Ann: Notification regarding unquoted securities - RLT, page-30

All going well with Phase One ramping up the Nasdaq IPO shouldn't be far away.

Nasdaq IPO:
To raise about US150m
Price similar to R550m for 5.5% of Tetra4 of MGE?
So remaining 94.5% of Tetra4 held by Renergen worth about US3.50/share = AUD 5.29/share ?
US150m at US3.50/share = 43m new shares
About 145m shares today so then about 190m shares would be on issue after the Nasdaq IPO?

Not bad if you consider Mar 2023 Renergen had guidance for ebitda of about AUD500m/yr for Phase 2. Also not forgetting 0.4tcf of nat gas (methane) and 13.6bcf of helium reserves worth billions each and huge upside potential from for instance the sandstone area drilled in 2019 with horizontal drilling 12% helium 850mcf/day flow rates and only about 300m deep and not included in the current Reserves which are just the area around the phase one plant..

With about US150m expected to be raised for the Nasdaq IPO that's about AUD225m so more than the current marketcap. So well undervalued today Renergen if things goto plan and the Nasdaq IPO valuation is set at a similar level as per the precedence set by the MGE investment of R550m (US30m) for 5.5% of Tetra4. Phase 2 funded and under construction after the ipo a big derisking event also noting the current pilot plant is tiny versus Phase 2 which is about x14 the scale.