Ann: Scoping Study - HPMSM Conversion Plant Economics, page-56

The scoping study notes the location as being something still under consideration.

With both EGR and RNU having managed to get conditional export Australia funding (and significant sum's at US$40m and A$185m), what is the probability of E25 following that same path - major project status then Export Australia funding?

• Major Pro's - Reduced shareholder dilution to fund the project. Recognition as an important project nationally for Australia
• Major Con's - Site locations are restricted to Australia. Possibly more red tape to get through to secure the funding.

https://business.gov.au/grants-and-programs/major-project-status/current-major-projects

One of the previous barrier's to applying was needing to supply cost estimates from feasibility studies. E25 didn't have a feasibility study. E25 now got a scoping study and a feasibility study is in the works. The capital cost threshold of A$50m is clearly met at circa A$200m capital cost. Export benefits, Jobs etc would all be met from an Australian location.