Company updates.

The first four turbines for the Eswatini initiative are staged in Phoenix and shipping to the first canal for field validation. Three canals have been profiled using acoustic Doppler current profiling, so the flow assumptions behind the unit design are measured rather than modelled.

The multi-stage power purchase agreement with the Eswatini Electricity Company is in late-stage negotiation and is not executed. Phase-one target offtake is 100 MW, against national peak demand of roughly 230–234 MW and approximately 71 MW of installed domestic capacity [14].

Field validation has not yet been completed, and results may require design changes before replication proceeds. Nothing here is an assurance that the agreement will be executed or that any capacity will be delivered.

PowerLink's initial Pennsylvania permit application targets on-site generation of up to 15 MW, using recycled reciprocating engines rebuilt to specification with Waukesha-Pierce.

Permitting, not equipment, is typically the gating item on schedule for wellhead generation. The application is in progress; no assurance exists that it will be granted, or granted on the timeline sought.

PowerLink closed the acquisition of the Lake St. John Field: approximately 1,200 mineral acres and 41 wells, acquired from a small regional operator.

Multiple wells are producing today at low rates. The development case rests on targeted workovers, improved field operations, and identified new-drill targets — outcomes that depend on work not yet performed and results that cannot be known in advance.

PowerLink closed a 100% acquisition of Llanada Operating LLC: approximately 800 mineral acres with 16 wells, including saltwater disposal infrastructure.

One well is currently producing. Roughly eight wells were identified at close as strong workover candidates, and the field can support one to two new production wells. Together with the Lake St. John close, the two transactions move 57 wells and about 2,000 mineral acres into PowerLink.