Ann: Corporate Presentation - August 2023, page-16

I suspect these include PPS customers, so customers they are selling off the shelf conventional products to. Not to say this isn't good, one of the purposes of standing up PPS was to get a foot in the door with these companies. Now we have some visibility around this. However, I'm not getting too excited as this was already assumed and doesn't mean transformational contracts are imminent (outside of QLD CSG).

On the modular units, these are exciting. Something within PWN control which isn't ridiculous in terms of CAPEX, though they still need to be funded. My expectation is fresh capital to stand up a commercial demonstration (ie one module) is the next step. This might be done as a JV which has an exclusive licence for this product, QBS dilution or new PWN shares (hopefully at the right price). But if they can swing it, the demonstration module will hopefully get a contract to build more, this will give the market cap (or bankability?) to fullfill that contract.

Exciting times ahead.

All IMO, please DYOR and GLTAH.