Ann: Shareholder Update - Bacchus Marsh Plant, page-6

"All tests conducted to date have reinforced the performance and cost competitiveness of Coldry against the incumbent solid fuel, Brown Coal Briquettes."

Given the rapidly escalating and significant price of natural gas – in some cases, as high as $11 per GJ – we are receiving a significant number of enquires for testing. We are now in the process of selecting those that offer the greatest promise for continued commercial offtake. These tests, if successful, will likely lead to supply contracts for our Coldry product.

Our current market test initiatives have seen the company generate maiden sales of Coldry for FY16/17 and is on track to increase this to a target of 5,000-15,000 tonnes per annum for FY17/18. Further plant capacity increases up to 30,000 tonnes per annum will be assessed in line with ongoing R&D outcomes and requirements, with subsequent saleable product also to be made available to local consumers. For reasons of market competitiveness, the Company will not be identifying customers, or releasing dollar-based sales or earnings figures prior to the statutory reporting cycles but will update the market, where necessary, on tonnage based sales."