The ultimate power output of an individual Endoria well has not yet been established. At this stage, our preliminary modelling indicates the potential for approximately 100 MWe per well, although we are deliberately applying conservative assumptions during the early development phase.

Actual output will depend on a number of site-specific parameters, including temperature, depth, well geometry, subsurface conditions, heat-transfer performance, flow rate and the efficiency of the power-conversion system. A detailed engineering and subsurface assessment will therefore be required to determine the technically and economically achievable output of an Endoria well.

The rapidly developing field of SuperHot Geothermal provides an increasingly strong basis for expecting substantially higher power densities than those of conventional geothermal wells.

The Iceland Deep Drilling Project (IDDP) provides an important reference point. IDDP-2, drilled to approximately 4.5 km at Reykjanes, encountered supercritical conditions at temperatures above 400°C. Testing and engineering assessments indicated the potential for approximately 35-40 MWe from the well under favourable conditions. Earlier IDDP modelling had indicated that a supercritical well producing high-enthalpy fluid at temperatures above approximately 450°C could potentially generate 40-50 MWe, roughly an order of magnitude above a conventional Icelandic geothermal well.

The next step is IDDP-3 at Nesjavellir, where drilling is scheduled to begin towards the end of 2026. The project aims to access superhot geothermal resources at approximately 4-5 km depth and up to around 400°C, providing another major test of the technical and commercial potential of high-temperature geothermal energy. The project is explicitly intended to develop the knowledge and technology required to exploit superhot geothermal resources at significantly higher power densities.

Other international projects are pointing towards the same direction. Mazama Energy states that a single 400°C SuperHot Rock well could generate more than 25 MWe, and is developing a 20 MW commercial pilot at Newberry as the first stage of a planned 200 MW project. The Newberry resource has been assessed as having potential for more than 5 GW of development.

Fervo Energy's experience also demonstrates how rapidly well productivity can increase through improved well design. Fervo reports that its commercial EGS designs have increased expected gross output per production well from approximately 2 MWe to around 16 MWe, driven by higher temperatures, higher flow rates, longer laterals, larger casing and improved reservoir contact. Its Cape Station development is now being built at 500 MW, with substantial additional expansion potential at the same site.

Quaise Energy is pursuing an even more ambitious SuperHot Geothermal pathway. Its Project Obsidian in Oregon is designed in phases, starting at 50 MW, expanding to 250 MW, and ultimately targeting 1+ GW at the site. Quaise's 2026 engineering analysis has specifically validated the potential for at least 50 MW from its initial development using only a small number of wells.

These projects should not be interpreted as direct forecasts for Endoria. They operate in different geological environments and use different reservoir, drilling and well designs. They do, however, provide an increasingly substantial body of engineering and field evidence that higher temperature and improved subsurface access can fundamentally increase geothermal power density.

This is particularly relevant to Endoria. Our objective is to access SuperHot conditions at the depth required by the local geothermal gradient, rather than being restricted to naturally accessible geothermal resources. The combination of very high temperatures, advanced deep-well engineering and an engineered heat-transfer system has the potential to move geothermal power output from today's conventional single-digit-megawatt range towards tens of megawatts per well and, ultimately, potentially much higher levels.

Our preliminary 100 MWe-per-well figure should therefore be regarded as a development hypothesis and engineering target, not as a guaranteed output. The first objective is to establish, through detailed engineering, subsurface modelling, testing and ultimately field data, what power output can actually be achieved by an Endoria well.

As the technology matures, Endoria sees a credible pathway towards progressively higher well productivity and hundreds of megawatts to multi-gigawatt project scale. This is not based on assuming that today's technology already delivers such performance; it is based on the trajectory demonstrated by IDDP, Fervo, Mazama, Quaise and the broader development of SuperHot Geothermal technology.

All power-output figures presented by Endoria at this stage are preliminary, indicative and subject to detailed engineering, subsurface validation and testing. They should not be interpreted as guaranteed or committed power output.