Geothermal Resources:

• Operates two 100% owned geothermal projects in SA that are well located with respect to power grids and potential markets for electricity.
  
• Frome project, 150 km west of Broken Hill has an estimated Inferred Resource of 84,000 PJ, based on temperature measurements in eight drillholes (two to approx 1800 m deep).
  
• Seismic survey has confirmed the site for proof of concept wells to be drilled into the fractured granitic heat source.
  
• Penola-Robe project, in the South East of SA adjoining Panax tenements, with similar hot sedimentary aquifer geothermal potential. Proven high geothermal gradients and hot water bores (at Robe) within tenement area.