Renergen Limited (JSE:REN) News - US$500 Million Debt Retainer Letter Signed for Phase 2 Operations at Virginia Gas Project RENERGEN LIMITED Incorporated in the Republic of South Africa (Registration number: 2014/195093/06) JSE Share code: REN A2X Share code: REN ISIN: ZAE000202610 LEI: 378900B1512179F35A69 Australian Business Number (ABN): 93 998 352 675 ASX Share code: RLT (“Renergen” or “the Company”) US$500 MILLION DEBT RETAINER LETTER SIGNED FOR PHASE 2 OPERATIONS AT VIRGINIA GAS PROJECT Renergen is pleased to announce it has signed a Retainer Letter with the US International Development Finance Corporation (“DFC”), to evaluate making a loan of up to US$500 million to finance the development of Phase 2 of helium and natural gas operations at the Virginia Gas Project (“Virginia). DFC, which provided US$40 million for Phase 1 of operations, has conducted a preliminary screening of the proposal for Phase 2 financing. Renergen and DFC will now commence further analysis on the project, including potential on-site diligence following commissioning of the Phase 1 plant. In addition to the DFC, Renergen has also received multiple Letters of Intent (“LOI”) to co-lend alongside the DFC for Phase 2 operations from additional lenders, with a cumulative value of over US$700 million in senior debt, which will exceed the remaining debt requirement. The lenders are currently in the process of reviewing all materials in the data room and will be conducting an onsite inspection of Phase 1 operations, as part of the due diligence for the debt funding of Phase 2. “We find ourselves in a very strong position as we embark on turning on the Virginia Gas Project plant in the coming weeks. The Company has grown significantly in size and scale and importantly, now has the ability to sculpt terms to suit our financing requirement. We are in the process of optimising Phase 2 operations as part of the ongoing due diligence process and are aiming to achieve a target of up to 65% debt funding, the balance equity, on the Phase 2 project capital amount. The debt amount available to the Company will significantly reduce the amount of equity needed while ensuring sufficient head room to meet financial covenants,” said Stefano Marani, CEO. Johannesburg 6 June 2022 Authorised by: Stefano Marani Chief Executive Officer Designated Advisor PSG Capital For Australian Investors & Media, contact Citadel-MAGNUS - Cameron Gilenko, 0466 984 953 This announcement contains images which can be found in the PDF version on www.renergen.co.za Date: 06-06-2022 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.