Ann: December 2023 Quarterly Activities and Cash Flow Report, page-2

Not a lot new in this 4C. Except one detracting point that the NZ plant is still needing some minor fixes after it was completed some time ago. It must be patently clear to holders that the only deals which will materialise in the near future are those which are being contract built for other owners under progress payment terms. Those projects which DEL are listing as their own such as SA1 and Vic1 will stay on the backburner until DEL have some of the external owner deals completed. Having had one venture fund (Palisade) knock them back does not help them gain interest from others IMO. The other consideration is the cost of venture funding reduces the margins and profit within the project. For short term holders this is not an attractive feature to buy into. It means that the potential only lies in the future profits arising from the sale of the biogas produced. It seems to me that DEL will probably survive provided management can timely manage the financial aspects of the external owner projects and hopefully find others so that funding at satisfactory rates can be found to finally build a couple of their own. Then I think we are off and running.