Ann: FY22 Appendix 4E - Investor Update, page-2

Here is an overview of what I consider the good and bad from thereport. In summary besides the kick in the teeth from the NZ projectand the continued delay to the VIC1 and SA1 builds due to waiting onfinance, I’m pretty happy with the retail energy results managementhave done very well managing volatility here.

I wasn’t expecting too much more with this report so the mix ofgood and bad news sits ok with me for now. I’ll be consideringtopping up again with the current share price drop. I don’t thinkwe will be facing any CR as some as suggesting as we should get thecompletion payments from the BLM and NZ builds in the next fewmonths. The company shouldn’t need too much cash for anything untilnext calendar year anyway.

Good

-Good growth and continuedunderlying positive EBITDAfrom retail energy division despite rising wholesale energy costs.Management has done anexcellent job here and the results line up with what they were sayingin interviews a few months ago. Resultsfrom retail should only strengthen from here.

-Planum Partners financing announcement still expectedthis quarter.

-After the proving theBlueLake plant works they noted: “Potential multiple site deal inconversation for a BOOM style project". Interested to know ifthis is a conversation with the BlueLake owners for more plants attheir other sites or interest from other parties.

-We have a month (October) for BlueLake to move to Operation &Maintenance (this is the first time we weren’t just given aquarter). BlueLake shouldthen switch from being a cash drain to generating cash flow.

-NZ project everything installed and still on target for Novcompletion.

-Majority ofissues/unexpected costs still down to covid related issues.Management have inflationary and supply chain issues front of mindgoing forward.

Bad

-Massive $2m loss due to having to install different tanks at the NZproject because covid restrictions stopped the DEL team traveling toNZ and no local installers. On the plus side DEL now has the toolsand knowledge required to handle the different tank design.

-BlueLake still not handed over and $773kof damages is still possibly needed to be paid, wont find out untilhandover.

-VIC1 still only in pre-construction stage with completion looking tobe pushed back until 2024 along with SA1. ...sigh

-No mention of the distributed energy strategy they were marketing viathe retail energydivision(solar and batteries). Can only assume they didn’t have any uptake.

Good/Bad

-Expansion into the east cost retail energy market is delayed due tothe current volatility. This is a sensible move from management. Soits mostly good, but the delay can also be considered bad news.

-Project Partners? This ismentioned for the first time in one of the slides “DEL isstrategically considering project equity partners to minimize DELcash contribution for project equity beyond development.” Make ofit what you will.