Catch Up with Bahay Jun Qtr 22

Meeting with Bahay – 01 August 2022

Questions following the Quarterly

PPS

New Warehouse – Fabrication Testing and Assembly.

- Close to the existing warehouse, 200 metres away.

- Modular water treatment plant capability

- More and more clients are wanting this capability and service, servicing client needs. Separate the warehouse from the fabrication works.

Collaboration with previously foreshadowed companies

- Engineering

- Fabrication

- Water Companies

- Owner Operators

- Talking and working with all of these on opportunities

Mine Pit Water Treatment Plant

Designed, built, and commissioned this in a very short period of time for the client. Built lots of credibility with the client and the client has now requested the Second Containerised Water Treatment Plant for the Major Global Mining Company. There is some serious upside with the client in my opinion.

Water Treatment Plant Study

- Not all clients want a capital investment in a water treatment plant so a Build Own Operate Model could work, on our own or with a partner. All options being considered. Toll Treatment an option.

Clients are constantly asking us for help and with each service, modular water treatment plant delivery, we build collateral, build relationships, we build credibility, we build capability and more requests.

PPT

Sophisticated Industrial Clients

- Hypersaline brines ( potash and lithium)

- Being asked to help, being asked if we have new tech and capability.

- Being asked because we have proven solutions, we are the best of the best in this specialist space because the others don’t have solutions for the problems we are solving.

Middle East EPC Contractor

- Salt works opportunity,

- Don’t want to just sell hours, we want to bring our tech and produce long term income, whatever mechanism works best for that. This is aMES.

iBC

- I asked about the large scale, high value application for iBC, I rattled off Coal Seam Gas, Desal Plants, industrial waste water, potash, Oil and Gas, lithium, and the answer was yes to all of the above as opportunities that are being worked right now.

- Global Chemical Co in the US, industrial waste water streams. Big opportunity, very exciting, eyes wide open.

iBC Pilot Plant

- Commissioning is not holding up the QGC Feasibility Study, wont need the plant for another 2 months.

- QGC study is optimising the current configuration of the plant to best results, then this configuration will be put together for the large scale testing through the iBC Pilot Plant. Cost of Pilot Plant is predominantly Grant Funded as I expected.

QGC Plant Location

I told Bahay that I thought discussions about the new iBC plant location for QGC was a an exciting development. He said exciting? It’s amazingly great. He was very excited about this development. Tells me that QGC want this to happen and that they are looking at sites for the new plant already!!!!!

aMES

- I asked about the progress of aMES as all we have been hearing about is iBC.

- There is progress on a number of fronts. Lots of timelines are affected by third parties and not the client or PWN.

- This is a novel membrane technology and one of a kind. Lot’s of potential and they are working it.

- The point that Bahay made about both iBC and aMES is that if he didn’t believe that PWN’s tech could solve the client’s problem, they wouldn’t

be chasing these opportunities. He absolutely believes and is proving that PWN’s tech is solving the clients problems.

- Parkway want to build their aMES’s plants themselves and are building this capability so that they can design, build, instal and commissioning completely themselves. Why give this money to others when the capability is sitting in the office and the warehouse. Don’t want be a consultancy and sell hours.

Core Other Tech

- Industrial waste streams – organic and nutrient issues in waste water. This capability is complementary to our existing capability and is another issue resolved for clients.

- Hyper saline waste streams, algae blooms in ponds, all resolved with our tech.

Third Party Tech

- PFAS removal. Tech removes it and captures it, others destroy it. Not going to build a plant to do this, not core to PWN.

Other Resource Projects

- Lithium Brine

- Yes we are talking to companies about using our tech in return for equity or income but not putting in cash. Only going to be interested in these projects if there is a material return to PWN and I believe this means annuity income or project equity in return for technology.

Corporate

- I asked about our increasing revenue, improving cash flow and putting on more people.

- Market is tough at the moment. Wouldn’t want to be raising cash in this environment.

- If they had to weigh up putting on more technical staff to service client revenue generating opportunities, then it will be carefully considered and balanced decision. Not going to employ more BD in this environment.

- I reckon they will be cash flow positive in less than 12 months even though they are leasing new premises and buying more materials and inventory.

- I asked about the options and whether he would be happy to have another 1B shares on issue. I also said that we need a catalyst to get the share price sustainably above 2 cents for option. He agreed and I believe there is one but have no idea what it is. I said QGC would be 1^st qtr calendar 2023. Just said there was a catalyst for options exercise.

- He also said that he knocks the dilution argument on the head. If the share price doubles from here, do you care if there are another billion shares on issue? Probably not.

Corporate Presentation

- I asked what was different and what was new in the Corporate Presentation.

- He said I would have to wait. It had sensitive information that he couldn’t tell me about and that I would have to see. He is going to be able to give us more confidential information about the relationships in the next Corporate Presentation. I have no idea about the timing.

IP Breach

- We talked about the breach and the type of company it was and how it came about. All we need to know is that it’s in the Quarterly to advise our clients and the world that we take breaches seriously and will protect our IP. Nothing more happening on that front at the moment.

Questions from HC

Farmerr

1. Turnover target 5 years, Didn’t ask that question, I have my own view and think our turnover will be north of $30m in 5 years.

2. Advantages aMES/iBC v competition ( operational and cost benefits ) I think this has been answered. Clients are ringing us because no one else can solve their problems and there are lots of water tech companies including the world’s largest in Veolia and they can’t solve QGC’s water issues.

NemesisAu

1. Real time updates on current projects or BD. Yes I gave him some feedback that PWN should at least produce a mid qtr update. He took that on board.

2. Withholding client names, will that change in the future? He hopes to be able to provide more names in the Corporate Presentation and in the future. The reason they don’t disclose client names apart from NDA’s is that we don’t want the competition approaching our clients with their solutions saying they can solve all their problems.

Ricmond

1. Monthly rather than quarterly updates. Going to happen with feedback.

2. Do you expect to expand Corporate costs BD or maintained. I think this has been answered.

So after another quarter, I think Bahay and the Team are executing strategy beautifully. The market is not recognising it but that’s good for those that want to accumulate more. Not so good for those that want to sell. I think we could se a 2 cents share price before options exercise but that remains to be seen. QGC/Shell FS is going swimmingly well. In my opinion, QGC will move to execution in the first quarter of next year and we will be on our way.

Hope this helps.

Mr M.