Ann: Major update on Master Plan concept, page-32

Hi Mr M

I think it's going to take quite a jolt to wake the market up on this one. PWN's income is still very much on the maybe and, for now, is kind of niche - the CSG industry in Queensland doesn't exactly scream global potential and if adoption of PWN tech relies on environmental regulations such as those in QLD, it probably narrows the opportunities considerably.

Additionally, ESG investing hasn't really taken off as hoped, certainly not in the way that changes company behavior so they don't upset investors. Folk just want to make a buck and pollution is easy to ignore when it's not in their back yard.

Although PWN is the closest(hopefully) it's ever been to landing a contract, the focus has narrowed from what it was a while back when overseas contracts seemed possible, especially given the reach of Worley. Not to forget the brine testing for lithium, which was dropped for good reason, but as all roads have led towards QLD CSG, the what-ifs of wider opportunities have fallen away.

Don't get me wrong, QLD CSG is a big fish, but for someone doing a quick scan of basement dwellers to invest in, I doubt it's attention grabbing and is not helped by Voldecompany escaping any quick perusal of company prospects.

Cheers