Ann: Completion of Kidston Hydro Technical Feasibility Study, page-25

I have e-mailed the Executive Director Simon Kidston what he believes the keys to driving equity values are. His reply word for word is as follows:

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Thanks for your feedback. Capex is important, however the key to driving equity value is order is:
- Revenue contracts. The Qld government awarded Genex a really good contract for the solar project. We anticipate Government or a major energy retailer will consider something similar for the hydro. If we achieve that, we anticipate share price re-rating because it will enable majority of capital costs to be debt funded

- Grant funding. ARENA focus now is storage , so we hope to secure grant for the hydro project

- Minimising equity dilution by finding the right project partner to fund capex

- Capex - always an important issue. We are comfortable with the capex but we decided to approach the market to get proper tender pricing (not just an estimate from a consultant)

Michael Addison and I are significant shareholders, so we are very focused on delivering this project in a way that makes shareholders money.
cheers
Simon