short -mid term price expectations, page-17

Some rough numbers in terms of revenues and profit etc.

Fromthe July ppt:

"The Dairi prima project alone is expected to generate more than US$30 million gross revenue for Panax’s share."

We know cost per MWh is circa USD60 and the power price is USD150.

Gross margin

From the spiel on Sokoria (p13):

"Panax expects final project economics to be robust with average revenues of US$125/MWh with a net margin after tax of 40%."

i.e. on 125MWh they make 60 net i.e. so 65 goes in costs/takes....

Logically PAX's margins at DR will be better as they're receiving 25/MWh more than at Sokoria.

Donc, DR using 150/MWh, should make 85/MWh net margin....

85/150 x $30m = 17m

Plenty there to pay a decent interest bill on a project finance deal?