Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

What is your expectations of the actions for management to take further than what they have done. Are you expecting the 8GW solar/wind to be built and operational exporting $2kg H2 within 6 months.

To clarify what they have done in 6/12 months: built a strong team, built strong relationships with traditional owners (very important - refer to RIOs mishaps in this space), built relationship with local and state government, appointed lead agency status to fast track gov approvals from here on (this is a massive appointment and recognition of significance of the project), commenced negotiations with Total for 8GW of renewables in JV proposal (scale and opportunity is massive), Built partnership and trial with GEV for transport of compressed H2 and completing comprehensive scoping study with 12 months of weather monitoring which is very soon to be released to market. All the while watching development and awaiting electrolyser technology to improve which will take a few eg ~2-4 years or more to achieve and prove out economic efficiency to meet $2kg targets.

Large scale projects with massive capital spend do and should take a significant time to establish. Also there will and should be hesitancy to build too quickly. H2 markets need time to build in terms of demand. Disruptive tech such as SPN's graphene solar reactant tech should be monitored for likely impacts. Also a successful project needs government and local support upfront, look at the rejected RIO's jadar mine in serbia today for the lesson in not taking correct action and correct timing for community buy in and locals to learn the benefits of a decarbonisation project.