Ann: Management and Organisational Update, page-60

For projects to be viable they need to figure out how to produce hydrogen cheaply. Unless those electricity prices are low enough, then you can't make green hydrogen economically, nor will the business be profitable.

Here's what AF had to say in this interview..."where we have low cost energy, we're continuing."

Fortescue have been financially disciplined with what and where they are choosing to invest in. All this talk of Fortescue's Hydrogen plans over is utter nonsense. The focus isn't just going to be on "green hydrogen" alone. It will be green fertiliser which Fortescue are supporting with (Government of Morocco partnership), which let's wait and see how this goes. Then there's the making of "green iron" (in-house and think potential partnership with China). Hydrogen can be used across the board in industry, in energy creation, energy storage (like what Fortescue are doing in-house). They have three FID's over the line and other projects potentially very close to getting the nod. From AF...Re Gladstone, "we're selling electrolysers as we speak".

Why do you think AF has travelled since 2020 to over 20 countries talking to as many investors, governments as possible? There's the Made In Australia incentive package (AU$22.7 billion dollars) that was only announced in May this year. We haven't even given this time for goodness sake. The majority of that over the 10 years is production tax credits for renewable hydrogen and for refining and processing critical minerals. This is very significant for Australia and is something that I am keeping a VERY close eye on from here onwards.

People really need to do their homework before opening their mouths.

Tony