Ann: NRW Half Year Results Announcement, page-8

Again FWIW a few more notes from today’s conference call …

• Primero has moved into ‘full delivery phase’ on two large projects which are anticipated to provide a good return in the second half — Srandline is done and Covalent is nearing completion… means more revenue in second half

• In relation to the December cash balance reduction there are projects where cash conversion needed to unwind particularly at Covalent and Strandline ie receivables and variations need to be completed …

• So whilst profitability has been impacted, a number of things will improve in the second half.


• Building capacity in N America. Primero (engaged in? )US $30 million of studies which they hope to convert to significant opportunities

• (…..?-) about $75m this half - Karara and Kogan
There has beeb an increase to gearing - This is the top end of the range we want to be in so this is something we have planned to reduce.

CIVIL
• Cashflow - civil revenue increased
• Queensland urban projects also rain impacted
• The competitive landscape has lessened.

• Doing quite a lot of ECI for our clients …

MINING
• The increase is driven by Karara
• no longer at Boggabri which had quite a high margin ….Stanmore the same
• weather hopefully improving

• Drill & Blast - Greenbushes has extended the relationship .. (been there since 2010/2011)
• Also (more D&B projects) in Queensland?

• Equipment from finished projects - Boggabri and Dalgaranga
— equipment in Queensland has gone to Jellinbah
— WA equipment will be deployed at upcoming projects.


METS
• We are the leader in term of global lithium in regards ECI
"Pretty much everyone starting a project talks to us”. ( )

• New work at Pilbara Minerals
• Very positive for FY24+.
• Crushing is also very strong - news flow due in second half .


Re cash again:
• A lot going into new projects that have seen no return yet.
• NRW has a billion dollars in active tenders and newsflow is expected this half

• In forward years ’ 24, ’25, and ’26 there are a lot of opportinites.
NRW (offers?) a very broad brush . …. “Very few contractors offer what we do!
I’m very very positive about the outlook that we have going forward.”

• Guidance already locked in .


…Then the questions ….