Four new broker reports available, page-18

Ash,

Loving that you're here. An interesting month ahead.

Wind might be better suited to FNQ needs, however it's worth noting Corporate PPA's have recently trended towards utility-scale solar. That said, we're doing K2W first and we'll hear more about that in Q4.

You're assertion that we sold operatorship to EA to avoid dilution isn't quite correct. The moment EA displayed an interest in K2H it was always an equity share scenario with EA to take the risk and GNX to receive the asset rental. NAIF isn't giving out $610m at 0.8% for us to test the market. Who needs that risk/headache? The project farm down is required to address other project needs such as risk management and transmission infrastructure.

I'm admittedly lost at your suggestion of Kidston being haunted by receiving up to thirty years of guaranteed revenue. EA should do very well - I know we will.

Regards,
Jeremy