Hi Robert,

Thanks for the question.

Minimum Subscription: The $400,000 is the minimum the company must raise across all investors combined for the offer to go ahead. It is not a minimum for any one investor. If total applications fall short of $400,000 by the closing date, the offer does not complete, no shares are issued, and everyone's application money is refunded.

Your own investment: The minimum amount per investor is the minimum parcel size shown on the offer page, which is separate from the $400,000. If you buy 4,000 shares at $1.50, you invest $6,000. The shares are fully paid, so you can't be asked to pay more, and nothing in the offer document obliges you to buy more shares later.

Two things to be aware of:

Investors can withdraw within 5 business days of applying, for any reason, through the OnMarket platform, and the money is refunded.
The company may raise more capital in future. You would be under no obligation to take part, but if you didn't, your percentage ownership could be diluted.

This is general information from the offer document, not financial advice. Please read the full offer document and the CSF risk warning before investing. Both are on the OnMarket offer page.

Hi Eleri,

Thanks for the question and as discussed on the phone, please feel free to call me if you would like to discuss.

The ATO is reviewing our R&D tax claims for FY2022 to FY2024, which is disclosed in Section 2.9 of the offer document. There are some positive findings in its position paper. It found that our behaviour was not intentional disregard of the law, that we generally did our best to cooperate, and that there was no evidence of any attempt to hide or obscure information. We have worked with the ATO throughout and will continue to do so.

The ATO's concerns relate to the level of record keeping supporting the labour claimed. They are not a finding that our registered R&D activities were not genuine R&D. The ATO accepted part of the claim, including R&D tooling, moulds and design software, accepted most of the remaining costs as ordinary business expenses, and increased our carry forward tax losses to $1,286,060, which are available to offset future profits.

The ATO's initial position proposes reversing about 87% of the R&D credits, being $597,243 of $688,839, with a proposed penalty of $267,907 plus interest if that position is confirmed.

We dispute the position and have responded in detail. Our written response addressed each of the ATO's findings, and it was supported by 23 R&D evidence registers, one for each person for each year of FY2023 and FY2024. The registers reconcile the hours claimed to records made at the time, including emails, design files and their version history, project documents and accounting records, and they show what each person worked on and when. We also provided our TV NORD testing documentation. The ATO has confirmed it has received this material and is reviewing it. No final decision has been made.

Hi Eleri,

Thanks for the question.

No, the Volt Projects client is not a related party. It is an independent developer, and it is not owned or controlled by the Leesons, the directors or any of their entities. The development services agreements for the six projects are arm's length commercial agreements with that client.

The related party income referred to on pages 38 and 44 is not connected to the Volt Projects contract for developing the battery projects. It totalled $134,469 in FY2026 and came from sales of our solar tiles to a related entity, for installations it was carrying out before Volt moved to its own direct to consumer sales and installation model. Now that Volt sells and installs directly, we do not expect any more sales through this channel.

Happy to discuss if you would like more detail.

Hi Eleri,

Thanks for the question.

These low interest, unsecured loans were provided by the founding shareholders and their associated entities to fund the development of the business. Under loan deeds executed on 2 September 2026, they have been extended to 1 September 2028, and the lenders have committed in writing not to call for repayment before that date. No funds from this Offer will be used to repay them. The loan amounts and terms are set out in Section 2.6.3 of the offer document.

We plan to repay the loans from profits generated by the business, through our utility scale project development fees from Volt Projects and our solar tile sales and installation revenue. If the business is not in a position to repay them by September 2028, the alternatives include refinancing, selling assets or agreeing a further extension with the lenders, as set out in the related party and debt funding risk in Section 2.9. Any repayment or change to the loans is a Board decision and is subject to the related party rules in Chapter 2E of the Corporations Act.

Happy to discuss on a call.

Hi Eleri,

Thanks for the question.

Page 40 shows the minimum and maximum scenarios. If the amount raised falls between them, funds would be applied in order of priority. After offer costs, funds go first to the solar tile business: inventory and supply chain, then sales, marketing, installation and working capital, up to the amounts shown for the maximum subscription. Remaining funds would then go to Volt Projects, in the order shown on page 40: identifying and optioning development sites, then utility battery development, and then capex for our first retained battery project.

As an example, if $1 million is raised, about $117,000 would cover offer costs, $800,000 would go to the solar tile business and the balance of about $83,000 to securing development sites. If $1.5 million is raised, about $156,000 would cover offer costs, $800,000 would go to the solar tile business, $300,000 to development sites and about $244,000 to utility battery development.

As noted on page 40, Volt Projects is funded by its contracted development fee revenue, so Offer proceeds for Volt Projects accelerate that pipeline rather than fund its day to day operations.

Happy to discuss on a call.

Hi Graeme,

Thanks for the questions.

No, Volt Group Limited (ASX: VPR) is not connected to this offer. It is a separate listed company and has no relationship with Volt Solar Tile Pty Ltd, despite the similar name.

Volt Solar Tile Pty Ltd is an unlisted proprietary company, so its shares are not listed on the ASX and are not held through CHESS. If your application is successful, your shares will be recorded electronically on our share register and you will receive an electronic holding statement confirming your shareholding. No physical certificate is issued.

Because the shares are not listed, they cannot be bought or sold on the ASX. Any transfer would need to be arranged privately with a buyer, in line with the Company's constitution, and there is no guarantee a buyer will be available. As noted in the risk warning in Section 1.1, CSF investments are unlikely to be liquid, so investors should be prepared to hold their shares for the long term. Possible future exit or liquidity events, such as a trade sale, listing or share buy back, are discussed in Section 2.5.9 of the offer document, although none is guaranteed.

Happy to discuss on a call.

Hi Julian,

Thanks for the questions.

Average customer spend and profit. Since moving to our direct to consumer model, our average project, covering the roof, solar tiles and battery, is about $50,000 excluding GST. Select larger projects reach $96,000. Project level gross profit is about $20,000 per project, a gross margin of around 40%, up from about $5,600 per project when we sold tiles only through the trade. Based on our unaudited management accounts, the September 2026 quarter was our first profitable quarter. Volt has not yet reported a profitable full financial year, and the FY2026 results are set out in Section 2.10 of the offer document.

Sales strategy. We focus on two markets. The first is architecturally designed new homes, where our partnership with Bristile Roofing gives us access to architects and builders at the design and specification stage, and where we have active relationships with 95 builders and 129 architects. The second is homeowners in established suburbs in Victoria, New South Wales and Queensland whose roof is reaching end of life, so they are replacing the roof anyway and Volt captures the full project, not just a solar add on. Heritage areas are a strong segment, because conventional panels are often restricted there.

Sales force. Our sales team is led by our Business Development Manager, Peter Noye. We are scaling our Melbourne team and also share a dedicated sales resource with a large roofing partner. Installation is delivered through 48 certified installation companies across Australia, and part of the funds raised will go towards transitioning to in-house installation teams.

Customer demand. We now have over $800,000 of projects to deliver, a strong pipeline of quotes across Australia, and quotes for container orders in the Middle East and Europe. Quotes are not confirmed orders, and lifting our sales rate is a key focus of the raise, as covered in the execution and scaling risk in Section 2.9.

Happy to discuss on a call.