Ann: Vulcan responds to disinformation in online report, page-47

This is where I believe Vulcan will tumble, see below ... They assume 120 litres per second...performance shares issued to the guy preparing the PFS.


As Vulcan stated 11 times within its PFS publication, we have not drilled any geothermal wells into our

greenfields development areas, and until we do so, as we have already stated on numerous occasions,

risks around flow rate will remain. Vulcan believes it has an appropriate level of confidence around its

assumptions surrounding flow rates, based on the experience of its team, and state-of-the-art scientific

tools, data and studies as elaborated below.