ann out, page-31

Agreed HM

LV became a more likely option for Exergen CHTD demo plant once the ALDP announced the funding criteria.

Why would Exergen push ahead with a demo plant at BM when Govt could co-fund same at LV?

Obviously makes commercial sense.

The fact that the scoping study indicates a viable outcome for BM is very positive - extra jobs, $1.4 bill NPV, etc.

What this means now is that further drilling, feasability studies, approvals, etc. can now be undertaken at BM whilst simultaneously building the CHTD demo plant at LV.

Once Exergen prove up CHTD with the demo plant, BM should be well down the path where a commercial scale CHTD 20 mT plant can be built.

Will the demo plant at LV then feed some form of DICE project in LV and the commercial plant feed BCE to TATA in BM?

Considering NPV numbers at BM - MNM MC should be circa $70 million on BM alone or 25+c a share, then add GC + HS + CT + MtM + LV + ...

Cheers K