NEWS RELEASE:

ALLIED GENESIS LIMITED ADVANCES PRE-FEASIBILITY STUDIES FOR 150MW OCGT POWER PLANT IN UGANDA

Auckland, December 2, 2024 – Allied Genesis Limited (AGL) is pleased to provide the following update in respect of its ongoing pre-feasibility activities in respect of the development of a 150MW Open Cycle Gas Turbine (OCGT) Power Plant in the Republic of Uganda. The project is set to harness natural gas from the stranded gas reserves located in the Lake Albert Region and will convert that energy to electrical power, marking a significant step towards sustainable energy utilization in the country.

This initiative aligns with AGL’s mission to unlock the potential of underutilized energy resources in Africa and, in this case, will directly contribute to Uganda’s power sector development. The proposed power plant will provide a reliable energy solution to support the region’s growing industrial and domestic needs, driving economic growth and energy security.

AGL is committed to working closely with local stakeholders and government entities to ensure the project's successful implementation, fostering long-term partnerships for sustainable development.

We will provide further updates as the project progresses towards completion of these studies and other and stakeholder engagement milestones.

About AGL:

AGL is a boutique international electric power project developer. With its headquarters in Hong Kong, AGL is pursuing development programs in SE Asia, Africa, and Western Canada.  Core AGL team members have combined experience of more than 80 years in the electric power business.  Most importantly, their experience includes on-the-groundwork in SE Asia from 1996-2006 as members of the Jupiter Power Cambodia joint venture.

The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

For further information, please contact:

Allied Genesis Limited.
Michael Fogarty
President and Chief Executive Officer

NEWS RELEASE:

ALLIED GENESIS LIMITED SIGNS MOU WITH ELECTRICITE DE GUINEE FOR 650MW CCGT POWER PLANT AND SSLNG TERMINAL DEVELOPMENT IN KAMSAR, GUINEA

Auckland, December 2, 2024 – Allied Genesis Limited (AGL) is pleased to announce the signing of a Memorandum of Understanding (MOU) with Electricité de Guinée (EDG) to advance the development of a 650MW Combined Cycle Gas Turbine (CCGT) Power Plant and Small-Scale LNG (SSLNG) Terminal in Kamsar, Boké Prefecture, Guinea.

This strategic initiative aims to bolster Guinea's energy infrastructure, providing a reliable and sustainable power supply to meet the growing industrial and domestic energy demand. The project will also include critical LNG regasification and distribution infrastructure, underscoring AGL's commitment to delivering cleaner and more efficient energy solutions.

In discussing this development, Michael Fogarty, President of AGL, stated: “We are proud to collaborate with EDG in this transformative venture, which will serve as a cornerstone for Guinea’s energy and industrial development, particularly supporting the mining and refining sectors in the region.

Further updates will be provided as the Company moves towards the realization of this groundbreaking project.

About AGL:

AGL is a boutique international electric power project developer. With its headquarters in Hong Kong, AGL is pursuing development programs in SE Asia, Africa, and Western Canada.  Core AGL team members have combined experience of more than 80 years in the electric power business.  Most importantly, their experience includes on-the-groundwork in SE Asia from 1996-2006 as members of the Jupiter Power Cambodia joint venture.

The CSE has not passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

For further information, please contact:

Allied Genesis Limited.
Michael Fogarty
President and Chief Executive Officer