notes from egm, page-8

'I'm surprised that they don't seem concerned about a PPA being a hurdle.'

Earth Heat has described having PPA's as critical, and have prepared draft documents. At the EGM Shaw said having the existing Letters of Intent was an achievement in itself considering there was no development on the ground.

Earth seems well satisfied with the LOI for the moment and there seemed no expectation of more binding agreements before construction becomes more certain or evident. This is understandable as at the moment there is no discussion at all about electrical connection infrastructure, civil works, generators or even production drilling. Earth is still in the testing phase. The main upside is that the resource is fairly certain and accessible. Shaw is still wary about Glacial Impact Studies, but this may apply more to Mendoza than Copahue.