Hydrogen Energy Power Grid, page-105

NOT at all- I don't see it as bling FOR OUR PURPOSES......I don't care for H2 inefficiencies/costs/whatever in a global/future of energy context.
I defer to you, piwi33 et al and your opinions/knowledge etc....you know far more than me...ALL I care specifically about what it does for us, as shareholders.. I invested initially for the CBM....but yet, we now have a H2 asset....no one here asked for it...but here we are

I assume Neil and the Board aren't trying to hoodwink us and divert attention away from a poorly performing CBM program, with so much at stake at Nomgon.......IF that was the case.....you'd have a point about all this being "bling".....but let's assume he's not pulling the wool over our eyes, that CBM is the primary focus (and that fingers x'd Nomgon is a pearl)....but we also have Gobi H2 and the intent to develop it is to further enhance EXR value.....and I'd STRONGLY suggest that Neil is very very knowledgeable regarding Mongolian government intentions and Energy Policies.....we even did this back in Sept 2021



...so what I care about isn't who is correct about Hydrogen being cost effective, worthy, efficient or some people see it as bling.....or whatever....I care about my investment
So...what does it mean to us and the potential to increase our share price (that's all that matters)

• I think we use it in-situ to produce ammonia ...again, non-equity project financed.....this is a very probable use case, lowest risk as we're not transporting it, and big bang for buck benefits economically & politically for Mongolia.- and with very recent precedent EBRD financing for that Egyptian project- as I've posted above.

I can't see how you'd argue that wasn't a potentially viable use case and a benefit to us?

• We MAY even see it used in trucking locally- perhaps servicing Rio just up the road.
• We MAY even convert it to leccy and grid load balance (helps domestically) or export the leccy (fulfilling stated Mongolian State Energy Policy).
• We MAY (as was originally highlighted by EXR when the project was 1st announced) pipe the H2 to Chinese steel mills, just south of our border.

I get your point that these use cases may well be technically/financially inefficient, but if someone else wants it....and is willing to pay for it....how is that not beneficial to us?


IF we were asked, as shareholders to stump up $$$$...monies of significance, via a CR or whatever then I'll again happily defer H2 technical & cost assessments to you, based on the potential use-cases and customer/offtake agreements........ but as I read it....it will be a minimal investment on our part, with potential significant upside.

So..... if/when we see this Asset evolving with absolute MINIMAL COST to us with ;

• progress on the PFS
• leading to a binding JV w/ SBE
• and see a FEED from Aecom
• and associated non-equity project financing
• and offtake agreements announced
• and Mongolian government supportive legislation

and ....by correlation....I hope....an increased share price ....will that make you happy?