Solid Messaging in First Public Call | Capital Access Supports Potential Upside

Research evidence excerpt

Solid Messaging in First Public Call | Capital Access Supports Potential Upside

ceeds to fund the majority of its growth pipeline through the end of 2030, FY27E Earnings ($/sh) — (0.28)

targeting 1GW of installed capacity. Now, FRVO is positioned to accelerate or expand FY26E EBITDA ($M) — US$(50)

FY27E EBITDA ($M) — US$32 its strategic priorities across three focus areas, 1) Potentially accelerating projects

in their commercial pipeline, 2) Investing in high return R&D to accelerate learning 52-Week High / Low US$42.65 / US$32.39

curves, helping to achieve its capital cost target of $3k/kw more quickly, and 3) Explore Shares Out (mil) 323.0

Market Cap. (mil) US$11,334.1 opportunities to better position FRVO for its growth pipeline post-2030.

Enterprise Value (mil) $12,287.0

Div Yield 0.00%

• Project financing creates repeatable framework. FRVO closed $421mm of non- Fiscal Year End Dec

resource project debt for Cape Station Phase 1, secured solely by Cape's assets and

cash flow. The structure targets ~70% LTV per asset, but provides the optionality to Price Performance - 1 Year

bring in project-level infrastructure equity, allowing FRVO to accelerate deployment USD

with accretive capital while retaining ownership and operational control. Utilizing project 45

finance to fund construction preserves FRVO's capital for pipeline development and

future growth. Additionally, this defines a proven, repeatable project finance structure, 40

establishing commercial precedent, lender familiarity, and documentation framework for

all future GeoBlock projects. 35

• Maintain $51 PT; remain OW. We run a 30-year DCF valuation across Cape Station

Phases I-IV, Corsac Phase I, and TBD projects to reach 5GW by 2035, including 10- 25