Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-8

All speculation.

A co-located IBMC and IBES is a surprise. My thoughts were along the lines of, the brine from the regulated storage ponds would be "pre-treated" on-tenure before transported by dedicated brine pipeline to the IBMC . The central IBMC would be located off-tenure, "half-way" between the clients two main wtp thereby minimizing pipeline build costs, transportation risks, logistic costs and bottlenecks of the bulk brine. The IBMC produces a "semi-processed salts" product now at a substantially reduced volume of the original brine would be transported by road(/rail?) to the IBES. Reflecting the significantly reduced volume and potentially not being classified as a dangerous good, transportation costs are minimised so distance is less material. The IBES would be located close to end clients to minimize handling and transportation risks of the end products. NaOH and HCI are both classified as dangerous goods and the IBES being a MHF.

Maybe the reason for the co-location was the risk that the IBMC could potentially be treated as a MHF and/or the "semi-processed salts" from the IBMC could potentially be classified as a dangerous good. Or PWN had some NIMBY pushback. Politics. Lot of reasons could explain the pivot/delay.

There were some other surprises, the proprietary crystallizer tech, given the market is saturated with off-the-shelf options and the technical and capital barriers for entry. So PWN must believe they something that will have a ready market for commercialization or this is exclusively for in-house use as part of their "secret sauce" and they are keeping a lid on it.