Catch Up with Bahay, page-5

Hi Parkway Family,

Please find below my questions and Bahay's responses as interpreted by me. Many of the answers/responses below are my opinion and are not intended to be investment advice.

December 2024 Quarterly Report
The discussion covered cash inflows and revenue comparisons between theDecember 2024 and September 2024 quarters, examining the drivers behind thechanges. The ultimate focus was on achieving cash-flow neutrality or better.Results are improving over time, aligning with prior announcements and strategicstatements.

Parkway Process Technology (PPT)

Question: In late2024, brines underwent upstream treatment and electrochemical salt splitting.Was this conducted at bench or pilot scale?
Answer: At pilot plant scale.

Question: Theannouncement referenced high-purity feedstock, raising concerns about how purethe feedstock needs to be and whether this could hinder the development of asuitable process flow sheet.
Answer: The January 2025 results stemmed from bench-scale testing, butthe process is scalable for the testing mentioned above. This will not pose anissue, as the Parkway team is highly familiar with the process, which willimprove with some minor adjustments.

Question: Can youelaborate on the go-to-market strategy?

1. Upstream pre-treatment: How does this relate to the previous Master Plan for upstream plants costing $10–12 million each?
   Answer: The process remains consistent. The plant size is determined by the desired output, so it could be the same size or larger, depending on requirements.
2. Brine Management Complex (BMC): Is this step three in a new process or part of the existing Master Plan? What is the estimated cost, and what is its functionality?
   Answer: The BMC is not a new process but part of the existing Master Plan. It has the flexibility to meet multiple client needs based on downstream requirements and inputs. While the cost is higher than an upstream plant, it is not as expensive as a downstream plant. Parkway plans to own and operate both the upstream and BMC facilities, with the potential to build the BMC in stages to align with client and project development needs.
3. Brine Electrolysis Complex (BEC): This is essentially a chemical plant. Parkway previously indicated hesitancy toward developing a chemical plant, so what has changed?
   Answer: The work conducted by Bahay and the team has highlighted a significant long-term, circular opportunity that aligns with Queensland's market needs. The plant is projected to handle 50% of the salt produced by the CSG (coal seam gas) industry, with potential for scaling up as market demand grows. Parkway anticipates retaining a share in this plant, which is a very exciting prospect.

Question: How willParkway generate revenue as a minority partner in a chemical plant?
Answer: The upstream and BMC facilities will supply feedstock to thedownstream BEC. Revenue streams will come from the chemical plant as well asother potential opportunities. Further details on partnerships, constructiontimelines, and next steps are expected in the upcoming announcement.

Question: How doesthis differ from the original Master Plan?
Answer: The core structure remains unchanged, with upstream anddownstream facilities producing various products. However, the product mix hasevolved, influenced by recent testing, process advancements, and market demandfor higher-value chemicals and products.

Question: Where willthe BMC be located? Will it be near QGC's current upstream plants?
Answer: It is expected to be in proximity to QGC's operations butstrategically positioned to service other CSG producers. This aligns with thequarterly report's mention of Parkway as a "Proponent of a MajorSustainability Precinct." Stakeholder discussions, including with councilsand state government departments, have shown strong support for the initiative.

Question: The reportreferred to Parkway as an "Industrial Scale Project Developer." Whatdoes this entail?
Answer: Specific details will be included in the upcoming announcement.

Question: What isthe status of joint studies and permitting processes?
Answer: These are already underway and funded. While timelines varybased on the complexity of the options, additional information will be sharedin the forthcoming announcement. Development and environmental approvals are inprogress.

Question: What isrequired for the solution to be classified as Best Available Technology (BAT)?
Answer: Parkway's solution already meets BAT criteria. The ability totrack the cradle-to-grave lifecycle of brine ensures compliance with industryand client expectations, including QGC’s, which likely mirrors the rigor seenin large multinational corporations like Shell.

Question: What isthe current commercial model for the upstream, BMC, and BEC components?
Answer:

• Upstream: Business model remains unchanged.
• BMC: Revenue generation will follow a model similar to the upstream component.
• BEC: Feedstock will be supplied from the BMC at a cost-plus margin. Parkway will also earn a share of the BEC revenue, proportionate to its ownership stake. The BEC will be developed in stages, with significant revenue potential once fully operational.

Question: How willParkway fund its share of development costs?
Answer: A range of non-dilutive funding options is available.

Question: What isQGC’s objective from the Strategy Workshop in February, and how does it alignwith Parkway's?
Answer: QGC seeks certainty in managing the lifecycle of waste andeliminating it. Parkway’s strategy focuses on guaranteeing sufficient volumesto justify the construction of upstream and BMC facilities, which aligns withQGC's commercial objectives.

Question: When canwe expect the media release?
Answer: In a few weeks, with details on the project’s partners,location, timeline, volumes, and margins.

Additional Discussions

1. Hot Copper Questions:

• Q1: Renewal with Worley and other technology.
  Answer: Further information will be provided in due course.
• Q2: Bellevue's relevance.
  Answer: All relevant information has been made available to Parkway. Bellevue is not pertinent to the process or solution.
• Q3: Large-scale piloting.
  Answer: Client-funded and Parkway-funded pilot-scale studies are private and will not be disclosed.

Electrochemical Partner:
Answer: This will be revealed in the media release.Future R&D Opportunities: Parkway anticipates continued R&D initiatives.Financial Outlook: Positive cash flow trajectory. Further details will be outlined in the half-yearly report.Upcoming Media Release: The announcement is expected to provide tangible project metrics, likely leading to increased analyst coverage and market interest.

I have to say we digressed many times and I am appreciative of the time provided by Bahay, a 60 minute meeting went for 97 minutes and could have continue. I continue to be impressed with the work that Bahay and Parkway are doing in the background while we investors wait for a contract signature to drive the share price higher.

In my opinion, the work being progressed and about to announced in the next few weeks is nothing short of remarkable, given the size of Parkway and the size of the potential partners that I am anticipating being announced and the size of the Project they jointly are about to embark on.

I look forward to the announcement ( not MOU's) these are Agreements to pursue the Master Plan version 2 ( my view) and to progress with a circular, well thought out, well planned and what we hope will be well executed strategy to provide the CSG industry with BAT and Parkway shareholders with reward for the up to 4 years that we have been supporting the development of the strategy.

I, like Bahay am very excited to see what will be announced and look forward to the rest of the market, who may not know Parkway like most of us here do and for Parkway to be repriced to reflect what is about to come. Time will tell.

As always, DYOR.

Exciting times ahead.

Mr M.