineering, geological analysis, operational planning and implementation. ADX will need to obtain all necessary regulatory permits and has had positive initial discussions with the relevant mining authorities in Austria.

Siemens Energy will provide thermodynamic engineering work for the evaluation of the
power generation system. RED will execute any drilling and well workover operations
required as well as well performance monitoring.

ADX and RED have already identified potential well test sites where existing wells can be
reconfigured to implement the Pilot Project. Subject to the suitability of the wells with respect
to thermodynamic attributes and reservoir quality, as well as securing regulatory approvals,
it is expected that the first downhole testing could be conducted in Q3 2021.

Participation in the Pilot Project is intended to provide ADX with increased knowledge,
experience and credibility to develop and deploy suitable geothermal power generation
technologies on a large scale in ADXs’ operated Austrian licenses as well as other Central
European jurisdictions where ADX has identified geothermal power generation opportunities.

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