Short Seller Report, page-62

The biggest concern I've got in reading this is they don't know bore flow rates. How can they have a PFS without have done a borefield investigation and model.

Its a bit like an oil company assuming its seismic targets are all going to produce at xxx bbls/day.

The financial model seems to be underpinned by geothermal subsidies with lithium production adding some - its typical of many green schemes. Kick out the subsidy, what happens ? Produce less heat, what happens to the subsidy? If you don't know your flowrates you can't just assume it, you do actually have to know it.

$2 billion market cap is scary considering the lack of borefield knowledge.