Ann: 2024 AGM Group Managing Director & CEO Presentation, page-4

I would caution reading too much into the headline project cost, Parkway (Tankweld) only has a portion of the project scope. That said this does highlight a backlog of work which is nice.

I like the commercial roadmap for QBS, this points to a fair bit of activity that has occurred. I think it is here, where many other micro caps would mark every MOU as market sensitive, that the market has assumed nothing is progressing where it is clear there is quite a bit of commercial activity. I think it'll take just one binding contract to give everyone the confidence that this will happen. For example, a deal from a CSG company to use Parkway's upstream plant will hopefully give the confidence needed for PWN to borrow/raise the $10mil needed to build. From there the market will start pricing in the rest and that points to an exponential re-rate. Ie size adds confidence, confidence reduces funding risk, reduced funding risk increases potential size, etc.

All IMO, please DYOR and GLTAH.