24^th March 2021

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

Planning update

Further to the planning update announcement on 3 February 2021, SAE notes the decision today by the Welsh Government to "call in" the Group's planning application (for determination by the Welsh Government rather than the local planning authority, Newport City Council). SAE will work closely with Welsh Government to understand the next steps.

Planning permission is sought for the construction of new silos, conveyors, and rail upgrade for handling the new fuel external to the existing Uskmouth power station and not for the conversion of the power station itself. Before being called in, the planning officer for Newport City Council had recommended approval of planning permission, subject to certain conditions.

The Uskmouth Project contributes to the delivery of sustainable development by reusing existing resources and the reduction in waste to landfill, while also creating jobs and bringing investment to the region.

SAE will provide a further update to the market if this decision impacts the expected Project delivery timeline.

For more information please contact:

Notes to Editors

SIMEC Atlantis Energy

Atlantis is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

https://www.simecatlantis.com/

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/

More on the Uskmouth Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/