1Q23 Earnings and Operations Update

Clean Hydrogen Works - Ascension Clean Energy Project • Planned to be one of the largest "Blue Ammonia" complexes in the world - 7.2 million tons per year of ammonia .LA. :TX (2 Blocks) - CO2 offtake volume up to 12 Mmtpa - - 12-year term agreement; Start date 2027 (1st Block) • DEN equity owner in the ACE project with $20 MM investment 80% of Ammonia Offtake Under LOI w/ Large International Buyers Block 1 Timeline H₂ Donaldsonville H₂ Planned Blue ammonia site Denbury pipeline infrastructure Secured sequestration site Stationary CO2 emissions Source: 2021 EPA Greenhouse Gas Reporting Program data 1,700-acre site - West bank of Mississippi River in Donaldsonville Denbury Inc. FEED Study Sign Offtake Agreements Secure Capital Commitment 2024 Final investment decision Final Design & Construction 2027 On Production Plant commission & start up MS. AL 24

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