Hot Rock Limited has one geothermal project in the proof of concept stage, the Koroit project, located in Hot Rock's Otway Basin permits in Victoria, Australia. The geothermal resources here were identified by prior oil & gas exploration. They are large and ideally located, close to major electrical transmission lines and power markets. The geology is favourable, with good temperatures and evidence of high permeability for high production rates and competitive cost geothermal production. Hot Rock has already completed the largest MT geophysical survey for geothermal to date in Australia over the 250 km² project area. Hot Rock is now planning the drilling phase.