Geothermal-Project Model EFinancialModels V01-8 PREVIEW

Geothermal Energy
Financial Model Template

Project name
Geothermal Energy Model

Model Version
1.80
Worksheets
Table of Content
Terms & Abbreviations
Assumptions
Executive Summary
Developer Metrics
Operations
Project Financials
Developer Financials
Powered by
License: The duration of the license to use this spreadsheet is unlimited, and the user will have the right to download, store, copy, edit, print & use this
spreadsheet for personal or professional use. The license does not entitle for future model updates.
Restrictions: The user is not allowed to publish our spreadsheet online, sell our spreadsheet, or provide public access. The model can be used within your
team provided that your team size does not exceed 20 persons.
Disclaimer: This financial model template was developed by eFinancialModels and all rights are reserved. eFinancialModels.com provides the template
as is and assumes no liability for any eventual mistakes within the model nor ommissions of it. All eventual data includes serves as example only and
cannot be relied upon. Each template needs to be adjusted for the individual project and customized by the user. The user is self -responsible to
thoroughly review and adjust the model. eFinancialModels.com welcomes your feedback.
Confidential
Powered by
www.eFinancialModels.com
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Title 1 / 20

Geothermal Energy Model Version 1.8
Confidential
Table of Content
Content
Terms & Abbreviations Operations

Color Codes Project Plan and Prices
Abbreviations ENERGY GENERATION
Operating Costs (OPEX)
Assumptions
General Assumptions Project Financials
Project Assumptions Financial Statements
Price Assumptions Income Statement
CAPEX Balance Sheet
Uses and Sources of Funds Cash Flow Statement
Debt Financing Income Taxes
Dividends Key Financial Ratios
OPEX
Decommisioning Costs and End of Life Value Fixed Asset Schedules
Chart Data Exploration
Drillings
Executive Summary Land
Income Statement Plant
Balance Sheet Fixed Asset Summary
Cash Flows
Bank Ratios Debt Schedule
Profitabiltiy and Efficiency Ratios Free Cash Flows
Generator Capacity and Thermal Resource Funding Calculations
Project Feasibility Analysis Chart Data
Uses and Sources of Funds
Developer Metrics Developer Financials

Developer and Future Buyer - Investment Considerations Developer Cash Flows
Investors (at Developer Level) Future Buyer Cash Flows
Developer Financial Metrics - Summary by Investor
Powered by
www.efinancialmodels.com
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / TOC 2 / 20

Confidential
Terms & Abbreviations

Color Codes
0 Blue Input cells which include input assumptions

0 Light Blue Input cells which include assumptions but linked to other cells for the time being (should be be overwritten if needed by blue assumptions )
0 Black Calculations
0 Dark Green Important links from other worksheets
Abbreviations
A Actual figures Levered IRR Internal rate on return calculated on the levered cash flows (taking into account debt financing)
CAPEX Capital Expenditures Min. Minimum
CFF Cash Flow from Financing MW Megawatt = 1000 kW
CFI Cash Flow from Investments NPV Net Present Value
CFO Cash Flow from Operation NOPLAT Net Operating Profit Less Adjusted Taxes [EBIT * (1-t)]
Cum. Cumulative NWC Net Working Capital
DSCR Debt service coverage ratio (Debt Service/Free Cash Flow to Firm) LTV Loan to Value Ratio
EBIT Earnings before interest and taxes O&M Operations and Maintenance
EBITDA Earnings before interest, taxes, depreciation and amortization OPEX Operating costs
F Forecasted figures PPA Power Purchase Agreement
FCFE Free Cash Flow to Equity (Levered Cash Flows) ROA Return on Assets [Net Income + Interest) / Average Assets]
FCFF Free Cash Flow to Firm (Unlevered cash flows) ROE Return on Equity [Net Income / Average Equity]
G&A General & Admin ROI Return on Investment
GWh Giga Watt hour ROIC Return on invested capital [NOPLAT / Average Invested Capital]
IRR Internal Rate of Return t Effective Income Tax rate %
KPI Key Performance Indicators TV Terminal Value
kWatt kilo Watt Unlevered IRR Internal rate on return calculated on the unlevered cash cash flows
kWh kilo Watt hour (amount of watts produced in 1 hour) USD United States Dollar
kWp kilo Watt peak (installed capacity) WACC Weighted Average Cost of Capital (Discount Rate)
m Million
Powered by
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Abbreviations 3 / 20

Confidential
Assumptions
All amounts in USD
General Assumptions Production / Capacity / Resource Potential
kWh
Units Timeline Hours per Year 200
Millions
Currency USD Construction Start Year 2021 Hours per Year Days 365 180
1/100 currency unit Cents Month 6 Hours/Day 24 160
Electricity Capacity kWp Day 30 Hours per Year 8'760 140
Output kWh Project Year 1 Year 2022 Valuation Assumptions 120
Area sqm Month 12 Discount Rate % 10.0% 100
Day 31 80
60
Depreciation Periods Tax 40
Exploration Years 25 Income Tax Rate % 20.0% 20
Drillings Years 25 0
Land Years - Net Working Capital
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
Year 18
Year 19
Year 20
Year 21
Year 22
Year 23
Year 24
Year 25
Year 26
Year 27
Year 28
Plant Years 25 Days Receivables Days Sales 30
Days Payables Days OPEX 15 Production Capacity kWh Thermal Resource Potential Electricity Produced kWh
Project Assumptions Revenue Breakdown

USD
Project Size Thermal Resource Project Lifetime 10,000,000
Generator Ratio Plant to Thermal Capacity kWh/kWp 0.92 Project Lifetime Years 25 Years 9,000,000
Generator Capacity kWp 20'000 Thermal Resource Potential kWp 21'739 Duration of. PPA / Certificate Years 25 Years 8,000,000
Annual Capacity Degression % 0.5% Annual Resource Degression % 3.00%
7,000,000
Initial Net Capacity Factor % 90.0%
6,000,000
Production Capacity kWh 157'680'000 Drilling Upgrades
Thermal Ressource increases % Year 5,000,000
First Upgrade 10.00% 12 4,000,000
Second Upgrade 10.00% 15
3,000,000
Price Assumptions 2,000,000

1,000,000
Energy Sales % Sales Allocation Power Pricing Annual Price Escalation Factors 0
Fixed Price (PPA) % 100.00% Power Purchase Agreement USD Cents/kWh 5.50 Power Purchase Agreement % 0.50%
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Market Price + Certificate Mark-up
% 0.00% Energy Market Price USD Cents/kWh 5.00 Energy Market Price % 0.00%
Certificate Price USD Cents/kWh 0.00 Certificate Price % 0.00%
Cost Inflation % 2.00% Other Energy Market Price Power Purchase Agreement
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Assumptions 4 / 20

CAPEX Drilling Upgrades CAPEX
USD ROI % (EBITDA/CAPEX) USD
CAPEX (Initial) USD USD/kWp 45,000,000
3,500,000 40.0%
Exploration 5.4% 2'000'000 100 34.1% 3,000,000
Drillings 27.0% 10'000'000 500 3,000,000 35.0% 40,000,000
Land 0.0% 0 0 30.0%
2,500,000 35,000,000
Plant 54.1% 20'000'000 1'000
22.8%
CAPEX (Initial) 86.5% 32'000'000 1'600 2,000,000 25.0%
2,000,000 30,000,000
Project Plan ==> 20.0%
1,500,000 25,000,000
Drilling Upgrades (Replacement Wells) USD USD/kWp 15.0%
First Upgrade (Year 12) 5.4% 2'000'000 100 1,000,000 791,109 794,227 20,000,000
682,734 685,424 10.0%
Second Upgrade (Year 15) 8.1% 3'000'000 150
500,000 5.0% 15,000,000
CAPEX Drilling Upgrades 13.5% 5'000'000 250
0 0.0% 10,000,000
Total CAPEX 100.0% 37'000'000 1'966 First Upgrade (Year 12) Second Upgrade (Year 15)
5,000,000
CAPEX Revenue EBITDA ROI
Impact of Drilling Upgrades
CAPEX Revenue EBITDA ROI 0
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
USD USD USD % ROI Calculation
First Upgrade (Year 12) 2'000'000 791'109 682'734 34.1% Attributable Value USD Cents/kWh 5.46
Second Upgrade (Year 15) 3'000'000 794'227 685'424 22.8% EBITDA Margin % 86.30% Exploration Drillings Drilling Upgrade Land Plant Cumulative CAPEX
Uses and Sources of Funds Uses of Funds Sources of Funds
Uses of Funds % USD USD/kWp Sources of Funds % USD USD/kWp

Exploration CAPEX 5.8% 2'000'000 100 Equity Equity 32.5% 11'153'003 558
Drillings CAPEX 29.1% 10'000'000 500 Loan A Debt 43.7% 15'000'000 750
Land CAPEX 0.0% 0 0 Loan B Debt 21.9% 7'500'000 375
Plant CAPEX 58.3% 20'000'000 1'000 Accrued Interest Debt 0.6% 197'109 10
Setup Costs OPEX 0.1% 50'000 3 Operating Cash Flows Cash Flows 1.4% 466'443 23
Legal Fees OPEX 0.2% 75'000 4 Sources of Funds 100.0% 34'316'554 1'716
Consulting OPEX 0.3% 100'000 5 Check 0
Net Working Capital NWC 0.4% 137'054 7
Exploration Drillings Equity Loan A
Interest Cash Payments Finance 2.8% 954'501 48 Funding Metrics
Land Plant
Debt Repayment Finance 0.0% 0 0 Funding Period Year 3 Setup Costs Legal Fees Loan B Accrued Interest
Cost Inflation & Other Misc. 0.0% 0 0 Funding Period End Year Year 2024 Consulting Net Working Capital
Cash Reserve OPEX 2.9% 1'000'000 50 Total Funding USD 34'316'554 Interest Cash Payments Debt Repayment
Cost Inflation & Other Cash Reserve Operating Cash Flows
Uses of Funds 100.0% 34'316'554 1'716 Total Equity Funding USD 11'153'003
Debt Financing Debt Service Coverage Ratio (DSCR)

USD DSCR (x)
Loan to Value Ratio Interest Types Assets subject to LTV Ratio 7,000,000 12.0x
10.0x
10.0x
10.0x
10.0x
10.0x
10.0x
Loan A % 50.00% Interest added to the debt balance Accrued Include Exploration No 0 6,000,000 10.0x
Loan B % 25.00% Inerest paid in cash Paid in Cash Include Drillings Yes 10'000'000 5,000,000 8.0x
Include Land Yes 0
5.0x
5.0x
5.0x
4,000,000
4.9x
4.8x
4.7x
4.5x
4.3x
4.2x
4.0x
Interest Rates Expected Bank Covenants Include Plant Yes 20'000'000 6.0x
4.0x
3.9x
3.7x
3.8x
3.7x
3.5x
3,000,000
2.6x
2.6x
Interest rate Loan A % 2.5% Financial Debt/EBITDA Max x 3.00x Total Assets subject to LTV Ratio 30'000'000 4.0x
1.7x
Interest rate Loan B % 5.0% Debt Service Coverage Min x 1.30x 2,000,000
2.0x
0.0x
0.0x
0.0x
0.0x
EBIT/Interest Min x 1.60x 1,000,000
Loan Repayment Terms LTV Max % 80.0% 0 0.0x
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Loan A Years 20
Loan B Years 20
Free Cash Flow to Firm (FCFF) Debt Service Debt Service Coverage (DSCR)

Dividends Dividends and Cash Balance
USD
Dividends Dividend Models Minimum Cash Balance 20,000,000
Dividend Policy Cash Sweep Cash Sweep Min. Cash Balance Funding Period USD 1'000'000
Starting from Year 7 % of Net Income Min. Cash on Balance Sheet Forecast Period USD 1'000'000 15,000,000
Cash Sweep - Minimum Cash USD 2'000'000 10,000,000

Dividend of Net Income % 100%
5,000,000
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Dividends Cash
OPEX Cost Structure

USD Cents/kWh
OPEX Budget Year 1 KPIs w/o Inflation with Inflation 7.00
w/o Inflation with Inflation Cost Inflation Index 100% 104.0%
Variable cost I % of Revenues 0.3% % of Revenues 9.6% 6.00
Variable cost II USD Cents/kWh 0.00 USD/Month 67'587 70'318
USD Cents/kWh 0.51 0.54 5.00
OPEX USD Cents/kWp 811.05 843.81
Variable cost I USD/Year 21'048 21'898 % of Total CAPEX 2.53% 0.53% 4.00
Variable cost II USD/Year 0 0
Staff USD/Year 500'000 520'200 3.00
Maintenance USD/Year 150'000 156'060
Repairs USD/Year 50'000 52'020 2.00
Professional Services USD/Year 50'000 52'020
Security USD/Year 40'000 41'616 1.00
Other USD/Year 0 0
Other USD/Year 0 0 0.00
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
Other USD/Year 0 0
OPEX USD/Year 811'048 843'814 OPEX EBITDA
Decommisioning Costs and End of Life Value Decommissioning Costs and End of Life Proceeds
USD
Decommissioning Costs End of Life Proceeds 4,000,000 Decommissioning Costs End of Life Proceeds
Required Reserve USD 2'000'000 End of Life Proceeds USD 3'000'000 3,000,000
Project Lifetime Years 25 Years 2,000,000
Decommissioning Year Year Year 26 1,000,000
Year 2049 0
Yearly Provision USD 80'000
(1,000,000)
(2,000,000)
Total CAPEX (including Inflation) USD 38'493'985
(3,000,000)
Decommissioning Reserve as % of Total CAPEX % 5.2%
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Chart Data
Resource and Capacity Model Checks

Drillin Resource Capacity Balance Sheet Check 0 Please note, checks should be zero
Initial Drilling kWh 190'434'783 157'680'000 Uses and Sources of Funds 0
Including First Upgrade kWh 159'251'880 150'724'669 Assumptions 0
Including Second Upgrade kWh 159'879'380 148'475'084 Executive Summary 0
Developer Metrics 0
Operations 0
Project Financials 0
Developers Financials 0
Total 0
Powered by

Confidential
Executive Summary
All amounts in USD
Income Statement Unit 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F Financial Projections
Project Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 USD
Year Operational Year 0 Year 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Revenues EBITDA EBITDA Margin
10000,000 100.0%
Revenues USD 0 0 0 1'751'868 7'042'510 8'847'153 8'846'932 8'846'711 8'846'490 8'846'269 8'846'047
9000,000 90.0%
8000,000 80.0%
OPEX USD -225'000 0 0 -168'763 -688'290 -877'239 -894'341 -911'785 -929'578 -947'727 -966'238
7000,000 70.0%
Decommissioning Provision USD 0 0 0 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000
7'799'809 6000,000 60.0%
EBITDA USD -225'000 0 0 1'503'105 6'274'220 7'889'914 7'872'591 7'854'926 7'836'912 7'818'542
5000,000 50.0%
EBITDA Margin % NA NA NA 85.8% 89.1% 89.2% 89.0% 88.8% 88.6% 88.4% 88.2%
4000,000 40.0%
Depreciation USD 0 0 -80'000 -406'400 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 3000,000 30.0%
Capital Gain USD 0 0 0 0 0 0 0 0 0 0 0 2000,000 20.0%
Interest USD 0 0 -197'109 -757'392 -757'392 -719'522 -681'652 -643'783 -605'913 -568'044 -530'174 1000,000 10.0%
Income Taxes USD 0 0 0 -67'863 -838'975 -1'169'688 -1'173'797 -1'177'838 -1'181'809 -1'185'709 -1'189'537 ,0 0.0%
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Net Income USD -225'000 0 -277'109 271'451 3'355'901 4'678'752 4'695'189 4'711'353 4'727'237 4'742'837 4'758'146
Balance Sheet Unit 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F Change in Cash
Cash USD 1'000'000 1'000'000 1'000'000 1'000'000 4'209'501 9'014'788 13'977'794 2'000'000 2'000'000 2'000'000 2'000'000 USD
Net Working Capital USD 0 0 0 137'054 550'551 691'112 690'391 689'656 688'907 688'143 687'364 30,000,000
Fixed Assets USD 0 2'000'000 10'080'000 32'562'400 31'240'448 29'918'496 28'596'544 27'274'592 25'952'640 24'630'688 23'308'736
Net Assets USD 1'000'000 3'000'000 11'080'000 33'699'454 36'000'500 39'624'396 43'264'730 29'964'248 28'641'547 27'318'831 25'996'100 20,000,000
10,000,000
Decommissioning Provision USD 0 0 0 80'000 160'000 240'000 320'000 400'000 480'000 560'000 640'000
Financial Debt USD 0 0 6'110'381 22'697'109 21'562'254 20'427'398 19'292'543 18'157'687 17'022'832 15'887'976 14'753'121 0
Equity USD 1'000'000 3'000'000 4'969'619 10'922'345 14'278'246 18'956'998 23'652'187 11'406'561 11'138'715 10'870'855 10'602'979
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
20 F
F
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
(10,000,000)
20
Financing Sources USD 1'000'000 3'000'000 11'080'000 33'699'454 36'000'500 39'624'396 43'264'730 29'964'248 28'641'547 27'318'831 25'996'100
(20,000,000)
(30,000,000)
Cash Flows from Operations Cash Flow from Investment Cash Flow from Financi ng Cash end of year USD
Cash Flows 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F Free Cash Flow Forecast Unlevered
Cash Flow Statement USD
Cash Flows from Operations USD -225000 0 -197109.067 620797.2577 4344356.496 5940142.134 6097862.138 6114039.78 6129938.596 6145553.01 6160877.332 120,000,000
Cash Flow from Investment USD 0 -2'000'000 -8'160'000 -22'888'800 0 0 0 0 0 0 0
100,000,000
Cash Flow from Financing USD 1'225'000 2'000'000 8'357'109 22'268'003 -1'134'855 -1'134'855 -1'134'855 -18'091'834 -6'129'939 -6'145'553 -6'160'877
Change in Cash USD 1'000'000 0 0 0 3'209'501 4'805'287 4'963'007 -11'977'794 0 0 0 80,000,000
60,000,000
Free Cash Flows
Free Cash Flow to Firm (FCFF) USD -1'225'000 -2'000'000 -8'160'000 -21'662'089 4'950'270 6'515'760 6'643'184 6'629'066 6'614'669 6'599'988 6'585'017 40,000,000
Free Cash Flows to Equity (FCFE)USD -1'225'000 -2'000'000 -2'246'728 -5'681'275 3'209'501 4'805'287 4'963'007 4'979'184 4'995'083 5'010'698 5'026'022
20,000,000
Debt Service 0
Interest - Paid in Cash USD 0 0 757'392 757'392 719'522 681'652 643'783 605'913 568'044 530'174 492'305
2021 F
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
Repayments USD 0 0 0 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 -20,000,000
Debt Service USD 0 0 757'392 1'892'247 1'854'377 1'816'508 1'778'638 1'740'769 1'702'899 1'665'030 1'627'160
-40,000,000
Free Cash Flow to Firm (FCFF) Cumulative FCFF
-60,000,000
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Executive Summary 7 / 20

Bank Ratios 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F Financial Debt/EBITDA Ratio
DSCR x 0.00x 0.00x -28.60x 2.62x 3.51x 3.66x 3.73x 3.80x 3.88x 3.95x USD
Financial Debt/EBITDA x NA NA 15.10x 3.44x 2.59x 2.45x 2.31x 2.17x 2.03x 1.89x 25,000,000 16.0x
15.1x
Debt Service Coverage (DSCR) x 0.00x 0.00x -28.60x 2.62x 3.51x 3.66x 3.73x 3.80x 3.88x 3.95x 14.0x
EBIT/Interest x NA NA NA NA 9.13x 9.61x >10.0x >10.0x >10.0x >10.0x 20,000,000
12.0x
LTV % NA 74.9% 73.1% 69.4% 65.8% 62.1% 58.5% 54.8% 51.2% 47.5%
Net Debt/Equity Ratio % -33.3% 102.8% 198.6% 121.5% 60.2% 22.5% 141.7% 134.9% 127.8% 120.3% 15,000,000 10.0x
Equity as % of Invested Capital % 150.0% 49.3% 33.4% 44.9% 61.9% 80.8% 40.8% 41.8% 42.9% 44.2% 8.0x
10,000,000 6.0x
3.4x
Profitabiltiy and Efficiency Ratios 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F 2031F
2.6x
2.5x
2.3x
2.2x
2.0x
4.0x
1.9x
1.8x
1.6x
1.5x
1.3x
Current Ratio x NA NA 164.9x 169.3x 270.2x 400.1x 72.8x 71.4x 70.0x 68.7x
1.2x
5,000,000
1.0x
0.9x
0.7x
0.6x
0.4x
0.3x
0.2x
0.2x
0.2x
0.2x
0.2x
0.2x
0.0x
0.0x
0.0x
0.0x
0.0x
Asset Turnover x 0.0x 0.0x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 2.0x
Effective Tax Rate % 0.0% 0.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 0 0.0x
2022 F
2023 F
2024 F
2025 F
2026 F
2027 F
2028 F
2029 F
2030 F
2031 F
2032 F
2033 F
2034 F
2035 F
2036 F
2037 F
2038 F
2039 F
2040 F
2041 F
2042 F
2043 F
2044 F
2045 F
2046 F
2047 F
2048 F
2049 F
2050 F
2051 F
ROIC % 0.0% -1.3% 4.1% 12.3% 16.8% 17.5% 18.3% 19.1% 20.0% 21.0%
ROA % 0.0% -1.1% 4.6% 11.8% 14.3% 13.0% 14.6% 18.2% 19.0% 19.8%
ROE % 0.0% -7.0% 3.4% 26.6% 28.2% 22.0% 26.9% 41.9% 43.1% 44.3%
EBITDA Financial Debt Financial Debt/EBITDA
Generator Capacity and Thermal Resource Thermal Resource and Capacity Production / Capacity / Resource Potential
kWh kWh
Generator Capacity Thermal Resource Peaks Resource 200
200,000,000
Millions
Generator Capacity kWp 20'000 Initial Drilling kWh 190'434'783 Capacity
180
180,000,000
Annual Capacity Degression % 0.5% Including First Upgrade kWh 159'251'880 160
Initial Net Capacity Factor % 90.0% Including Second Upgrade kWh 159'879'380 160,000,000
140
Production Capacity kWh 157'680'000 140,000,000
Resource Upgrades - Increases 120
120,000,000
First Upgrade kWh 14'477'444 100,000,000 100
Second Upgrade kWh 14'534'489 80
80,000,000
60
60,000,000
First Upgrade % 10.00% 40
Second Upgrade % 10.00% 40,000,000
20
20,000,000
0
0 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year
Initial Including Including 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Drilling First Second
Upgrade Upgrade
Production Capacity kWh Thermal Resource Potential Electricity Produced kWh

Project Feasibility
All amounts in USD
Project Feasibility Analysis Internal Rate of Return (IRR) Project Lifetime Profits
Financial Metrics Lifetime - Profits All amounts in USD USD
Metric Unlevered Levered Revenues 206'153'567 35.0% 250,000,000
Investment 33'047'089 11'153'003 OPEX -26'241'396 29.6%
Profit 111'879'821 105'614'773 Decommissioning Provision -2'000'000 30.0% 206,153,567
200,000,000
Proceeds 144'926'910 116'767'776 EBITDA 177'912'171
25.0% 177,912,171
Multiple 4.4x 10.5x Depreciation -36'698'706 -26,241,396 -2,000,000
IRR 16.5% 29.6% EBIT 141'213'465 20.0% 150,000,000 141,213,465
PayPack Period (Years) 9.3 7.7 Capital Gain 204'721 16.5% -36,698,706
Discount Rate 10.0% Interest -9'172'199 15.0%
100,000,000
Net Present Value 14'192'324 EBT 132'245'986
Income Taxes -26'766'069 10.0%
Financial Leverage Net Income 105'479'918 50,000,000
5.0%
Min. DSCR Min. -28.60x
Max. Financial Debt/EBITDA Max. 15.10x Lifetime - Free Cash Flows 0.0%
EBIT/Interest Min. 9.13x EBIT 141'213'465 0
Unlevered Levered
Revenues OPEX Decommissioning Provision EBITDA Depreciation EBIT
Adj. Tax -28'538'365
Average Financial Ratios during Project Lifetime Addback Provisions 2'000'000 ROI on Resource Upgrades (EBITA/Investmet) Project Lifetime Free Cash Flow to Firms (FCFF)
EBITDA Margin 86.3% Addback depreciation 36'698'706 First Year ROI % USD
ROIC 24.9% Change in NWC 0 160,000,000
40.0% 36,698,706 0
ROE 35.1% CAPEX -38'493'985 141,213,465
35.0% 140,000,000
DSCR 3.58x Cash Reserve -1'000'000
Financial Debt/EBITDA 1.78x FCFF 111'879'821 30.0% 120,000,000 2,000,000 111,879,821
Addback adjusted Tax 28'538'365 25.0% -28,538,365 -38,493,985 -1,000,000
Lifetime Production Deduct effective Tax -26'766'069 100,000,000
20.0%
Project Lifetime Years 25 Change in Debt Financing 1'134'855 80,000,000
Duration of. PPA / Certificate Years 25 Interest -9'172'199 15.0%
Lifetime Production - kWh 3'493'719'952 Free Cash Flows to Equity (FCFE) 105'614'773 10.0% 60,000,000
Average Energy Price USD Cents/kWh 5.90
5.0% 40,000,000
Average EBITDA USD Cents/kWh 5.09
Average FCFF USD Cents/kWh 3.20 Model Checks 0.0% 20,000,000
First Upgrade Second
OK 0
(Year 12) Upgrade (Year 0
15) EBIT Adj. Tax Addback Provisions Addback depreciation Change in NWC CAPEX Cash Reserve FCFF
Uses and Sources of Funds Uses of Funds Sources of Funds
Uses of Funds % USD USD/kWp Sources of Funds % USD USD/kWp

CAPEX 93.2% 32'000'000 1'600 Equity 32.5% 11'153'003 558
OPEX 3.6% 1'225'000 61 Debt 66.1% 22'697'109 1'135
NWC 0.4% 137'054 7 Cash Flows 1.4% 466'443 23
Finance 2.8% 954'501 48
Misc. 0.0% 0 0
Uses of Funds 100.0% 34'316'554 1'716 Sources of Funds 100.0% 34'316'554 1'716
CAPEX OPEX NWC Finance Misc. Equity Debt Cash Flows
Powered by

Confidential
Developer Metrics
All amounts in USD
Developer and Future Buyer - Investment Considerations Developer Metrics
USD
Investment Profit IRR Developer (Develop & Sell) Developer - Investment Assumptions
120.0 57.1% (Develop & Sell) Future Owner (Buys Developed Plant & Hold)
Developer 60.0% Developer - Holding Period Years 5 Years Developer - Holding Period Years 5
Millions
Investment 11'153'003 39'871'830 Investment USD 11'153'003 Developer - Exit Valuation Method EV/EBITDA
Profit 36'733'615 68'881'158 Profit USD 36'733'615
100.0 50.0%
IRR 57.1% 10.7% Proceeds USD 47'886'618 Developers - Available Exit Valuation Method
Multiple x 4.3x EV/EBITDA x 6.5x
IRR (Developers) % 57.1% Equity Multiple x 3.0x
80.0 40.0%
68.9 Target Price USD 50'000'000
Future Owner (Buys Developed Plant & Hold)
60.0 30.0% Entry Year Year Year 5 Developer - Exit Value Composition
Investment USD 39'871'830 Exit Value (EV/EBITDA Valuation) USD 51'284'440
Profit USD 68'881'158 Repayment of Financial Debt USD -20'427'398
40.0 20.0% Proceeds USD 108'752'988 Cash USD 9'014'788
Multiple x 2.7x Exit Equity Value USD 39'871'830
36.7 10.7% IRR (Buyer) % 10.7%
20.0 10.0% IRR Targets
Developers % 20.0%
11.2 39.9 Future Owner % 10.0%
0.0 0.0%
Developer (Develop & Sell ) Future Owner (Buys Developed Plant & Hold)
Developer - Investors Investors (at Developer Level)
Risk Profits
Investors at Developer Level Cash Investment Equity Stake
Promoter Promoter
% USD %
Investor 2 Investor 2 Promoter 10.0% 1'115'300 30.0%
Investor 2 30.0% 3'345'901 25.0%
Investor 3 Investor 3 Investor 3 25.0% 2'788'251 20.0%
Investor 4 Investor 4 20.0% 2'230'601 15.0%
Investor 4
Investor 5 15.0% 1'672'950 10.0%
Investor 5 Investor 5 Total 100.0% 11'153'003 100.0%
Investor IRRs at Developer Level Developer Financial Metrics - Summary by Investor
60.0% 57.1%
Investor Metrics Breakdown by Investor at Developer Level Developers
50.0% Promoter Investor 2 Investor 3 Investor 4 Investor 5 Total
41.6%
39.0% Investment USD 1'115'300 3'345'901 2'788'251 2'230'601 1'672'950 11'153'003
40.0% 35.4%
Profit USD 13'250'685 8'625'754 6'789'073 4'952'392 3'115'711 36'733'615
29.8%
30.0% Proceeds USD 14'365'985 11'971'654 9'577'324 7'182'993 4'788'662 47'886'618
Multiple x 12.9x 3.6x 3.4x 3.2x 2.9x 4.3x
20.0%
IRR % 0.0% 41.6% 39.0% 35.4% 29.8% 57.1%
10.0%
0.0%
0.0%
Promoter Investor 2 Investor 3 Investor 4 Investor 5 Total
Powered by
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Developer Metrics 10 / 20

Confidential
Operations
All figures in USD
Project Plan and Prices Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30
Year Operational Year Year 0 Year 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Project Plan
Project Lifetime Years 25 Years
Duration of. PPA / Certificate Years 25 Years
Exploration % 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 100.0%

Drillings % 0.0% 0.0% 80.0% 20.0% 0.0% 0.0% 100.0%
Land % 0.0% 0.0% 100.0% 0.0% 0.0% 0.0% 100.0%
Plant % 0.0% 0.0% 0.0% 100.0% 0.0% 0.0% 100.0%
Production % 0.0% 0.0% 20.0% 80.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Annual Price Escalation Factors

Power Purchase Agreement % 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Energy Market Price % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cost Inflation % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Inflation Index
Power Purchase Agreement Index % 100.0% 100.0% 100.5% 101.0% 101.5% 102.0% 102.5% 103.0% 103.6% 104.1% 104.6% 105.1% 105.6% 106.2% 106.7% 107.2% 107.8% 108.3% 108.8% 109.4% 109.9% 110.5% 111.0% 111.6% 112.2% 112.7% 113.3% 113.8% 114.4% 115.0% 115.6%
Energy Market Price Index % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost Inflation Index % 100.0% 100.0% 102.0% 104.0% 106.1% 108.2% 110.4% 112.6% 114.9% 117.2% 119.5% 121.9% 124.3% 126.8% 129.4% 131.9% 134.6% 137.3% 140.0% 142.8% 145.7% 148.6% 151.6% 154.6% 157.7% 160.8% 164.1% 167.3% 170.7% 174.1% 177.6%
Power Pricing
Power Purchase Agreement USD Cents/kWh 5.50 5.53 5.56 5.58 5.61 5.64 5.67 5.70 5.72 5.75 5.78 5.81 5.84 5.87 5.90 5.93 5.96 5.99 6.02 6.05 6.08 6.11 6.14 6.17 6.20 6.23 6.26 NA NA NA 5.873
Energy Market Price USD Cents/kWh 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 NA NA NA 5.000
Certificate Price USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NA NA NA 0.000
Energy Price USD Cents/kWh 0.00 0.00 5.56 5.58 5.61 5.64 5.67 5.70 5.72 5.75 5.78 5.81 5.84 5.87 5.90 5.93 5.96 5.99 6.02 6.05 6.08 6.11 6.14 6.17 6.20 6.23 6.26 NA NA NA 5.464
All amounts in USD

ENERGY GENERATION Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Energy Production
Generator Capacity
Generator Capacity kWp - - 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000 20'000
Hours per Year Hours - - 1'752 7'008 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760
Annual Capacity Degration % 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Initial Net Capacity Factor % 0.0% 0.0% 90.0% 90.0% 90.0% 89.6% 89.1% 88.7% 88.2% 87.8% 87.3% 86.9% 86.5% 86.0% 85.6% 85.2% 84.7% 84.3% 83.9% 83.5% 83.1% 82.6% 82.2% 81.8% 81.4% 81.0% 80.6% 80.2% 79.8% 79.4%
Production Capacity kWh - - 31'536'000 126'144'000 157'680'000 156'891'600 156'107'142 155'326'606 154'549'973 153'777'223 153'008'337 152'243'296 151'482'079 150'724'669 149'971'045 149'221'190 148'475'084 147'732'709 146'994'045 146'259'075 145'527'780 144'800'141 144'076'140 143'355'759 142'638'981 141'925'786 141'216'157 - - -
Thermal Resource
Ratio Plant to Thermal Capacity kWh/kWp 0.00 0.00 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92 0.92
Thermal Potential (Initial) kWp - - 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739 21'739
Hours per Year Hours 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760 8'760
Annual Resource Degression % 0.0% 0.0% 0.0% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Resource Index % 100.0% 100.0% 100.0% 100.0% 100.0% 97.0% 94.1% 91.3% 88.5% 85.9% 83.3% 80.8% 78.4% 76.0% 73.7% 71.5% 69.4% 67.3% 65.3% 63.3% 61.4% 59.6% 57.8% 56.1% 54.4% 52.7% 51.2% 49.6% 48.1% 46.7%
Thermal Resource Potential

Initial Drilling kWh - - 190'434'783 190'434'783 190'434'783 184'721'739 179'180'087 173'804'684 168'590'544 163'532'828 158'626'843 153'868'037 149'251'996 144'774'436 140'431'203 136'218'267 132'131'719 128'167'768 124'322'735 120'593'053 116'975'261 113'466'003 110'062'023 106'760'162 103'557'357 100'450'637 97'437'118 94'514'004 91'678'584 88'928'226
Including First Upgrade kWh - - 190'434'783 190'434'783 190'434'783 184'721'739 179'180'087 173'804'684 168'590'544 163'532'828 158'626'843 169'254'841 164'177'196 159'251'880 154'474'324 149'840'094 145'344'891 140'984'544 136'755'008 132'652'358 128'672'787 124'812'603 121'068'225 117'436'179 113'913'093 110'495'700 107'180'829 103'965'405 100'846'442 97'821'049
Including Second Upgrade kWh - - 190'434'783 190'434'783 190'434'783 184'721'739 179'180'087 173'804'684 168'590'544 163'532'828 158'626'843 169'254'841 164'177'196 159'251'880 169'921'756 164'824'103 159'879'380 155'082'999 150'430'509 145'917'594 141'540'066 137'293'864 133'175'048 129'179'796 125'304'403 121'545'270 117'898'912 114'361'945 110'931'087 107'603'154
Thermal Resource Potential kWh - - 190'434'783 190'434'783 190'434'783 184'721'739 179'180'087 173'804'684 168'590'544 163'532'828 158'626'843 169'254'841 164'177'196 159'251'880 169'921'756 164'824'103 159'879'380 155'082'999 150'430'509 145'917'594 141'540'066 137'293'864 133'175'048 129'179'796 125'304'403 121'545'270 117'898'912 114'361'945 110'931'087 107'603'154
Increases
First Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 14'477'444 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14'477'444
Second Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14'534'489 0 0 0 0 0 0 0 0 0 0 0 0 0 14'534'489
Peaks
Initial Drilling kWh 0 190'434'783 190'434'783 190'434'783 190'434'783
Including First Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 159'251'880 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 159'251'880
Including Second Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 159'879'380 0 0 0 0 0 0 0 0 0 0 0 0 0 159'879'380
Peak Production Capacity

Initial Drilling kWh 0 31'536'000 126'144'000 157'680'000 157'680'000
Including First Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 150'724'669 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 150'724'669
Including Second Upgrade kWh 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 148'475'084 0 0 0 0 0 0 0 0 0 0 0 0 0 148'475'084
Energy Production
Selection Generator/Resource Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Generator Resource Resource Resource Resource Resource Resource Resource Resource Generator Generator Generator
Electricity Produced kWh - 31'536'000 126'144'000 157'680'000 156'891'600 156'107'142 155'326'606 154'549'973 153'777'223 153'008'337 152'243'296 151'482'079 150'724'669 149'971'045 149'221'190 148'475'084 147'732'709 146'994'045 145'917'594 141'540'066 137'293'864 133'175'048 129'179'796 125'304'403 121'545'270 117'898'912 - - - 3'493'719'952
Energy Sales
Volume Allocation %
Fixed Price (PPA) % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% 0.0% 0.0% 100.0%
Market Price + Certificate Mark-up % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% 100.0% 0.0%
Total % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Volume Allocation
Fixed Price (PPA) kWh - - 31'536'000 126'144'000 157'680'000 156'891'600 156'107'142 155'326'606 154'549'973 153'777'223 153'008'337 152'243'296 151'482'079 150'724'669 149'971'045 149'221'190 148'475'084 147'732'709 146'994'045 145'917'594 141'540'066 137'293'864 133'175'048 129'179'796 125'304'403 121'545'270 117'898'912 - - - 3'493'719'952
Market Price + Certificate Mark-up kWh - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total kWh - - 31'536'000 126'144'000 157'680'000 156'891'600 156'107'142 155'326'606 154'549'973 153'777'223 153'008'337 152'243'296 151'482'079 150'724'669 149'971'045 149'221'190 148'475'084 147'732'709 146'994'045 145'917'594 141'540'066 137'293'864 133'175'048 129'179'796 125'304'403 121'545'270 117'898'912 - - - 3'493'719'952
Revenues
Power Purchase Agreement USD 0 0 1'751'868 7'042'510 8'847'153 8'846'932 8'846'711 8'846'490 8'846'269 8'846'047 8'845'826 8'845'605 8'845'384 8'845'163 8'844'942 8'844'721 8'844'499 8'844'278 8'844'057 8'823'188 8'601'285 8'384'962 8'174'080 7'968'502 7'768'095 7'572'727 7'382'273 0 0 0 206'153'567
Energy Market Price USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Revenues USD 0 0 1'751'868 7'042'510 8'847'153 8'846'932 8'846'711 8'846'490 8'846'269 8'846'047 8'845'826 8'845'605 8'845'384 8'845'163 8'844'942 8'844'721 8'844'499 8'844'278 8'844'057 8'823'188 8'601'285 8'384'962 8'174'080 7'968'502 7'768'095 7'572'727 7'382'273 0 0 0 206'153'567
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Operations 11 / 20

All amounts in USD
Operating Costs (OPEX) Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
OPEX @100% Operations

Variable cost I USD 0 0 21'898 22'008 22'118 22'117 22'117 22'116 22'116 22'115 22'115 22'114 22'113 22'113 22'112 22'112 22'111 22'111 22'110 22'058 21'503 20'962 20'435 19'921 19'420 18'932 18'456 0 0 0 537'304
Variable cost II USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Staff USD 0 0 520'200 530'604 541'216 552'040 563'081 574'343 585'830 597'546 609'497 621'687 634'121 646'803 659'739 672'934 686'393 700'121 714'123 728'406 742'974 757'833 772'990 788'450 804'219 820'303 836'709 0 0 0 16'662'162
Maintenance USD 0 0 156'060 159'181 162'365 165'612 168'924 172'303 175'749 179'264 182'849 186'506 190'236 194'041 197'922 201'880 205'918 210'036 214'237 218'522 222'892 227'350 231'897 236'535 241'266 246'091 251'013 0 0 0 4'998'649
Repairs USD 0 0 52'020 53'060 54'122 55'204 56'308 57'434 58'583 59'755 60'950 62'169 63'412 64'680 65'974 67'293 68'639 70'012 71'412 72'841 74'297 75'783 77'299 78'845 80'422 82'030 83'671 0 0 0 1'666'216
Professional Services USD 0 0 52'020 53'060 54'122 55'204 56'308 57'434 58'583 59'755 60'950 62'169 63'412 64'680 65'974 67'293 68'639 70'012 71'412 72'841 74'297 75'783 77'299 78'845 80'422 82'030 83'671 0 0 0 1'666'216
Security USD 0 0 41'616 42'448 43'297 44'163 45'046 45'947 46'866 47'804 48'760 49'735 50'730 51'744 52'779 53'835 54'911 56'010 57'130 58'272 59'438 60'627 61'839 63'076 64'337 65'624 66'937 0 0 0 1'332'973
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Setup Costs USD 50'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Legal Fees USD 75'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Consulting USD 100'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OPEX @100% Operations USD 225'000 0 0 843'814 860'362 877'239 894'341 911'785 929'578 947'727 966'238 985'120 1'004'380 1'024'024 1'044'062 1'064'501 1'085'348 1'106'612 1'128'301 1'150'425 1'172'939 1'195'402 1'218'339 1'241'759 1'265'672 1'290'086 1'315'011 1'340'456 0 0 0 26'863'520
Operations Level % 0.0% 0.0% 20.0% 80.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 1.000
Operation factor % not applied to last three OPEX Positions
OPEX
Variable cost I USD 0 0 0 4'380 17'606 22'118 22'117 22'117 22'116 22'116 22'115 22'115 22'114 22'113 22'113 22'112 22'112 22'111 22'111 22'110 22'058 21'503 20'962 20'435 19'921 19'420 18'932 18'456 0 0 0 515'384
Variable cost II USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Staff USD 0 0 0 104'040 424'483 541'216 552'040 563'081 574'343 585'830 597'546 609'497 621'687 634'121 646'803 659'739 672'934 686'393 700'121 714'123 728'406 742'974 757'833 772'990 788'450 804'219 820'303 836'709 0 0 0 16'139'881
Maintenance USD 0 0 0 31'212 127'345 162'365 165'612 168'924 172'303 175'749 179'264 182'849 186'506 190'236 194'041 197'922 201'880 205'918 210'036 214'237 218'522 222'892 227'350 231'897 236'535 241'266 246'091 251'013 0 0 0 4'841'964
Repairs USD 0 0 0 10'404 42'448 54'122 55'204 56'308 57'434 58'583 59'755 60'950 62'169 63'412 64'680 65'974 67'293 68'639 70'012 71'412 72'841 74'297 75'783 77'299 78'845 80'422 82'030 83'671 0 0 0 1'613'988
Professional Services USD 0 0 0 10'404 42'448 54'122 55'204 56'308 57'434 58'583 59'755 60'950 62'169 63'412 64'680 65'974 67'293 68'639 70'012 71'412 72'841 74'297 75'783 77'299 78'845 80'422 82'030 83'671 0 0 0 1'613'988
Security USD 0 0 0 8'323 33'959 43'297 44'163 45'046 45'947 46'866 47'804 48'760 49'735 50'730 51'744 52'779 53'835 54'911 56'010 57'130 58'272 59'438 60'627 61'839 63'076 64'337 65'624 66'937 0 0 0 1'291'190
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Setup Costs USD 50'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Legal Fees USD 75'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Consulting USD 100'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OPEX USD 225'000 0 0 168'763 688'290 877'239 894'341 911'785 929'578 947'727 966'238 985'120 1'004'380 1'024'024 1'044'062 1'064'501 1'085'348 1'106'612 1'128'301 1'150'425 1'172'939 1'195'402 1'218'339 1'241'759 1'265'672 1'290'086 1'315'011 1'340'456 0 0 0 26'016'396
OPEX/kWh
Variable cost I USD Cents/kWh 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.01
Variable cost II USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Staff USD Cents/kWh 0.00 0.00 0.00 0.33 0.34 0.34 0.35 0.36 0.37 0.38 0.39 0.40 0.41 0.42 0.43 0.44 0.45 0.46 0.47 0.49 0.50 0.52 0.55 0.58 0.61 0.64 0.67 0.71 0.00 0.00 0.00 0.46
Maintenance USD Cents/kWh 0.00 0.00 0.00 0.10 0.10 0.10 0.11 0.11 0.11 0.11 0.12 0.12 0.12 0.13 0.13 0.13 0.14 0.14 0.14 0.15 0.15 0.16 0.17 0.17 0.18 0.19 0.20 0.21 0.00 0.00 0.00 0.14
Repairs USD Cents/kWh 0.00 0.00 0.00 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.07 0.07 0.00 0.00 0.00 0.05
Professional Services USD Cents/kWh 0.00 0.00 0.00 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.07 0.07 0.00 0.00 0.00 0.05
Security USD Cents/kWh 0.00 0.00 0.00 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.04
Other USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Setup Costs USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal Fees USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Consulting USD Cents/kWh 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OPEX/kWh USD Cents/kWh 0.00 0.00 0.00 0.54 0.55 0.56 0.57 0.58 0.60 0.61 0.63 0.64 0.66 0.68 0.69 0.71 0.73 0.75 0.76 0.78 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.14 0.00 0.00 0.00 0.74
OPEX as % of Revenues
Variable cost I % of Revenues 0.0% 0.0% 0.0% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.0% 0.0% 0.0% 0.3%
Variable cost II % of Revenues 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Staff % of Revenues NA NA NA 5.9% 6.0% 6.1% 6.2% 6.4% 6.5% 6.6% 6.8% 6.9% 7.0% 7.2% 7.3% 7.5% 7.6% 7.8% 7.9% 8.1% 8.3% 8.6% 9.0% 9.5% 9.9% 10.4% 10.8% 11.3% NA NA NA 7.8%
Maintenance % of Revenues NA NA NA 1.8% 1.8% 1.8% 1.9% 1.9% 1.9% 2.0% 2.0% 2.1% 2.1% 2.2% 2.2% 2.2% 2.3% 2.3% 2.4% 2.4% 2.5% 2.6% 2.7% 2.8% 3.0% 3.1% 3.2% 3.4% NA NA NA 2.3%
Repairs % of Revenues NA NA NA 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 0.9% 0.9% 1.0% 1.0% 1.1% 1.1% NA NA NA 0.8%
Professional Services % of Revenues NA NA NA 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.8% 0.8% 0.8% 0.8% 0.8% 0.9% 0.9% 0.9% 1.0% 1.0% 1.1% 1.1% NA NA NA 0.8%
Security % of Revenues NA NA NA 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.8% 0.8% 0.8% 0.9% 0.9% NA NA NA 0.6%
Other % of Revenues NA NA NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA NA NA 0.0%
Setup Costs % of Revenues NA NA NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA NA NA 0.0%
Legal Fees % of Revenues NA NA NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA NA NA 0.0%
Consulting % of Revenues NA NA NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA NA NA 0.0%
OPEX as % of Revenues % of Revenues NA NA NA 9.6% 9.8% 9.9% 10.1% 10.3% 10.5% 10.7% 10.9% 11.1% 11.4% 11.6% 11.8% 12.0% 12.3% 12.5% 12.8% 13.0% 13.3% 13.9% 14.5% 15.2% 15.9% 16.6% 17.4% 18.2% NA NA NA 12.6%
Year 1 Cost Analysis

Variable cost I USD 0 0 0 21'898 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21'898
Variable cost II USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Staff USD 0 0 0 520'200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 520'200
Maintenance USD 0 0 0 156'060 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 156'060
Repairs USD 0 0 0 52'020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52'020
Professional Services USD 0 0 0 52'020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52'020
Security USD 0 0 0 41'616 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 41'616
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Setup Costs USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Legal Fees USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Consulting USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
OPEX @100% Operations USD 0 0 0 843'814 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 843'814
Cost Inflation Index % 0.0% 0.0% 0.0% 104.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 104.0%
% of Revenues % of Revenues 0.0% 0.0% 0.0% 9.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 9.6%
USD/Month USD/Month - - - 843'814 - - - - - - - - - - - - - - - - - - - - - - - - - - - 843'814
USD Cents/kWh USD Cents/kWh - - - 0.54 - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.54
USD Cents/kWp USD Cents/kWp - - - 844 - - - - - - - - - - - - - - - - - - - - - - - - - - - 843.81
% of Total CAPEX % of Total CAPEX 0.00% 0.00% 0.00% 0.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.5%
Powered by
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Operations 12 / 20

Confidential
Project Financials
All amounts in USD
Income Statement Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30
Year Operational Year 0 Year 0 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28
Revenues USD 0 0 0 1'751'868 7'042'510 8'847'153 8'846'932 8'846'711 8'846'490 8'846'269 8'846'047 8'845'826 8'845'605 8'845'384 8'845'163 8'844'942 8'844'721 8'844'499 8'844'278 8'844'057 8'823'188 8'601'285 8'384'962 8'174'080 7'968'502 7'768'095 7'572'727 7'382'273 0 0 0 206'153'567
OPEX USD -225'000 0 0 -168'763 -688'290 -877'239 -894'341 -911'785 -929'578 -947'727 -966'238 -985'120 -1'004'380 -1'024'024 -1'044'062 -1'064'501 -1'085'348 -1'106'612 -1'128'301 -1'150'425 -1'172'939 -1'195'402 -1'218'339 -1'241'759 -1'265'672 -1'290'086 -1'315'011 -1'340'456 0 0 0 -26'241'396
Decommissioning Provision USD 0 0 0 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 -80'000 0 0 0 -2'000'000
EBITDA USD -225'000 0 0 1'503'105 6'274'220 7'889'914 7'872'591 7'854'926 7'836'912 7'818'542 7'799'809 7'780'706 7'761'225 7'741'359 7'721'101 7'700'441 7'679'373 7'657'887 7'635'977 7'613'633 7'570'249 7'325'883 7'086'623 6'852'321 6'622'831 6'398'009 6'177'716 5'961'817 0 0 0 177'912'171
EBITDA Margin % NA NA NA 85.8% 89.1% 89.2% 89.0% 88.8% 88.6% 88.4% 88.2% 88.0% 87.7% 87.5% 87.3% 87.1% 86.8% 86.6% 86.3% 86.1% 85.8% 85.2% 84.5% 83.8% 83.1% 82.4% 81.6% 80.8% NA NA NA 86.3%
Depreciation USD 0 0 -80'000 -406'400 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'321'952 -1'421'422 -1'421'422 -1'421'422 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'579'759 -1'499'759 -1'173'359 0 0 -36'698'706
EBIT USD -225'000 0 -80'000 1'096'705 4'952'268 6'567'962 6'550'639 6'532'974 6'514'960 6'496'590 6'477'857 6'458'754 6'439'273 6'319'938 6'299'679 6'279'019 6'099'613 6'078'128 6'056'217 6'033'873 5'990'490 5'746'124 5'506'864 5'272'562 5'043'071 4'818'249 4'597'957 4'462'057 -1'173'359 0 0 141'213'465
EBIT Margin % NA NA NA 62.6% 70.3% 74.2% 74.0% 73.8% 73.6% 73.4% 73.2% 73.0% 72.8% 71.4% 71.2% 71.0% 69.0% 68.7% 68.5% 68.2% 67.9% 66.8% 65.7% 64.5% 63.3% 62.0% 60.7% 60.4% NA NA NA 68.5%
Capital Gain USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204'721 0 0 204'721

Interest USD 0 0 -197'109 -757'392 -757'392 -719'522 -681'652 -643'783 -605'913 -568'044 -530'174 -492'305 -454'435 -416'565 -378'696 -340'826 -302'957 -265'087 -227'217 -189'348 -151'478 -113'609 -75'739 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -9'172'199
EBT USD -225'000 0 -277'109 339'314 4'194'877 5'848'440 5'868'986 5'889'191 5'909'047 5'928'546 5'947'683 5'966'450 5'984'838 5'903'372 5'920'983 5'938'193 5'796'657 5'813'041 5'829'000 5'844'525 5'839'011 5'632'515 5'431'125 5'234'692 5'005'202 4'780'380 4'560'087 4'424'188 -1'006'508 -37'870 -37'870 132'245'986
EBT Margin % NA NA NA 19.4% 59.6% 66.1% 66.3% 66.6% 66.8% 67.0% 67.2% 67.4% 67.7% 66.7% 66.9% 67.1% 65.5% 65.7% 65.9% 66.1% 66.2% 65.5% 64.8% 64.0% 62.8% 61.5% 60.2% 59.9% NA NA NA 64.1%
Income Taxes USD 0 0 0 -67'863 -838'975 -1'169'688 -1'173'797 -1'177'838 -1'181'809 -1'185'709 -1'189'537 -1'193'290 -1'196'968 -1'180'674 -1'184'197 -1'187'639 -1'159'331 -1'162'608 -1'165'800 -1'168'905 -1'167'802 -1'126'503 -1'086'225 -1'046'938 -1'001'040 -956'076 -912'017 -884'838 0 0 0 -26'766'069
Net Income USD -225'000 0 -277'109 271'451 3'355'901 4'678'752 4'695'189 4'711'353 4'727'237 4'742'837 4'758'146 4'773'160 4'787'871 4'722'698 4'736'786 4'750'554 4'637'325 4'650'433 4'663'200 4'675'620 4'671'209 4'506'012 4'344'900 4'187'754 4'004'161 3'824'304 3'648'070 3'539'350 -1'006'508 -37'870 -37'870 105'479'918
Net Income Margin % NA NA NA 15.5% 47.7% 52.9% 53.1% 53.3% 53.4% 53.6% 53.8% 54.0% 54.1% 53.4% 53.6% 53.7% 52.4% 52.6% 52.7% 52.9% 52.9% 52.4% 51.8% 51.2% 50.2% 49.2% 48.2% 47.9% NA NA NA 51.2%
All amounts in USD

Balance Sheet Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash USD 1'000'000 1'000'000 1'000'000 1'000'000 4'209'501 9'014'788 13'977'794 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 1'962'130 1'924'261 1'924'261
Receivables USD 0 0 0 143'989 578'836 727'163 727'145 727'127 727'109 727'091 727'072 727'054 727'036 727'018 727'000 726'982 726'963 726'945 726'927 726'909 725'194 706'955 689'175 671'842 654'945 638'474 622'416 606'762 0 0 0 0
Other current assets USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Fixed Assets USD 0 2'000'000 10'080'000 32'562'400 31'240'448 29'918'496 28'596'544 27'274'592 25'952'640 24'630'688 23'308'736 21'986'784 23'151'581 21'730'159 20'308'737 22'845'751 21'265'992 19'686'232 18'106'473 16'526'713 14'946'954 13'367'195 11'787'435 10'207'676 8'627'917 7'048'157 5'468'398 3'968'638 0 0 0 0
Assets USD 1'000'000 3'000'000 11'080'000 33'706'389 36'028'785 39'660'447 43'301'484 30'001'719 28'679'749 27'357'779 26'035'808 24'713'838 25'878'617 24'457'177 23'035'736 25'572'733 23'992'955 22'413'177 20'833'400 19'253'622 17'672'148 16'074'150 14'476'610 12'879'518 11'282'862 9'686'631 8'090'814 6'575'400 2'000'000 1'962'130 1'924'261 1'924'261
Payables USD 0 0 0 6'935 28'286 36'051 36'754 37'471 38'202 38'948 39'708 40'484 41'276 42'083 42'907 43'747 44'603 45'477 46'369 47'278 48'203 49'126 50'069 51'031 52'014 53'017 54'042 55'087 0 0 0 0
Other current liabiliites USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Decommissioning Provision USD 0 0 0 80'000 160'000 240'000 320'000 400'000 480'000 560'000 640'000 720'000 800'000 880'000 960'000 1'040'000 1'120'000 1'200'000 1'280'000 1'360'000 1'440'000 1'520'000 1'600'000 1'680'000 1'760'000 1'840'000 1'920'000 2'000'000 0 0 0 0
Financial Debt USD 0 0 6'110'381 22'697'109 21'562'254 20'427'398 19'292'543 18'157'687 17'022'832 15'887'976 14'753'121 13'618'265 12'483'410 11'348'555 10'213'699 9'078'844 7'943'988 6'809'133 5'674'277 4'539'422 3'404'566 2'269'711 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855
Equity USD 1'000'000 3'000'000 4'969'619 10'922'345 14'278'246 18'956'998 23'652'187 11'406'561 11'138'715 10'870'855 10'602'979 10'335'088 12'553'931 12'186'539 11'819'131 15'410'142 14'884'364 14'358'568 13'832'754 13'306'923 12'779'378 12'235'313 11'691'686 10'013'631 8'335'993 6'658'758 4'981'917 3'385'458 865'145 827'275 789'405 789'405
Liabilities & shareholder's equity USD 1'000'000 3'000'000 11'080'000 33'706'389 36'028'785 39'660'447 43'301'484 30'001'719 28'679'749 27'357'779 26'035'808 24'713'838 25'878'617 24'457'177 23'035'736 25'572'733 23'992'955 22'413'177 20'833'400 19'253'622 17'672'148 16'074'150 14'476'610 12'879'518 11'282'862 9'686'631 8'090'814 6'575'400 2'000'000 1'962'130 1'924'261 1'924'261
All amounts in USD

Cash Flow Statement Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash Flow from Operations

Net income USD -225'000 0 -277'109 271'451 3'355'901 4'678'752 4'695'189 4'711'353 4'727'237 4'742'837 4'758'146 4'773'160 4'787'871 4'722'698 4'736'786 4'750'554 4'637'325 4'650'433 4'663'200 4'675'620 4'671'209 4'506'012 4'344'900 4'187'754 4'004'161 3'824'304 3'648'070 3'539'350 -1'006'508 -37'870 -37'870 105'479'918
Depreciation USD 0 0 80'000 406'400 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'421'422 1'421'422 1'421'422 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'499'759 1'173'359 0 0 36'698'706
Addback Provisions USD 0 0 0 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 0 0 0 2'000'000
Addback Capital Gain USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -204'721 0 0 -204'721
Change in receivables USD 0 0 0 -143'989 -434'847 -148'327 18 18 18 18 18 18 18 18 18 18 18 18 18 18 1'715 18'239 17'780 17'333 16'897 16'472 16'058 15'654 606'762 0 0 0
Change in other current assets USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in payables USD 0 0 0 6'935 21'350 7'765 703 717 731 746 761 776 791 807 823 840 857 874 891 909 925 923 943 962 983 1'003 1'024 1'046 -55'087 0 0 0
Change in other current liabilities USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flows from Operations USD -225'000 0 -197'109 620'797 4'344'356 5'940'142 6'097'862 6'114'040 6'129'939 6'145'553 6'160'877 6'175'906 6'190'632 6'224'945 6'239'050 6'252'834 6'297'960 6'311'084 6'323'869 6'336'307 6'333'609 6'184'933 6'023'382 5'865'809 5'681'800 5'501'538 5'324'911 5'135'809 513'805 -37'870 -37'870 143'973'903
Cash Flow from Investment

CAPEX USD 0 -2'000'000 -8'160'000 -22'888'800 0 0 0 0 0 0 0 0 -2'486'749 0 0 -3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -39'493'985
Decommissioning Costs USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2'000'000 0 0 -2'000'000
End of Life Proceeds USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3'000'000 0 0 3'000'000
Cash Flow from Investment USD 0 -2'000'000 -8'160'000 -22'888'800 0 0 0 0 0 0 0 0 -2'486'749 0 0 -3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 1'000'000 0 0 -38'493'985
Cash Flow from Financing

Financial Debt Drawdowns USD 0 0 6'110'381 16'586'728 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22'697'109
Financial Debt Repayments USD 0 0 0 0 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 0 0 0 0 0 0 0 0 -21'562'254
Equity financing USD 1'225'000 2'000'000 2'246'728 5'681'275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11'153'003
Dividends USD 0 0 0 0 0 0 0 -16'956'979 -4'995'083 -5'010'698 -5'026'022 -5'041'050 -2'569'028 -5'090'090 -5'104'194 -1'159'543 -5'163'104 -5'176'229 -5'189'013 -5'201'451 -5'198'753 -5'050'078 -4'888'526 -5'865'809 -5'681'800 -5'501'538 -5'324'911 -5'135'809 -1'513'805 0 0 -115'843'515
Cash Flow from Financing USD 1'225'000 2'000'000 8'357'109 22'268'003 -1'134'855 -1'134'855 -1'134'855 -18'091'834 -6'129'939 -6'145'553 -6'160'877 -6'175'906 -3'703'884 -6'224'945 -6'239'050 -2'294'398 -6'297'960 -6'311'084 -6'323'869 -6'336'307 -6'333'609 -6'184'933 -6'023'382 -5'865'809 -5'681'800 -5'501'538 -5'324'911 -5'135'809 -1'513'805 0 0 -103'555'657
Change in Cash USD 1'000'000 0 0 0 3'209'501 4'805'287 4'963'007 -11'977'794 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -37'870 -37'870 1'924'261
Cash beginning USD 0 1'000'000 1'000'000 1'000'000 1'000'000 4'209'501 9'014'788 13'977'794 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 1'962'130 0
Cash end of year USD 1'000'000 1'000'000 1'000'000 1'000'000 4'209'501 9'014'788 13'977'794 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 1'962'130 1'924'261 1'924'261
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Project Financials 13 / 20

All amounts in USD
Income Taxes Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Simple Tax Model

Profit before Tax USD -225'000 0 -277'109 339'314 4'194'877 5'848'440 5'868'986 5'889'191 5'909'047 5'928'546 5'947'683 5'966'450 5'984'838 5'903'372 5'920'983 5'938'193 5'796'657 5'813'041 5'829'000 5'844'525 5'839'011 5'632'515 5'431'125 5'234'692 5'005'202 4'780'380 4'560'087 4'424'188 -1'006'508 -37'870 -37'870 132'470'986
Tax Rate % 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 0.0%
Income Tax USD - - - 67'863 838'975 1'169'688 1'173'797 1'177'838 1'181'809 1'185'709 1'189'537 1'193'290 1'196'968 1'180'674 1'184'197 1'187'639 1'159'331 1'162'608 1'165'800 1'168'905 1'167'802 1'126'503 1'086'225 1'046'938 1'001'040 956'076 912'017 884'838 - - - 26'766'069
All amounts in USD

Key Financial Ratios Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Bank Ratios
Financial Debt/EBITDA x NA NA 15.10x 3.44x 2.59x 2.45x 2.31x 2.17x 2.03x 1.89x 1.75x 1.61x 1.47x 1.32x 1.18x 1.03x 0.89x 0.74x 0.60x 0.45x 0.31x 0.16x 0.17x 0.17x 0.18x 0.18x 0.19x NA NA NA 1.78x
Debt Service Coverage (DSCR) x 0.00x 0.00x -28.60x 2.62x 3.51x 3.66x 3.73x 3.80x 3.88x 3.95x 4.04x 2.56x 4.23x 4.32x 1.74x 4.55x 4.66x 4.78x 4.90x 5.02x 5.03x 5.03x 10.00x 10.00x 10.00x 10.00x 10.00x 10.00x 0.00x 0.00x 3.58x
EBIT/Interest x NA NA NA NA 9.13x 9.61x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x >10.0x NA NA NA NA NA 9.37x
LTV % NA 74.9% 73.1% 69.4% 65.8% 62.1% 58.5% 54.8% 51.2% 47.5% 43.9% 37.2% 33.8% 30.5% 24.2% 21.2% 18.2% 15.1% 12.1% 9.1% 6.1% 3.0% 3.0% 3.0% 3.0% NA NA NA NA NA 34.2%
Net Debt/Equity Ratio % -33.3% 102.8% 198.6% 121.5% 60.2% 22.5% 141.7% 134.9% 127.8% 120.3% 112.4% 83.5% 76.7% 69.5% 45.9% 39.9% 33.5% 26.6% 19.1% 11.0% 2.2% -7.4% -8.6% -10.4% -13.0% NA NA NA NA NA 59.1%
Equity as % of Invested Capital % 150.0% 49.3% 33.4% 44.9% 61.9% 80.8% 40.8% 41.8% 42.9% 44.2% 45.6% 52.7% 54.4% 56.3% 65.5% 67.8% 70.5% 73.6% 77.3% 81.8% 87.2% 94.1% 92.5% 90.3% 87.2% NA NA NA NA NA 67.5%
Liquidity Ratios
Cash Ratio x NA NA 144.2x 148.8x 250.1x 380.3x 53.4x 52.4x 51.4x 50.4x 49.4x 48.5x 47.5x 46.6x 45.7x 44.8x 44.0x 43.1x 42.3x 41.5x 40.7x 39.9x 39.2x 38.5x 37.7x 37.0x 36.3x NA NA NA 74.1x
Quick Ratio x NA NA 164.9x 169.3x 270.2x 400.1x 72.8x 71.4x 70.0x 68.7x 67.4x 66.1x 64.8x 63.6x 62.3x 61.1x 60.0x 58.8x 57.7x 56.5x 55.1x 53.7x 52.4x 51.0x 49.8x 48.5x 47.3x NA NA NA 90.5x
Current Ratio x NA NA 164.9x 169.3x 270.2x 400.1x 72.8x 71.4x 70.0x 68.7x 67.4x 66.1x 64.8x 63.6x 62.3x 61.1x 60.0x 58.8x 57.7x 56.5x 55.1x 53.7x 52.4x 51.0x 49.8x 48.5x 47.3x NA NA NA 90.5x
Efficiency Ratios
Days Receivables Days Sales 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30
Days Payables Days OPEX 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15
Cash Conversion Cycle Days 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15
Asset Turnover x 0.0x 0.0x 0.1x 0.2x 0.2x 0.2x 0.2x 0.3x 0.3x 0.3x 0.3x 0.3x 0.4x 0.4x 0.4x 0.4x 0.4x 0.4x 0.4x 0.5x 0.5x 0.5x 0.6x 0.7x 0.7x NA NA NA NA NA 0.4x
Effective Tax Rate % 0.0% 0.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0% 20.2%
Profitability
NOPLAT USD - (80'000) 877'364 3'961'815 5'254'370 5'240'511 5'226'379 5'211'968 5'197'272 5'182'286 5'167'003 5'151'419 5'055'950 5'039'743 5'023'215 4'879'691 4'862'502 4'844'974 4'827'099 4'792'392 4'596'899 4'405'491 4'218'050 4'034'457 3'854'600 NA NA NA NA NA 4'273'018
EBITDA Margin % NA NA 85.8% 89.1% 89.2% 89.0% 88.8% 88.6% 88.4% 88.2% 88.0% 87.7% 87.5% 87.3% 87.1% 86.8% 86.6% 86.3% 86.1% 85.8% 85.2% 84.5% 83.8% 83.1% 82.4% 81.6% 80.8% NA NA NA 86.3%
EBIT Margin % NA NA 62.6% 70.3% 74.2% 74.0% 73.8% 73.6% 73.4% 73.2% 73.0% 72.8% 71.4% 71.2% 71.0% 69.0% 68.7% 68.5% 68.2% 67.9% 66.8% 65.7% 64.5% 63.3% 62.0% 60.7% 60.4% NA NA NA 68.8%
NOPLAT Margin % NA NA 50.1% 56.3% 59.4% 59.2% 59.1% 58.9% 58.8% 58.6% 58.4% 58.2% 57.2% 57.0% 56.8% 55.2% 55.0% 54.8% 54.6% 54.3% 53.4% 52.5% 51.6% 50.6% 49.6% NA NA NA NA NA 55.6%
Net Income % NA NA 15.5% 47.7% 52.9% 53.1% 53.3% 53.4% 53.6% 53.8% 54.0% 54.1% 53.4% 53.6% 53.7% 52.4% 52.6% 52.7% 52.9% 52.9% 52.4% 51.8% 51.2% 50.2% 49.2% 48.2% 47.9% NA NA NA 50.7%
ROIC % 0.0% -1.3% 4.1% 12.3% 16.8% 17.5% 18.3% 19.1% 20.0% 21.0% 22.1% 22.2% 21.9% 23.2% 22.6% 21.5% 23.0% 24.7% 26.8% 29.2% 31.0% 33.3% 36.3% 40.2% 45.7% 53.8% 67.6% NA NA NA 24.9%
ROA % 0.0% -1.1% 4.6% 11.8% 14.3% 13.0% 14.6% 18.2% 19.0% 19.8% 20.8% 20.7% 20.4% 21.5% 20.9% 19.9% 21.2% 22.6% 24.3% 26.1% 27.4% 28.9% 30.9% 33.5% 36.8% 41.5% 48.8% NA NA NA 21.5%
ROE % 0.0% -7.0% 3.4% 26.6% 28.2% 22.0% 26.9% 41.9% 43.1% 44.3% 45.6% 41.8% 38.2% 39.5% 34.9% 30.6% 31.8% 33.1% 34.5% 35.8% 36.0% 36.3% 38.6% 43.6% 51.0% 62.7% 84.6% NA NA NA 35.1%
Economic Balance Sheet

Net Working Capital USD 0 0 0 137'054 550'551 691'112 690'391 689'656 688'907 688'143 687'364 686'570 685'760 684'935 684'093 683'235 682'360 681'468 680'558 679'631 676'991 657'829 639'106 620'811 602'931 585'456 568'374 551'675 0 0 0 0
Fixed Assets USD 0 2'000'000 10'080'000 32'562'400 31'240'448 29'918'496 28'596'544 27'274'592 25'952'640 24'630'688 23'308'736 21'986'784 23'151'581 21'730'159 20'308'737 22'845'751 21'265'992 19'686'232 18'106'473 16'526'713 14'946'954 13'367'195 11'787'435 10'207'676 8'627'917 7'048'157 5'468'398 3'968'638 0 0 0 0
Capital Employed USD 0 2'000'000 10'080'000 32'699'454 31'790'999 30'609'608 29'286'935 27'964'248 26'641'547 25'318'831 23'996'100 22'673'354 23'837'341 22'415'093 20'992'830 23'528'986 21'948'352 20'367'700 18'787'031 17'206'345 15'623'945 14'025'023 12'426'542 10'828'487 9'230'848 7'633'613 6'036'772 4'520'313 0 0 0 0
Decommissioning Provision USD 0 0 0 80'000 160'000 240'000 320'000 400'000 480'000 560'000 640'000 720'000 800'000 880'000 960'000 1'040'000 1'120'000 1'200'000 1'280'000 1'360'000 1'440'000 1'520'000 1'600'000 1'680'000 1'760'000 1'840'000 1'920'000 2'000'000 0 0 0 0
Cash USD -1'000'000 -1'000'000 -1'000'000 -1'000'000 -4'209'501 -9'014'788 -13'977'794 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -2'000'000 -1'962'130 -1'924'261 -1'924'261
Equity USD 1'000'000 3'000'000 4'969'619 10'922'345 14'278'246 18'956'998 23'652'187 11'406'561 11'138'715 10'870'855 10'602'979 10'335'088 12'553'931 12'186'539 11'819'131 15'410'142 14'884'364 14'358'568 13'832'754 13'306'923 12'779'378 12'235'313 11'691'686 10'013'631 8'335'993 6'658'758 4'981'917 3'385'458 865'145 827'275 789'405 789'405
Invested Capital USD 0 2'000'000 10'080'000 32'699'454 31'790'999 30'609'608 29'286'935 27'964'248 26'641'547 25'318'831 23'996'100 22'673'354 23'837'341 22'415'093 20'992'830 23'528'986 21'948'352 20'367'700 18'787'031 17'206'345 15'623'945 14'025'023 12'426'542 10'828'487 9'230'848 7'633'613 6'036'772 4'520'313 0 0 0 0

Fixed Asset Schedules
All amounts in USD
Exploration Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Exploration Costs - Initial USD 2'000'000
Project Plan % 0.0% 100.0% 0.0% 0.0% 0.0%
CAPEX (Exploration)
Exploration Costs - Initial USD 0 2'000'000 0 0 0 2'000'000
Exploration Costs - Additional USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CAPEX (Exploration) USD 0 2'000'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2'000'000
Fixed Assets
Gross Fixed Assets (Exploration) USD 0 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000
Depreciation USD 0 0 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 0 0 0 0 2'000'000
Accumulated depreciation USD 0 0 80'000 160'000 240'000 320'000 400'000 480'000 560'000 640'000 720'000 800'000 880'000 960'000 1'040'000 1'120'000 1'200'000 1'280'000 1'360'000 1'440'000 1'520'000 1'600'000 1'680'000 1'760'000 1'840'000 1'920'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000
Net Fixed Assets (Exploration) USD 0 2'000'000 1'920'000 1'840'000 1'760'000 1'680'000 1'600'000 1'520'000 1'440'000 1'360'000 1'280'000 1'200'000 1'120'000 1'040'000 960'000 880'000 800'000 720'000 640'000 560'000 480'000 400'000 320'000 240'000 160'000 80'000 0 0 0 0 0 0
All amounts in USD

Drillings Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Drillings Costs - Initial USD 10'000'000
Project Plan % 0.0% 0.0% 80.0% 20.0% 0.0%
CAPEX (Drillings)
Drillings Costs - Initial USD 0 0 8'160'000 2'080'800 0 10'240'800
Drillings Costs - First Upgrade USD 0 0 0 0 0 0 0 0 0 0 0 2'486'749 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2'486'749
Drillings Costs - Second Upgrade USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3'958'436
Drillings Costs - Other USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CAPEX (Drillings) USD 0 0 8'160'000 2'080'800 0 0 0 0 0 0 0 0 2'486'749 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16'685'985
Fixed Assets
Gross Fixed Assets (Drillings) USD 0 0 8'160'000 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 12'727'549 12'727'549 12'727'549 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985
Depreciation USD 0 0 0 326'400 409'632 409'632 409'632 409'632 409'632 409'632 409'632 409'632 409'632 509'102 509'102 509'102 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 341'039 257'807 257'807 14'406'321
Accumulated depreciation USD 0 0 0 326'400 736'032 1'145'664 1'555'296 1'964'928 2'374'560 2'784'192 3'193'824 3'603'456 4'013'088 4'522'190 5'031'292 5'540'394 6'207'833 6'875'273 7'542'712 8'210'151 8'877'591 9'545'030 10'212'470 10'879'909 11'547'348 12'214'788 12'882'227 13'549'667 13'890'706 14'148'513 14'406'321 14'406'321
Net Fixed Assets (Drillings) USD 0 0 8'160'000 9'914'400 9'504'768 9'095'136 8'685'504 8'275'872 7'866'240 7'456'608 7'046'976 6'637'344 8'714'461 8'205'359 7'696'257 11'145'591 10'478'152 9'810'712 9'143'273 8'475'833 7'808'394 7'140'955 6'473'515 5'806'076 5'138'637 4'471'197 3'803'758 3'136'318 2'795'279 2'537'472 2'279'664 2'279'664
All amounts in USD

Land Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Land Costs - Initial USD 0
Project Plan % 0.0% 0.0% 100.0% 0.0% 0.0%
CAPEX (Land)
Land Costs - Initial USD 0 0 0 0 0 0
Land Costs - Maintenance USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CAPEX (Land) USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Fixed Assets
Gross Fixed Assets (Land) USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Accumulated depreciation USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Fixed Assets (Land) USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
All amounts in USD

Plant Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Plant Costs - Initial USD 20'000'000
Project Plan % 0.0% 0.0% 0.0% 100.0% 0.0%
CAPEX (Plant)
Plant Costs - Initial USD 0 0 0 20'808'000 0 20'808'000
Plant Costs - Initial USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
CAPEX (Plant) USD 0 0 0 20'808'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20'808'000
Fixed Assets
Gross Fixed Assets (Plant) USD 0 0 0 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000
Depreciation USD 0 0 0 0 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 0 0 20'808'000
Accumulated depreciation USD 0 0 0 0 832'320 1'664'640 2'496'960 3'329'280 4'161'600 4'993'920 5'826'240 6'658'560 7'490'880 8'323'200 9'155'520 9'987'840 10'820'160 11'652'480 12'484'800 13'317'120 14'149'440 14'981'760 15'814'080 16'646'400 17'478'720 18'311'040 19'143'360 19'975'680 20'808'000 20'808'000 20'808'000 20'808'000
Net Fixed Assets (Plant) USD 0 0 0 20'808'000 19'975'680 19'143'360 18'311'040 17'478'720 16'646'400 15'814'080 14'981'760 14'149'440 13'317'120 12'484'800 11'652'480 10'820'160 9'987'840 9'155'520 8'323'200 7'490'880 6'658'560 5'826'240 4'993'920 4'161'600 3'329'280 2'496'960 1'664'640 832'320 0 0 0 0

All amounts in USD
Fixed Asset Summary Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Project Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
CAPEX
Exploration USD 0 2'000'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2'000'000
Drillings USD 0 0 8'160'000 2'080'800 0 0 0 0 0 0 0 0 2'486'749 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16'685'985
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20'808'000
CAPEX USD 0 2'000'000 8'160'000 22'888'800 0 0 0 0 0 0 0 0 2'486'749 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 39'493'985
Gross Fixed Assets

Exploration USD 0 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000
Drillings USD 0 0 8'160'000 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 12'727'549 12'727'549 12'727'549 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000
Gross Fixed Assets USD 0 2'000'000 10'160'000 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 35'535'549 35'535'549 35'535'549 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985
Depreciation
Exploration USD 0 0 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 0 0 0 0 2'000'000
Drillings USD 0 0 0 326'400 409'632 409'632 409'632 409'632 409'632 409'632 409'632 409'632 409'632 509'102 509'102 509'102 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 667'439 341'039 0 0 13'890'706
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 0 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 832'320 0 0 20'808'000
Depreciation USD 0 0 80'000 406'400 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'421'422 1'421'422 1'421'422 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'499'759 1'173'359 0 0 36'698'706
Net Fixed Assets

Exploration USD 0 2'000'000 1'920'000 1'840'000 1'760'000 1'680'000 1'600'000 1'520'000 1'440'000 1'360'000 1'280'000 1'200'000 1'120'000 1'040'000 960'000 880'000 800'000 720'000 640'000 560'000 480'000 400'000 320'000 240'000 160'000 80'000 0 0 0 0 0 0
Drillings USD 0 0 8'160'000 9'914'400 9'504'768 9'095'136 8'685'504 8'275'872 7'866'240 7'456'608 7'046'976 6'637'344 8'714'461 8'205'359 7'696'257 11'145'591 10'478'152 9'810'712 9'143'273 8'475'833 7'808'394 7'140'955 6'473'515 5'806'076 5'138'637 4'471'197 3'803'758 3'136'318 0 0 0 0
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 19'975'680 19'143'360 18'311'040 17'478'720 16'646'400 15'814'080 14'981'760 14'149'440 13'317'120 12'484'800 11'652'480 10'820'160 9'987'840 9'155'520 8'323'200 7'490'880 6'658'560 5'826'240 4'993'920 4'161'600 3'329'280 2'496'960 1'664'640 832'320 0 0 0 0
Net Fixed Assets USD 0 2'000'000 10'080'000 32'562'400 31'240'448 29'918'496 28'596'544 27'274'592 25'952'640 24'630'688 23'308'736 21'986'784 23'151'581 21'730'159 20'308'737 22'845'751 21'265'992 19'686'232 18'106'473 16'526'713 14'946'954 13'367'195 11'787'435 10'207'676 8'627'917 7'048'157 5'468'398 3'968'638 0 0 0 0
Loan to Value Ratio - Value Definition
Drillings USD 0 0 8'160'000 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 10'240'800 12'727'549 12'727'549 12'727'549 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985 16'685'985
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000 20'808'000
Loan to Value Ratio - Value Definition USD 0 0 8'160'000 31'048'800 31'048'800 31'048'800 31'048'800 31'048'800 31'048'800 31'048'800 31'048'800 31'048'800 33'535'549 33'535'549 33'535'549 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985 37'493'985
CAPEX of relevance to LTV

0
Drillings USD 0 0 8'160'000 2'080'800 0 0 10'240'800
Land USD 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 0 0 20'808'000
CAPEX of relevance to LTV USD 0 0 8'160'000 22'888'800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31'048'800
CAPEX Drawdwon % 0.0% 0.0% 26.3% 73.7% 0.0% 0.0% 100.0%

Debt Schedule
All amounts in USD
Debt Schedule Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Loan A
Amount USD 15'000'000
Repayment Years Years 20
Interest rate % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Drawdown % 0.00% 0.00% 26.28% 73.72% 0.00% 0.00% 100.00%
Repayment % / Loan amount % 0.00% 0.00% 0.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 95.00%
Debt Balance
Debt Balance Start USD 0 0 0 4'040'736 15'098'555 14'343'627 13'588'699 12'833'771 12'078'844 11'323'916 10'568'988 9'814'060 9'059'133 8'304'205 7'549'277 6'794'350 6'039'422 5'284'494 4'529'566 3'774'639 3'019'711 2'264'783 1'509'855 754'928 754'928 754'928 754'928 754'928 754'928 754'928 754'928 0
Drawdown USD 0 0 3'942'181 11'057'819 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15'000'000
Interest - Accrued USD 0 0 98'555 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 98'555
Repayment USD 0 0 0 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 -754'928 0 0 0 0 0 0 0 0 -14'343'627
Debt Balance End USD 0 0 4'040'736 15'098'555 14'343'627 13'588'699 12'833'771 12'078'844 11'323'916 10'568'988 9'814'060 9'059'133 8'304'205 7'549'277 6'794'350 6'039'422 5'284'494 4'529'566 3'774'639 3'019'711 2'264'783 1'509'855 754'928 754'928 754'928 754'928 754'928 754'928 754'928 754'928 754'928 754'928
Interest
Interest USD 0 0 98'555 377'464 377'464 358'591 339'717 320'844 301'971 283'098 264'225 245'352 226'478 207'605 188'732 169'859 150'986 132'112 113'239 94'366 75'493 56'620 37'746 18'873 18'873 18'873 18'873 18'873 18'873 18'873 18'873 4'571'501
Interest Type Accrued Accrued Accrued Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash

Interest - Paid in Cash USD 0 0 0 377'464 377'464 358'591 339'717 320'844 301'971 283'098 264'225 245'352 226'478 207'605 188'732 169'859 150'986 132'112 113'239 94'366 75'493 56'620 37'746 18'873 18'873 18'873 18'873 18'873 18'873 18'873 18'873 4'472'947
Loan B
Amount USD 7'500'000
Repayment Years Years 20
Interest rate % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Drawdown % 0.00% 0.00% 26.28% 73.72% 0.00% 0.00% 100.00%
Repayment % / Loan amount % 0.00% 0.00% 0.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 95.00%
Debt Balance
Debt Balance Start USD 0 0 0 2'069'645 7'598'555 7'218'627 6'838'699 6'458'771 6'078'844 5'698'916 5'318'988 4'939'060 4'559'133 4'179'205 3'799'277 3'419'350 3'039'422 2'659'494 2'279'566 1'899'639 1'519'711 1'139'783 759'855 379'928 379'928 379'928 379'928 379'928 379'928 379'928 379'928 0
Drawdown % 0 0 1'971'091 5'528'909 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7'500'000
Accrued Interest USD 0 0 98'555 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 98'555
Repayment USD 0 0 0 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 -379'928 0 0 0 0 0 0 0 0 -7'218'627
Debt Balance End USD 0 0 2'069'645 7'598'555 7'218'627 6'838'699 6'458'771 6'078'844 5'698'916 5'318'988 4'939'060 4'559'133 4'179'205 3'799'277 3'419'350 3'039'422 2'659'494 2'279'566 1'899'639 1'519'711 1'139'783 759'855 379'928 379'928 379'928 379'928 379'928 379'928 379'928 379'928 379'928 379'928
Interest
Interest USD 0 0 98'555 379'928 379'928 360'931 341'935 322'939 303'942 284'946 265'949 246'953 227'957 208'960 189'964 170'967 151'971 132'975 113'978 94'982 75'986 56'989 37'993 18'996 18'996 18'996 18'996 18'996 18'996 18'996 18'996 4'600'698
Interest Type Accrued Accrued Accrued Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash Paid in Cash

Totals
Drawdowns USD 0 0 5'913'272 16'586'728 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22'500'000
Accrued Interest USD 0 0 197'109 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 197'109
Repayments USD 0 0 0 0 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 0 0 0 0 0 0 0 0 -21'562'254
Change in Financial Debt USD 0 0 6'110'381 16'586'728 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 0 0 0 0 0 0 0 0 1'134'855
Interest
Interest USD 0 0 197'109 757'392 757'392 719'522 681'652 643'783 605'913 568'044 530'174 492'305 454'435 416'565 378'696 340'826 302'957 265'087 227'217 189'348 151'478 113'609 75'739 37'870 37'870 37'870 37'870 37'870 37'870 37'870 37'870 9'172'199
Debt Service
Repayments USD 0 0 0 0 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 1'134'855 0 0 0 0 0 0 0 0 21'562'254
Debt Service USD 0 0 0 757'392 1'892'247 1'854'377 1'816'508 1'778'638 1'740'769 1'702'899 1'665'030 1'627'160 1'589'290 1'551'421 1'513'551 1'475'682 1'437'812 1'399'943 1'362'073 1'324'203 1'286'334 1'248'464 1'210'595 37'870 37'870 37'870 37'870 37'870 37'870 37'870 37'870 30'537'344

Free Cash Flows
All amounts in USD
Free Cash Flow Analysis Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash Flow Date 30-Jun-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 31-Dec-49 31-Dec-50 31-Dec-51
Unlevered Cash Flows

EBIT USD -225'000 0 -80'000 1'096'705 4'952'268 6'567'962 6'550'639 6'532'974 6'514'960 6'496'590 6'477'857 6'458'754 6'439'273 6'319'938 6'299'679 6'279'019 6'099'613 6'078'128 6'056'217 6'033'873 5'990'490 5'746'124 5'506'864 5'272'562 5'043'071 4'818'249 4'597'957 4'462'057 -1'173'359 0 0 141'213'465
Adjusted Tax (1-t) USD 0 0 0 -219'341 -990'454 -1'313'592 -1'310'128 -1'306'595 -1'302'992 -1'299'318 -1'295'571 -1'291'751 -1'287'855 -1'263'988 -1'259'936 -1'255'804 -1'219'923 -1'215'626 -1'211'243 -1'206'775 -1'198'098 -1'149'225 -1'101'373 -1'054'512 -1'008'614 -963'650 -919'591 -892'411 0 0 0 -28'538'365
Addback Provisions USD 0 0 0 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 80'000 0 0 0 2'000'000
Addback depreciation USD 0 0 80'000 406'400 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'321'952 1'421'422 1'421'422 1'421'422 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'579'759 1'499'759 1'173'359 0 0 36'698'706
Change in NWC USD 0 0 0 -137'054 -413'497 -140'562 721 735 749 764 779 794 810 825 842 858 875 892 910 927 2'641 19'162 18'723 18'295 17'880 17'475 17'082 16'699 551'675 0 0 0
CAPEX USD 0 -2'000'000 -8'160'000 -22'888'800 0 0 0 0 0 0 0 0 -2'486'749 0 0 -3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 1'000'000 0 0 -38'493'985
Cash Reserve USD -1'000'000 -1'000'000
Free Cash Flow to Firm (FCFF) USD -1'225'000 -2'000'000 -8'160'000 -21'662'089 4'950'270 6'515'760 6'643'184 6'629'066 6'614'669 6'599'988 6'585'017 6'569'749 4'067'432 6'558'197 6'542'007 2'567'059 6'540'325 6'523'154 6'505'643 6'487'785 6'454'792 6'275'820 6'083'973 5'896'104 5'712'096 5'531'834 5'355'207 5'166'105 1'551'675 0 0 111'879'821
Cumulative FCFF USD -1'225'000 -3'225'000 -11'385'000 -33'047'089 -28'096'820 -21'581'060 -14'937'876 -8'308'810 -1'694'141 4'905'847 11'490'864 18'060'613 22'128'045 28'686'243 35'228'249 37'795'308 44'335'633 50'858'787 57'364'430 63'852'215 70'307'007 76'582'827 82'666'800 88'562'904 94'275'000 99'806'834 105'162'041 110'328'146 111'879'821 111'879'821 111'879'821 111'879'821
Payback Years Years 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.3
Levered Cash Flows

FCFF USD -1'225'000 -2'000'000 -8'160'000 -21'662'089 4'950'270 6'515'760 6'643'184 6'629'066 6'614'669 6'599'988 6'585'017 6'569'749 4'067'432 6'558'197 6'542'007 2'567'059 6'540'325 6'523'154 6'505'643 6'487'785 6'454'792 6'275'820 6'083'973 5'896'104 5'712'096 5'531'834 5'355'207 5'166'105 1'551'675 0 0 111'879'821
Addback adjusted Tax USD 0 0 0 219'341 990'454 1'313'592 1'310'128 1'306'595 1'302'992 1'299'318 1'295'571 1'291'751 1'287'855 1'263'988 1'259'936 1'255'804 1'219'923 1'215'626 1'211'243 1'206'775 1'198'098 1'149'225 1'101'373 1'054'512 1'008'614 963'650 919'591 892'411 0 0 0 28'538'365
Deduct effective Tax USD 0 0 0 -67'863 -838'975 -1'169'688 -1'173'797 -1'177'838 -1'181'809 -1'185'709 -1'189'537 -1'193'290 -1'196'968 -1'180'674 -1'184'197 -1'187'639 -1'159'331 -1'162'608 -1'165'800 -1'168'905 -1'167'802 -1'126'503 -1'086'225 -1'046'938 -1'001'040 -956'076 -912'017 -884'838 0 0 0 -26'766'069
Change in Debt Financing USD 0 0 6'110'381 16'586'728 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 -1'134'855 0 0 0 0 0 0 0 0 1'134'855
Interest USD 0 0 -197'109 -757'392 -757'392 -719'522 -681'652 -643'783 -605'913 -568'044 -530'174 -492'305 -454'435 -416'565 -378'696 -340'826 -302'957 -265'087 -227'217 -189'348 -151'478 -113'609 -75'739 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -37'870 -9'172'199
Free Cash Flows to Equity (FCFE) USD -1'225'000 -2'000'000 -2'246'728 -5'681'275 3'209'501 4'805'287 4'963'007 4'979'184 4'995'083 5'010'698 5'026'022 5'041'050 2'569'028 5'090'090 5'104'194 1'159'543 5'163'104 5'176'229 5'189'013 5'201'451 5'198'753 5'050'078 4'888'526 5'865'809 5'681'800 5'501'538 5'324'911 5'135'809 1'513'805 -37'870 -37'870 105'614'773
Cumulative FCFE USD -1'225'000 -3'225'000 -5'471'728 -11'153'003 -7'943'502 -3'138'215 1'824'792 6'803'976 11'799'059 16'809'757 21'835'779 26'876'829 29'445'857 34'535'947 39'640'141 40'799'684 45'962'788 51'139'017 56'328'030 61'529'482 66'728'235 71'778'313 76'666'839 82'532'648 88'214'448 93'715'987 99'040'898 104'176'707 105'690'513 105'652'643 105'614'773 105'614'773
Payback Years Years 1.0 1.0 1.0 1.0 1.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.7
Financial Metrics Unlevered Levered

Investment USD 33'047'089 11'153'003
Profit USD 111'879'821 105'614'773
Proceeds USD 144'926'910 116'767'776
Multiple x 4.4x 10.5x
IRR % 16.5% 29.6%
PayPack Period Years 9.3x 7.7x
Discount Rate % 10.0%
Net Present Value USD 14'192'324
All amounts in USD

Funding Calculations Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash Flow Date 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 31-Dec-49 31-Dec-50 31-Dec-51
Equity Drawdown Schedule

Equity Drawdown USD 1'225'000 2'000'000 2'246'728 5'681'275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11'153'003
Cumulative Equity Drawdown USD 1'225'000 3'225'000 5'471'728 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 11'153'003 322'205'805
Funding Period
Funding Period Year 3
Funding Period End Year Year 2024
Min. Cash Balance Funding Period USD 1'000'000
Funding Positions
Cum. Interest - Accrued USD 0 0 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109 197'109
Cum. Interest - Paid in Cash USD 0 0 0 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392 757'392
Cum. Interest USD 0 0 197'109 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501 954'501
Cum. Debt Repayments to be funded USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cum. Net Working Capital USD 0 0 0 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054 137'054
All amounts in USD

Chart Data Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Free Cash Flow Chart

Selected Cash Flow: Unlevered
Free Cash Flow to Firm (FCFF) USD -1'225'000 -2'000'000 -8'160'000 -21'662'089 4'950'270 6'515'760 6'643'184 6'629'066 6'614'669 6'599'988 6'585'017 6'569'749 4'067'432 6'558'197 6'542'007 2'567'059 6'540'325 6'523'154 6'505'643 6'487'785 6'454'792 6'275'820 6'083'973 5'896'104 5'712'096 5'531'834 5'355'207 5'166'105 1'551'675 0 0 111'879'821
Cumulative FCFF USD -1'225'000 -3'225'000 -11'385'000 -33'047'089 -28'096'820 -21'581'060 -14'937'876 -8'308'810 -1'694'141 4'905'847 11'490'864 18'060'613 22'128'045 28'686'243 35'228'249 37'795'308 44'335'633 50'858'787 57'364'430 63'852'215 70'307'007 76'582'827 82'666'800 88'562'904 94'275'000 99'806'834 105'162'041 110'328'146 111'879'821 111'879'821 111'879'821 111'879'821
Cash and Dividends

Cash USD 1'000'000 1'000'000 1'000'000 1'000'000 4'209'501 9'014'788 13'977'794 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 2'000'000 1'962'130 1'924'261 1'924'261
Dividends USD 0 0 0 0 0 0 0 16'956'979 4'995'083 5'010'698 5'026'022 5'041'050 2'569'028 5'090'090 5'104'194 1'159'543 5'163'104 5'176'229 5'189'013 5'201'451 5'198'753 5'050'078 4'888'526 5'865'809 5'681'800 5'501'538 5'324'911 5'135'809 1'513'805 0 0 115'843'515
Cost Structure
OPEX USD Cents/kWh 0.00 0.00 0.54 0.55 0.56 0.57 0.58 0.60 0.61 0.63 0.64 0.66 0.68 0.69 0.71 0.73 0.75 0.76 0.78 0.80 0.84 0.89 0.93 0.98 1.03 1.08 1.14 0.00 0.00 0.00
EBITDA USD Cents/kWh 0.00 0.00 5.02 5.04 5.05 5.07 5.08 5.10 5.11 5.12 5.14 5.15 5.16 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.23 5.22 5.21 5.19 5.17 5.15 5.12 0.00 0.00 0.00
Revenues USD Cents/kWh 0.00 0.00 5.56 5.58 5.61 5.64 5.67 5.70 5.72 5.75 5.78 5.81 5.84 5.87 5.90 5.93 5.96 5.99 6.02 6.05 6.08 6.11 6.14 6.17 6.20 6.23 6.26 0.00 0.00 0.00
CAPEX
Exploration USD 0 2'000'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2'000'000
Drillings USD 0 0 8'160'000 2'080'800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10'240'800
Drilling Upgrade USD 0 0 0 0 0 0 0 0 0 0 0 0 2'486'749 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6'445'185
Land USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Plant USD 0 0 0 20'808'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20'808'000
CAPEX USD 0 2'000'000 8'160'000 22'888'800 0 0 0 0 0 0 0 0 2'486'749 0 0 3'958'436 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 39'493'985
Previous spent USD 0 0 2'000'000 10'160'000 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 35'535'549 35'535'549 35'535'549 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985
Cumulative CAPEX USD 0 2'000'000 10'160'000 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 33'048'800 35'535'549 35'535'549 35'535'549 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985 39'493'985
Powered by

Geothermal Energy Model Version 1.8 Checks
Confidential 0
Developer Financials
All amounts in USD
Developers Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash Flow Date 30-Jun-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 31-Dec-49 31-Dec-50 31-Dec-51
Developer - Holding Period Years 5 Years

Developer - Exit Valuation Method EV/EBITDA
Applicable Exit Valuation Method

EV/EBITDA x 6.5x
Equity Multiple x 3.0x
Target Price USD 50'000'000
Comparison of Projected Exit Valuations dependend on Selected Valuation Method

EV/EBITDA USD 0 0 0 0 51'284'440 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 51'284'440
Equity Multiple USD 0 0 0 0 33'459'008 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 33'459'008
Target Price USD 0 0 0 0 50'000'000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50'000'000
Free Cash Flows to Equity (FCFE) USD -1'225'000 -2'000'000 -2'246'728 -5'681'275 3'209'501 4'805'287 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -3'138'215
Exit Value (EV/EBITDA Valuation) USD 0 0 0 0 0 51'284'440 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 51'284'440
Repayment of Financial Debt USD 0 0 0 0 0 -20'427'398 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -20'427'398
Cash USD 0 0 0 0 0 9'014'788 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9'014'788
Developer Cash Flows USD -1'225'000 -2'000'000 -2'246'728 -5'681'275 3'209'501 44'677'117 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 36'733'615
Cum. Developer Cash Flows USD -1'225'000 -3'225'000 -5'471'728 -11'153'003 -7'943'502 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 36'733'615 0
Financial Metrics Developers

Developer - Holding Period Years 5 Years
Investment USD 11'153'003
Profit USD 36'733'615
Proceeds USD 47'886'618
Multiple x 4.3x
IRR (Developers) % 57.1%
Investors at Developer Level Investment Equity Stake Cash Difference
% USD % USD
Promoter 10.0% 1'115'300 30.0% 2'230'601
Investor 2 30.0% 3'345'901 25.0% -557'650
Investor 3 25.0% 2'788'251 20.0% -557'650
Investor 4 20.0% 2'230'601 15.0% -557'650
Investor 5 15.0% 1'672'950 10.0% -557'650
Total 100.0% 11'153'003 100.0% 0 0
Developer Cash Flows

All amounts in USD
Promoter Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Cash Flow Dates 30-Jun-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 31-Dec-49 31-Dec-50 31-Dec-51
Investment % 10.0%
Equity Stake % 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Proportionate Investor Cash Flows USD -367'500 -600'000 -674'018 -1'704'382 962'850 13'403'135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11'020'084
Cash Difference USD 2'230'601 0 2'230'601
Investor Cash Flows USD 1'863'101 -600'000 -674'018 -1'704'382 962'850 13'403'135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13'250'685
Cum. Investor Cash Flows USD 1'863'101 1'263'101 589'082 -1'115'300 -152'450 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685 13'250'685
Financial Metrics Promoter

Multiple x 12.9x
IRR % 0.0%
All amounts in USD

Investor 2 Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
Investment % 30.0%
Equity Stake % 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
Correction USD -557'650 0 -557'650
Investor Cash Flows USD -863'900 -500'000 -561'682 -1'420'319 802'375 11'169'279 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8'625'754
Cum. Investor Cash Flows USD -863'900 -1'363'900 -1'925'582 -3'345'901 -2'543'526 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754 8'625'754
Financial Metrics Investor 2

Multiple x 3.6x
IRR % 41.6%
All amounts in USD

Investment % 25.0%
Equity Stake % 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
Correction USD -557'650 0 -557'650
Investor Cash Flows USD -802'650 -400'000 -449'346 -1'136'255 641'900 8'935'423 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6'789'073

Multiple x 3.4x
IRR % 39.0%
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Developer Financials 19 / 20

All amounts in USD
Investment % 20.0%
Equity Stake % 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Proportionate Investor Cash Flows USD -183'750 -300'000 -337'009 -852'191 481'425 6'701'568 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5'510'042
Correction USD -557'650 0 -557'650
Investor Cash Flows USD -741'400 -300'000 -337'009 -852'191 481'425 6'701'568 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4'952'392

Multiple x 3.2x
IRR % 35.4%
All amounts in USD

Investment % 15.0%
Equity Stake % 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Proportionate Investor Cash Flows USD -122'500 -200'000 -224'673 -568'127 320'950 4'467'712 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3'673'361
Correction USD -557'650 0 -557'650
Investor Cash Flows USD -680'150 -200'000 -224'673 -568'127 320'950 4'467'712 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3'115'711
Cum. Investor Cash Flows USD -680'150 -880'150 -1'104'823 -1'672'950 -1'352'000 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711 3'115'711

Multiple x 2.9x
IRR % 29.8%
Developer Financial Metrics - Summary by Investor Investors Developers

Financial Metrics Promoter Investor 2 Investor 3 Investor 4 Investor 5 Total
Investment USD 1'115'300 3'345'901 2'788'251 2'230'601 1'672'950 11'153'003 0
Profit USD 13'250'685 8'625'754 6'789'073 4'952'392 3'115'711 36'733'615 0
Proceeds USD 14'365'985 11'971'654 9'577'324 7'182'993 4'788'662 47'886'618 0
Multiple x 12.9x 3.6x 3.4x 3.2x 2.9x 4.3x
IRR % 0.0% 41.6% 39.0% 35.4% 29.8% 57.1%
Future Buyer Cash Flows

All amounts in USD
Cash Flows for Buyer Unit 2021 F 2022 F 2023 F 2024 F 2025 F 2026 F 2027 F 2028 F 2029 F 2030 F 2031 F 2032 F 2033 F 2034 F 2035 F 2036 F 2037 F 2038 F 2039 F 2040 F 2041 F 2042 F 2043 F 2044 F 2045 F 2046 F 2047 F 2048 F 2049 F 2050 F 2051 F Lifetime
FCFE (Buyer) USD 0 0 0 0 0 4'963'007 4'979'184 4'995'083 5'010'698 5'026'022 5'041'050 2'569'028 5'090'090 5'104'194 1'159'543 5'163'104 5'176'229 5'189'013 5'201'451 5'198'753 5'050'078 4'888'526 5'865'809 5'681'800 5'501'538 5'324'911 5'135'809 1'513'805 -37'870 -37'870 108'752'988
Purchase Price USD 0 0 0 0 -39'871'830 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -39'871'830
FCFE (Buyer) incl. Purchase Price USD 0 0 0 0 -39'871'830 4'963'007 4'979'184 4'995'083 5'010'698 5'026'022 5'041'050 2'569'028 5'090'090 5'104'194 1'159'543 5'163'104 5'176'229 5'189'013 5'201'451 5'198'753 5'050'078 4'888'526 5'865'809 5'681'800 5'501'538 5'324'911 5'135'809 1'513'805 -37'870 -37'870 68'881'158 0
Cum. Buyer Cash Flows incl. PP USD 0 0 0 0 -39'871'830 -34'908'823 -29'929'639 -24'934'556 -19'923'858 -14'897'836 -9'856'786 -7'287'758 -2'197'668 2'906'526 4'066'069 9'229'173 14'405'402 19'594'416 24'795'867 29'994'620 35'044'698 39'933'224 45'799'033 51'480'833 56'982'372 62'307'283 67'443'092 68'956'898 68'919'028 68'881'158 68'881'158 0
IRR % 10.7% 10.7%
Financial Metrics Buyer

Entry Year Year Year 5
Multiple x 2.7x
IRR (Buyer) % 10.7%
Powered by
Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Developer Financials 20 / 20

Geothermal-Project Model EFinancialModels V01-8 PREVIEW

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Geothermal-Project Model EFinancialModels V01-8 PREVIEW

Uploaded by

Copyright:

Available Formats

Geothermal Energy

Financial Model Template

Geothermal Energy Model

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Title 1 / 20

Terms & Abbreviations Operations

Developer Metrics Developer Financials

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / TOC 2 / 20

Terms & Abbreviations

0 Blue Input cells which include input assumptions

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Abbreviations 3 / 20

Project Assumptions Revenue Breakdown

Price Assumptions 2,000,000

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Assumptions 4 / 20

Uses and Sources of Funds Uses of Funds Sources of Funds

Uses of Funds % USD USD/kWp Sources of Funds % USD USD/kWp

Debt Financing Debt Service Coverage Ratio (DSCR)

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Assumptions 5 / 20

Cash Sweep - Minimum Cash USD 2'000'000 10,000,000

OPEX Cost Structure

OPEX USD/Year 811'048 843'814 OPEX EBITDA

Resource and Capacity Model Checks

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Assumptions 6 / 20

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Executive Summary 7 / 20

EBITDA Financial Debt Financial Debt/EBITDA

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Executive Summary 8 / 20

Uses and Sources of Funds Uses of Funds Sources of Funds

Uses of Funds % USD USD/kWp Sources of Funds % USD USD/kWp

CAPEX OPEX NWC Finance Misc. Equity Debt Cash Flows

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Executive Summary 9 / 20

Investor IRRs at Developer Level Developer Financial Metrics - Summary by Investor

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Developer Metrics 10 / 20

Exploration % 0.0% 100.0% 0.0% 0.0% 0.0% 0.0% 100.0%

Annual Price Escalation Factors

All amounts in USD

Thermal Resource Potential

Peak Production Capacity

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Operations 11 / 20

OPEX @100% Operations

Year 1 Cost Analysis

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Operations 12 / 20

Capital Gain USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 204'721 0 0 204'721

All amounts in USD

All amounts in USD

Cash Flow from Operations

Cash Flow from Investment

Cash Flow from Financing

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Project Financials 13 / 20

Simple Tax Model

All amounts in USD

Economic Balance Sheet

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Project Financials 14 / 20

All amounts in USD

All amounts in USD

Net Fixed Assets (Land) USD 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

All amounts in USD

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Project Financials 15 / 20

Gross Fixed Assets

Net Fixed Assets

Loan to Value Ratio - Value Definition

CAPEX of relevance to LTV

CAPEX Drawdwon % 0.0% 0.0% 26.3% 73.7% 0.0% 0.0% 100.0%

Geothermal Project_Model_eFinancialModels_V01-8.xlsx / Project Financials 16 / 20

Interest - Accrued USD 0 0 98'555 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 98'555

Interest - Accrued USD 0 0 98'555 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 98'555