anz seize grkoa, page-17

It is a competition to the degree that there are lower priced GEO stocks that are pursuing diversified projects with higher grade resources at shallower depths, with more managerial experience and much stronger cash positions. It is a competition for investment dollars.

Once geothermal gains the full interest it deserves from investors, it will be a different story, more similar to the way money was thrown at any speculative uranium cashbox. For now, picking the juniors should be done according to resource quality, not just the location.

I like the Spencer project, and, to a lesser degree, the Cooper Basin project. In the Spencer project GRK have the capacity to supply 'product', if not power, to O.D (especially with the projected inflation of the cost of desalinated water). I just don't believe that the profit margins at the O.D project will match the potential profit margins at similar projects held by other junior GEOs, particularly if energy prices don't peak above ~$70/MWh within the next 5 - 10 years. That said, it is likely that both GRK and GDY would be more interested in selling directly to the NEM, and GDY still have the loosely binding PPA with Origin.