% Completion of Various Plants, page-12

Good work for stepping up desertredlion. This is brave, but you will be rewarded if they can close out the finance over the coming weeks. I have no doubt if they close your line at 9.2c will be well in the money and you'll also close the gap to your average at 17.3c.

BOOM projects just means more of the same as they are doing at VIC 1, SA 1 etc - so its another avenue for growth, being feedstock led. Let's see how that plays out over time, it's interesting for sure but management should be focusing on current pipeline not building it out more. It is a bit concerning that Joe is touting more projects when he can't even deliver VIC 1. The problem we have is Hamish is an Exec Chairman and not independent. If we had a proper independent Chair they would be guiding Joe very differently.

I had not realised that Green Giraffe (GG) recently setup offices in Sydney, however I am well aware of GG operating in the offshore wind space, having recently advised on a recent deal here and I suspect the offshore sector is what has driven the recent office establishment.

Those PF specific points you/GG raise are valid, however I would note the following:

1. Delorean will definitely PF the project specific SPVs (not the company as suggested in the dot points). Do an ASIC Search for ''Delorean Energy'' and three registered companies will come up:

Delorean Energy SA One Pty Ltd (ACN 624 148 661). First registered Feb 2018.
Delorean Energy VIC One Pty Ltd (ACN 627 592 429). First registered July 2018.
Delorean Energy Queensland One Pty Ltd (ACN 643 979 702). I note this company was the most recent SPV to be formed on 01/09/2020 - so not long before IPO listing.

There is no evidence yet of Delorean having setup any NSW Project SPV, and when you check the recent Delorean slide deck on slide 25 you can see Queensland project features as number 1 on the list. The fact Delorean are setting up these specific entities does mean they will be project financed on an SPV (Project) basis and not the parent company Delorean. This is not going to be a corporate facility (at least that is what we have been told). Having said that (and ill say it again) I hope they are making sure there is no cross-default risk between the specific SPVs. What if VIC 1 has an issue? That should not bring down SA 1 and vice versa.

2. The gearing to me of 70-80% is only possible if there are contracts over the waste feedstock. Merchant waste would mean lower gearing. I see no issue/comment with the other metrics mentioned here by GG, they make sense to me.

3. On Planum. Clearly Delorean is a WA based company and Planum arranged the debt for the Perth Stadium project PPP back in 2013/2014. That is how I believe the two companies came into contact and things progressed from there. Planum have done some renewables project financing work across wind and solar, but to my knowledge nothing in the waste sector. Having worked with Planum before they like to differentiate themselves from other FAs into new and interesting sectors. They are pretty good problem solvers which is what is needed here. I hope they can bring this together.

4. Another additional point - having looked into the permitting for SA 1 a bit more following your good research work. The State Commission Assessment Panel initially approved SA 1 on the 19th of June 2019 with a 12 month expiry. Looking into this a bit more Delorean have extended the permit with the council (Salisbury) and the permit has an expiry of 19th September 2023. I suspect that is enough time to allow any remaining secondary consents to be satisfied in order to properly start construction - not these ''pre works'' and gaming the status of construction start that DEL have liked to use in the past.

There are less than 20 trading days to the end of September, let's see if DEL can delivery some positive finance outcomes!