Sydney, June 22, 2022 AEST - Magnis Energy Technologies Limited is very pleased to provide an update on activities from Imperium3 New York ("iM3NY") which operates a Gigawatt scale Lithium-ion battery manufacturing plant in Endicott, New York. Magnis along with its joint venture and technology partner Charge CCCV LLC ("C4V") are the major shareholders in iM3NY.

New York battery plant status at the end of May - 78% complete.

Fully Automated Production expected to commence within the next 5 weeks.

Electrolyte filling machine has been commissioned.

Safety - Zero incidents in May.

Overall project completion rate is at 78% at the end of May and fully automated production expected to commence within the next 5 weeks from today and begin ramping up over the balance of the year.

Some delays were experienced during May due to global supply chain issues with the delivery of machinery from overseas suppliers. As of this week, all major equipment is now on-site and being installed with in excess of 30 engineers (provided by the equipment manufacturers) and contractors expediting the process.

iM3NY CEO Chaitanya Sharma commented: "After years of planning we are entering into an exciting phase with fully automated production expected in the near future. Whilst experiencing recent supply chain issues and delays in the shipping of equipment, we are so close to our target set over 12 months ago which is a huge achievement by the team in the climate that has existed."