Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

So from the December webinar and this quarterly report it would seem clear that the smaller projects, ie 32MW/64MW were originally designed to take advantage of the credits under the DCG model. Now with the new regulations, draft proposal due this year, the shift has moved to much larger scale projects with Saddle Hills being more of a concept/cash generation project presumably due to the advanced status/work done on it.

• Finalising contracts for Siemens gas turbine and awaiting confirmation of delivery schedule.

From the webinar I had thought that the projects ranged in size from 200MW to 450MW, interesting to read in the quarterly that there appears to be two very clearly defined project sizes, roughly 200MW and roughly 450MW.

• Competitive bidding in place to select vendors for the power plant & carbon capture unit.
• o ~450MW configuration completed / ~200MW configuration in progress.
• o Commercial contracting with successful vendors anticipated during Q1 2023.