Hi Guys,I wrote a long (by my standards) DEL post on e-mail,...

Hi Guys,

I wrote a long (by my standards) DEL post on e-mail, saved it as a draft, but probably thankfully I accidentally deleted it.

It is hard to fathom why someone would follow a stock for a year or more, never buy shares, and keep engaging with negative points. When it is across multiple ASX stocks, and the disclosure is always "not held", I don't know what is going on.

The negative points are certainly easy to find. I often think of putting up more of my hard-earned to buy a share of DEL stock, but then wonder what I am getting for my four cents? I don't owe Delorean Corporation anything. It's not for me to put trust in management or prove some type of loyalty to DEL. No, they need to prove to me that they are executing on their plan. It's my job to be gambling that their delays, lack of communication, and arguably, the half-truths, are nothing to be concerned about. Although, why the directors aren't buying like mad men, given their generous salaries and the very low share price, I do not know. Perhaps they are constrained by insider trading rules? If any of us were board members, and were sure these valuable plants would begin construction soon -- and be highly profitable -- we'd be buying like crazy. If I saw a few director disclosure announcements, I'd probably double my holding immediately.

DEL has been listed on the ASX for 2 years now. Aside from completing two (what I would call) legacy, pre-listing projects -- NZ & BLM -- what has actually been achieved? I would argue, not a lot. I give management credit for the Brickworks win. Although it might not lead to anything. It could just as easily fade away if Brickworks does not proceed with it. It's a win of sorts. Although I note that Brickworks signed a 10 year gas supply contract with Santos late last year. Yarra Valley took / has taken a lot longer than expected. A $45m project. A win for sure. I expected at least another two or three EPC announcements over the past 18 months, and for two BOOM sites to be almost completed by now. It's possible management is working on EPC build negotiations at the moment with other companies and just does not not have anything substantial to report. Let's hope so.

I have lost confidence that the BOOM projects will be started (let alone completed). There is obviously something very wrong. Maybe the economics are different in Europe, but I understand that there, crops are grown for the express purpose of being feed for the bio digester. Whereas here, we don't need to buy the feed stock, and we actually get paid to take it. I must be missing something, because I would have thought that would make our business model stronger in Australia. With all the coal-fired power stations in the NEM closing, I would have thought any projects injecting energy into the system would be valuable and viable propositions.

If the numbers stacked up, it would have / should have been confirmed, and full steam ahead very quickly after the October financing deal; at least before Christmas. I wonder what the $5m is worth to Palisade, and how easily they could write it off, if they have dug deeper into this and dislike what they see. They seem to be going from strength to strength with more investment and funds available for green energy projects -- hundreds of millions of dollars. The time taken to sign-off on the two legacy builds, to achieve the YV contract (after being announced preferred tenderer), to achieve finance, the QLD1 site, and the Planum / Palisade situation is beyond belief. I stand by my previous comments though, that even with the $45m YV, and the Brickworks contract (with inflation fully factored in) and money in the bank, our $8m market cap seems pathetically small. However, everything seemed to grind to a halt about the start of 2022. I can't work it out.

We will receive an announcement on/by 30th April as part of the quarterly report to market. That is only two-and-a-bit weeks away. It will be interesting to hear the justification for the on-going six month delay, on top of the 12 months which were lost, in-limbo while waiting for the Palisade deal to be announced. Obviously, it would be nice to receive some news before then. I often feel like shareholders in this company are being taken as mugs. The lack of update to DEL's website since October 2022 annoys me. I note the NZ plant symbol on the map in their February update to market is green, whereas on the website it is still black.

Pivoting to a more positive tone, I noticed Tanya Plibersek's comments a couple of days ago: "We've seen a doubling of the rate (speed) of project approval since Labor came into office. I've also got a record number of renewable projects currently before me for assessment". This ties in with comments by DEL last year that the new/current federal government is much easier to work with.

I also note recent news stories about the collapse of builders in Australia, in particular, Porter Davis -- which I had never heard of before, but is/was supposedly a very large home builder around Australia. The narrative in the business press is that contracts were signed with home builders pre-Covid to construct houses a year or so into the future. Inflation and supply-related issues pushed up the price of materials and labour. As a result, it was/is costing builders more to construct dwellings than they received in payment. Completing contracts is thus loss-making and forcing builders into insolvency. It sounds very, very familiar to BLM and the NZ build. If bigger, more established, better resourced companies than DEL are in this situation, we have been either lucky, or very well-managed to have escaped through to the other side, so to speak. When I hear and read stories of builder collapses, I have a little more respect for Hamish and Joe, and the losses on those two projects make a lot of sense. It puts things into perspective. Given the company's size and fragile nature, It is probably a wonder we got through that period at all. The BLM contract was only $7.8m. NZ was $10.1m. In contrast, the plants currently in question are $20-25m (although admittedly they are likely to be a little larger). I give them some credit for navigating through what must have been an incredibly difficult period. All the adjustments and explanations in the annual report start to make a lot of sense when hearing about the likes of Porter Davis. At least we have these two plants finished, and permanent working examples of what we can do.

That's it from me