Financial Model - Investor Grade v0.1

Phase Summary

Phase Production (ML) Revenue (USDm) OPEX (USDm) EBITDA (USDm) Carbon Upside (USDm) Cert Intangible (USDm) EBITDA + Carbon (USDm) Capex (USDm) Debt Service (USDm) DSCR (x)

Investor Returns and Cap Table

Investor Summary

Scenario IRR (%) MOIC (x)

Cap Table Evolution

Phase Sponsor (%) Investors (%) Operator (%) Government (%)

Working Capital and Sensitivity

Working Capital by Phase

Phase OPEX (USDm) WC Months Working Capital (USDm)

Phase 3 EBITDA Sensitivity

Case Multiplier EBITDA (USDm)

Lineage and Caveats

Metric Formula Assumptions Status Caveats

Formula Catalog

ID Label Expression Unit