Ann: Project Update, page-8

I suggest you re-read the project update announcement again.

They are well progressed on the pre-FEED work in regards to EPC, tolling agreements, connection to the grid and funding.

The only thing holding them back is funding due to awaiting for finalisation of the Investment Tax Credit legislation, which is progressing through the Canadian parliament at present, and the Clean Electricity Regulations. The $58m they were seeking for up to 50% of KDP included $36m for FEED activities, however they are confident that they meet the requirements for the Canadian Infrastructure Bank Accelerator Program which would then provide around $18m debt for half of the FEED costs of the first two projects. So will that mean KPO will settle for a smaller equity contribution or will they use the freed up funds to fast track one or both of the other two projects?