THE PROJECTED CASH FLOWS ARISING FROM THE ENERGIZATION OF KIDSTON STORAGE PUMPED HYDRO (K2H)

The projected cash flows arising from the energization of Kidston Storage Pumped Hydro (K2H)

The Board of Directors produced the attached ASX Announcement which provided information about engineering achievements at K2H:-

https://app.sharelinktechnologies.com/announcement/asx/7459d4779ae6b479594904dfb37f314d

Crucially, the Board of Directors failed then, and since, to inform the ASX and its shareholders about the likely financial implications, for the company, once K2H is ENERGIZED, later this year.

This gross failure, to provide meaningful financial information about K2H, has taken on greater significance by the Board of Director”s decision to withhold financial information about the Boulderscome Battery; (fully operational since 12 December 2023).

While withholding important financial information about K2H and the Boulderscome Battery from GNX shareholders and the ASX, the Board of Directors have also failed to provide any information about the current status of the Kidston Stage 2 Solar project.

All such information has long been available to the J - Power director on the GNX Board.

Against this backdrop of important and very significant failures to keep shareholders informed, the Board of Directors established an Independent Committee, (what I have referred to as the “Kidston Independent Committee '') to consider the NBIO from J - Power.

Despite all the risk reduction and physical work completed since the August 2022 Skip Capital offer of 25 cents, (so strongly supported by the then board and particularly, Mr Kidston), the NBIO from J–Power seems to have been taken as a “lay down mesere”.

It will be interesting to read the brief, (terms of engagement or whatever words were used), from the Kidston Independent Committee to Goldman Sachs AND the conclusions Goldman Sachs reached about fair and reasonable SHAREHOLDER VALUE.

I emailed Dr Craven and Mr Kidston on 16 March, (see my post on that date), but the email was neither acknowledged or responded to so I have just written, below, what I would email to them if I didn’t think it would be a waste of time emailing them; (we have a long history going back to the legally flawed and challenged takeover by Kim Jackson/Scott Farquhar [SKIP]).

To:-

Dr Ralph Craven and Mr Simon Kidston

Is it the case that GNX shareholders cannot obtain any meaningful information about the likely cash flows for Kidston Storage Pumped Hydro (K2H)? when it is ENERGIZED, by the end of this year?

If, as claimed, in a letter to Mr Lumin, (see post dated 24 March), directors have been acting in the interest of shareholders, why has it been decided to not provide such information, (projected cash flows arising out of Kidston Storage Pumped Hydro (K2H) for the first half of 2025 and 2025/2026), to GNX shareholders)?

Why have the terms of the $610 million loan from the Northern Australia Infrastructure Facility (NAIF) been withheld from GNX shareholders yet those terms, almost certainly, are known to J - Power and the J -Power director on the Genex Power Ltd Board of Directors?

Is it reasonable to have the impression that you both want GNX shareholders to accept 27.5 cents per share without providing most shareholders with crucial information about the likely cash flows, (notably, energy in, energy out and loan repayments) after ENERGIZATION of Kidston Storage Pumped Hydro (K2H), by the end of this year?

Are there many doubts, in your minds, why the 27.5 cent offer from J - Power is viewed by many as not representing fair and reasonable SHAREHOLDER VALUE?

Do you both accept that doubt about the 27.5 cent offer has been reinforced by the lack of financial information, from the GNX Board of Directors to GNX shareholders and the ASX, about:-

• Kidston Stage 2 Solar (50MW),

• Boulderscome Battery (50MW), and,

• far more significantly, the Kidston Storage Pumped Hydro (K2H), (250MW).