  We present the results of two XMM-Newton observations of the ultraluminous
X-ray source (ULX) NGC 5204 X-1. The EPIC spectra are well-fit by the standard
spectral model of a black-hole X-ray binary, comprising a soft multi-colour
disc blackbody component plus a harder power-law continuum. The cool (kT_in ~
0.2 keV) inner-disc temperature required by this model favours the presence of
an intermediate-mass black hole (IMBH) in this system, though we highlight a
possible anomaly in the slope of the power-law continuum in such fits. We
discuss the interpretation of this and other, non-standard spectral modelling
of the data.
