Ann: Becoming a substantial holder, page-21

worth stating again and again.... the maiden JORC and November JORC applied the pyrolysis method (MFA) to come up with a BOE number. Pyrolysis yields 14-18% synthetic oil on Alpha. GRV stopped using it back in Aug 2022 when they switched to liquefaction. Phase 3 liquefaction yields 65-70% synthetic oil on Alpha. The difference is massive. For budgetary reasons the November JORC wasn't commissioned to take this far better yield into account, but they will after phase 4. Applying liquefaction yields to a new Alpha JORC resource will formally recognise an additional ~100m boe that investors following the story already know is there