valuation, including penumbra, and misc notes, page-7

GS/Mihal,

Nice work.

As PE is applied to NPAT, how does the offtake agrregrement to EDF get treated?

i am unsure of this is, does part of the coal production get sold to EDF and hence no earnings can be attributed to that portion of the revenue as its used to paydown debt, which results in lower EBITDA, NPAT and ultimately valuations.

I would greatly appreciate feedback as teh Conti structure with BEE partners and EDf offtake agreement is causing me some confusion in my valuation model.

H