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MONTAUK RENEWABLES INC - Montauk Renewables, Inc. Expands Dairy Digester RNG Project

Release Date: 17/06/2021 07:05
Code(s): MKR     PDF:  
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Montauk Renewables, Inc. Expands Dairy Digester RNG Project

Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
("Montauk Renewables" or the "Company")

Montauk Renewables, Inc. Expands Dairy Digester RNG Project

MNTK) (the “Company”) announces the planned expansion of its dairy digester renewable natural gas
(“RNG”) cluster project in Jerome, Idaho.

The planned expansion is expected to be triggered by a recent amendment to the project’s feedstock
arrangement, providing for approximately 65,000 gallons per day (“GPD”) in minimum manure feedstock
supply. The increases in feedstock supply are to be staged over a projected 12-36 month period, as are
the development fees to be paid by Montauk in connection with the expansion.

Montauk plans to pair the anticipated increase in feedstock supply with an intended increase in digestion
capacity. With an expected total project cost of up to $18 million, inclusive of development fees, the
project’s digestion capacity is expected to increase by up to 160,000 GPD of additional feedstock supply,
with a corresponding potential increase in RNG production by up to 300 MMBtu per day. Montauk
expects to invest up to $5 million of these project costs in 2021, and expects initial stages of the project
expansion to be operational by mid-2022. Project costs are expected to be funded with a combination of
existing cash and new draws under the Company’s existing credit facility. At current gas and attribute
pricing levels, the existing project could generate additional revenue, assuming expected capacity at
completion, of approximately $68 per MMBtu.

About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the
recovery and processing of biogas from non-fossil fuel sources such as agriculture and landfills for
beneficial use as a replacement to fossil fuels. The Company develops, owns, and operates RNG projects,
using proven technologies that supply renewable fuel into the transportation and electrical power sectors.
With over 30 years’ experience, the Company is one of the largest producers of RNG in the United States.
The Company has an operating portfolio of 12 RNG and three renewable electricity projects that span six
states. For more information visit


Company IR
This release contains forward-looking statements within the meaning of U.S. federal securities laws,
including, without limitation, statements regarding the planned expansion, the amount, timing and sources
of funding related costs and the anticipated benefits of the expansion. All statements other than statements
of historical or current fact included herein are forward-looking statements. These statements may include
words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “could,”
“design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,”
“plan,” “predict,” “project,” “potential,” “opportunity,” “seek,” “should,” “target,” “will,” “would,” and
other words and terms of similar meaning in connection with any discussion of the timing or nature of
future operational performance or other events.

Forward-looking statements are not guarantees of future performance and are subject to certain risks,
uncertainties and other factors, many of which are beyond the Company’s control and are difficult to
predict, including, without limitation, risks related to acquisition, financing, construction and
development of new projects and project expansions; changes in commodity and environmental attribute
pricing; changes in governmental economic incentives for renewable energy projects; changes in expected
levels of production output for renewable energy projects; and the other risk factors described in more
detail in the Company’s most recent Form 10-K annual report and other filings with the U.S. Securities
and Exchange Commission at Therefore, actual outcomes and results may differ materially
from what is expressed in such forward-looking statements. The forward-looking statements included
herein are made only as of the date hereof. The Company undertakes no obligation to publicly update or
revise any forward-looking statement as a result of new information, future events, or otherwise, except as
required by law.

Pittsburgh, PA USA

Investec Bank Limited

Date: 17-06-2021 07:05:00
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