kingaroy revenue forecast, page-2

FF

I guess so ... that would be similar to company guidance about a year old now that said for 60/40 debt/equity funding ...

# Kingaroy 40MW (now superceded) required $55mill investment from Cougar and gave a $5mill annual profit which was 17% internal rate of return, and

# Then upgrading Kingaroy to 400MW required a further $113mill investment from Cougar and gave a $35mill annual profit which was 47% internal rate of return.

In the meantime, costs have gone up, but the sale price for electricity has likely risen more than those cost increases ... and then there is the value that will be eventually connect with the relative carbon efficency of ucg generated electricity compared to coal fired electicity.

Regards
Dex