Ann: June 2024 Quarterly Production Report, page-33

Thanks for your post, although it is rather cluttered and I struggle to know what is your opinion, what has been articulated by management and what is derived from the financial statements.

For example, the 15% IRR figure contained in your post.
Can I ask what the substantive basis is for that figure?


And then, you table a 2021 transcript of management commentary which you say references "they're actually aquiring (sic) projects for $5000 per megawatt and then add value at say $200,000 per megawatt a... very impressive uplift in value - by 40 times!"

Amazing that such luxurious valuation arbitrages are able to exist in markets without them being competed away, either due to the emergence of competing buyers or vendors ceasing to be so totally dumb as to sell assets valued at mere cents in the dollar.

That surely unprecedented market inefficiency aside, can you say how/where has this uplift in value manifest itself in the financial performance of the company?

Because, according the the Segmental notes in the Annual report, in the three years since that transcript you cited, the Energy segment has amassed over $2.0bn in accumulated losses (that's just at the EBITDA level, do doesn't included additional items below the line).

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