Ann: Delivers Strong FY2023 Performance, page-5

Frankly I am amazed they have been able to secure the financing from AMPYR. It's relatively expensive because it covers 100% of project construction costs so that MPR does not need to contribute its own cash. Once a project is completed and commissioned, MPR can refinance at a significantly lower funding cost, and move on to building the next project with funds from AMPYR. They just need to get the ball rolling now by completing the first project - the other projects will then follow and a portfolio will be built over time. The train has started IMO but of course things will take time to play out. All IMO and GLTAH.