Ann: Suspension Update, page-29

There is no question greenfield infrastructure projects are difficult, particularly waste to energy / renewable gas projects which are a new sector in Australia and there are a whole range of reasons why this is the case (some of which you have noted).

The idea of these projects being ''Project Financed'' where traditional structured debt is procured to fund the majority of the capex requirements unfortunately died for DEL in early 2022 and they had to change strategy and are now considering 100% equity finance through Palisade for the projects.

What is absolutely and without doubt f-king disappointing is the way the management have communicated to the market. I wouldn't have had a problem if they said this was going to be a 24-36 month play, be patient, come along for the journey it will take along time. We have been fed lies and bullshit since day 1 and I can't be bothered to relist all the lies.

This company should never have been listed and should have remained in private hands (perhaps this was considered in a duel track process pre listing but they could never find private equity support - we'll never know).

Management have taken a consistent ''run until we are tackled'' approach with shareholders/market and I cannot believe the stocks been in suspension for 2 months now while they try to sort this met out. What a shit show.