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Climate change, pollution, natural resource constraints and positive public sentiment towards sustainable investments have significantly increased investor interest in the renewable energy sector. Countries around the world, including Australia, are setting ambitious targets dedicated to reducing reliance on fossil fuel energy.

Geothermal energy is widely used throughout the world and is one of the only renewable energy solutions capable of operating continuously irrespective of the weather conditions.

Geothermal energy is a carbon neutral renewable energy from the natural source of heat contained within the earth. It can be extracted for uses including heating, drying and electrical generation. Unlike other renewable energy sources, geothermal energy is available 24 hours per day. The geothermal energy industry has a more than 100-year history and is used for electricity generation across 30 countries.

Earths Energy has entered into binding Sale Agreements to acquire 84% interest in Volt Geothermal Pty Ltd (Volt) and Within Energy Pty Ltd (Within), who hold geothermal projects in South Australia and Queensland, respectively(collectively the “Projects”). The Projects comprise of prospective geothermal exploration licences, surrounded by key existing infrastructure for electricity generation, including powerlines and sub power stations.

The Company plans to focus on systematically exploring early-stage geothermal targets and developing geothermal resources at the Projects. This will involve a fit-for-purpose exploration programme analysing subsurface geology to identify thermal resource potential at different well depths, undertaking preliminary survey and resource assessments based on offset well data, exploration location definition and exploration drilling. This will determine priority targets for exploration drilling for geothermal resources.

Earths Energy plans to apply closed loop system technology, which is proven technology and is currently being scaled, to generate electricity. Closed loop technology can deal with low temperature reservoirs and lack of permeability, as the working fluid contained in a closed loop transports heat from the reservoir to the surface in an emission-free operation.

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