Nh3 Clean Energy Limited · ASX:NH3
Nh3 Clean Energy — Ord Minnett's An afternoon with ORDS – Energy Companies (May 2026)
28 slides from Nh3 Clean Energy's conference presentation, May 26, 2026
Slide 1: ASX Announcement: Investor Presentation
ASX Announcement 26 May 2026 Investor Presentation NH3 Clean Energy Limited (ASX:NH3) (‘NH3’ or ‘Company’) is pleased to advise that, as part of management’s ongoing work to broaden investor awareness of the Company and its WAH2 project, Chairman Charles Whitfield will be presenting at Ord Minnett’s
Slide 2: Fueling the Future: An afternoon with ORDS
For personal use only Fueling the Future An afternoon with ORDS May 2026 © 2026 NH3 Clean Energy (ASX:NH3) 1
Slide 3: Important Notices
Important Notices For personal use only DISCLAIMER The purpose of this presentation is to provide background information to assist in obtaining a general understanding of the Company’s proposals and objectives. This presentation may contain some references to forecasts, estimates, assumptions and ot
Slide 4: NH3 Clean Energy's mission
NH3 Clean Energy’s mission is to lead the development of ammonia fuel For personal use only production to meet the growing clean energy needs of the Asia-Pacific region Committed to delivering commercially viable pathways for emissions reduction Replacing greenhouse-gas-emitting fuels with clean amm
Slide 5: Australia's leading clean ammonia project
Australia’s Compelling product offering to customers • Meeting customer needs in terms of price, emissions, volumes & leading clean security of supply For personal use only ammonia De-risked project delivery project • Using established technology • Located in a designated hydrogen hub with access to
Slide 6: Agenda
Agenda For personal use only Market Opportunity Project Overview Valuation Way forward © 2026 NH3 CLEAN ENERGY (ASX: NH3) 5
Slide 7: Increasing clarity - clean ammonia power demand
Increasing clarity - clean ammonia power demand For personal use only Australia’s key role in facilitating energy partners’ decarbonisation Australia supplies over 60% of Japan’s coal needs, over 40% of LNG and and a third of uranium. Japan and other key regional partners are looking to Australia to
Slide 8: Increasing clarity - clean ammonia bunkering demand
Increasing clarity - clean ammonia bunkering demand For personal use only Pilbara-Asia ‘iron corridor’ is one of the world’s busiest trade routes1,2 By 2050, DNV GL predicts that 39% of the global shipping energy mix will consist of “carbon-neutral fuels,” a category that includes ammonia… This new
Slide 9: Meeting the market's criteria for clean ammonia
Meeting the market’s criteria for clean ammonia For personal use only NH3CE is best-placed to meet needs of Asia’s ammonia customers Emissions intensity Grey NH3 Grey NH3 Low emission WAH2 ~0.38 kg CO2e /kg NH34 Low from coal2 from gas2 threshold1 Operational flexibility to reduce emissions 3.6-4.8
Slide 10: WAH2 Project offers compelling supply proposition
WAH2 Project offers compelling supply proposition For personal use only Low geopolitical risk, efficient Customer feedback confirms ~US$ 600 /T FoB and secure shipping routes globally competitive Fixed price with escalation avoids volatility of Henry Hub gas or oil prices Significant shipping cost a
Slide 11: Development of NH3's ammonia bunkering reach
Development of NH3’s ammonia bunkering reach For personal use only NH3 is positioning itself as the leading supplier of clean ammonia fuel for the Asia Pacific region Leading ammonia through key Bunkering through full value chain strategic participation across agreements Leading Asia Pacific ammonia
Slide 12: Highlights of NH3's MoU with ITOCHU
Highlights of NH3’s MoU with ITOCHU For personal use only The MoU1 outlines collaboration2 over the next two years intended to Builds on the achieve: agreements NH3 already has in place • Development of clean ammonia bunkering operations in the Pilbara for establishing a region of Western Australia
Slide 13: Agenda
Agenda For personal use only Market Opportunity Project Overview Valuation Way forward 12
Slide 14: WAH2 ideally located for efficient production
For personal use only Multiple CO2 WAH2 ideally sequestration options nearby located for Existing efficient Existing deepwater infrastructure production and port, handles ammonia, no corridor provides access to port and access to expansion required multiple CCS options growth markets Gas supply pipe
Slide 15: Delivering the WAH2 Project through collaboration with world class partners
Delivering the WAH2 Project through collaboration with world class partners For personal use only GOVERNMENT INPUTS & ENGINEERING & SALES & SUPPORT SERVICES CONSTRUCTION DISTRIBUTION Natural gas Land Export port Site Key Terms Agreement (Nov ‘23) Ammonia Commitment Shipment MOU Agreement for Lease E
Slide 16: WAH2 Project delivery options being matured
WAH2 Project delivery options being matured For personal use only Air Separation Power Gen Unit Electricity Electricity Nitrogen Natural Gas H2 Production Ammonia Ammonia At-port storage Ammonia loading (gas reformation) Synthesis pipeline Ammonia Ammonia Ammonia Hydrogen CH4 CO2 CO2 Capture and CO2
Slide 17: Project delivery: Linde selected as FEED engineering partner
Project delivery For personal use only Linde has been selected as FEED engineering partner1 Collaboration with Linde • Global industrial gases and engineering company with a track record of participating in the development of clean hydrogen and ammonia projects provides … In parallel to Linde delive
Slide 18: Agenda
Agenda For personal use only Market Opportunity Project Overview Valuation Way forward 17
Slide 19: Strong share price performance
Strong Share price performance Achieving critical milestones has driven price performance but still undervalued For personal use only Key Metrics1 at 11/05/26 Performance Shares Outstanding 712,880,222 52 Week High A$0.14 overview2: Market Capitalisation Average Trading Vol A$85 M 1.69M 52 Week Low
Slide 20: Pre-FEED validated compelling Phase 1 economics
Pre-FEED validated compelling Phase 1 economics1 For personal use only PROJECT RETURNS C A S H G E N E R A T I O N 1,2 Despite strong equity returns over the past Phase 1 – geared case Phase 1 two years, share Revenue (A$ M/yr) 569 price yet to reflect NPV8 $682 M Less anticipated project value and
Slide 21: Phase 2 offers substantial value growth potential
Phase 2 offers substantial value growth potential1 For personal use only PROJECT RETURNS2 Market demand for clean ammonia is the Phases 1 & 2 sequenced – Developing Phases 1 & 2 primary driver of any geared case simultaneously would offer time gap between considerable upside potential Phases 1 and 2
Slide 22: Funding Parties Engaged
Funding Parties Engaged For personal use only Debt • Policy based financing NH3 has already • Commercial Lending identified and • Infrastructure & Clean Energy Funds Mezzanine engaged with key • Corporate CVC financing • Infrastructure Funds providers Equity And will announce further progress Projec
Slide 23: Agenda
Agenda For personal use only Market Opportunity Project Overview Valuation Way forward © 2026 NH3 CLEAN ENERGY (ASX: NH3) 22
Slide 24: Accelerating track record of milestone delivery
Completion of Scoping Study (Jan ‘23) For personal use only Commence PFS (Jan ’23) Land Grant (May ‘23) 2023 Pre-Feasibility Study Results (July ‘23) Water Key Terms Agreement (Mar ‘24) Oceania Bunkering MoU (May ‘24) 2024 Chevron Indicative Gas Supply (Nov ‘24) AGIG Pipeline MoU (Dec ‘24) Pre-FEED
Slide 25: Appendix
Appendix For personal use only Market Opportunity Project Overview Valuation Way forward 24
Slide 26: Board with a track record of value creation
Board with a track record of value creation For personal use only The Board has a wealth of experience in energyCharles and the Whitfield Andrew Kirk Brent Gardner Garry Plowright energy transition Chairman Non-Exec Director Non-Exec Director Non-Exec Director The Board and valueResponsible chain. f
Slide 27: World class execution team
World class execution team For personal use only Clean Energy Executive have over 80 years of combined experience delivering Stephen Hall CEO and Project Leader Reinhardt Matisons Business Development Neil Theobald Liz Sully Regulatory Approvals Business Development energy projects. Stephen brings o
Slide 28: Fueling the Future: Low Emissions Ammonia
For personal use only Fueling the Future Low Emissions Ammonia From Australia to APAC For further information contact: Stephen Hall This announcement has been authorised for stephenh@NH3CE.com release to the ASX by the Board of NH3 Clean NH3CE.com Energy Ltd. 27
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