Meeting Bahay - Update on PWN

Meeting with Bahay – 06 September 2021 ( 60 minutes planned, actual -90 minutes)

My questions came from a review of each Corporate Presentation ( Dec 20 and Sep 21), Corporate Update ( Feb 21 ) and the two Quarterlies, March and Jun 21. Questions in normal text, answer in italics.

AGM Presentation:

Indicative of Profile of Potential Project Solutions:

o Project A – Major Global Mining Co Mine and Refinery -$100m opportunity?

o Project B – Major Global Mining Co Mine and Refinery - $35m

o Project C – Major Energy Co - $5m now $40m opportunity

Question - Have these moved to concept studies, prelim piloting, FS, Contractual Arrangements, Project Execution and Operations?

Answer - All are progressing, no one has walked away so said they don’twant to continue. All are at differentstages, some waiting on clients, some waiting on further information andresults from PWN.

Announcements on where these areat, coming soon.

PWN has sent some of the resultsto independent labs to independently verify the results, so that these can bepresented to potential clients as validation of the results from aMES and iBC.Results confirm what they have seen through the tests and piloting.

Feb Corporate Update: 22^nd Feb

Question - Prelim techno economic evaluation – major global energy company, savings in the order of $10-30m.

Answer - As above, still progressing on working with this client onthe technical and commercial information. Some of these are being negotiated as withthe commercials. Expect news on projectsand the commercial negotiations in the near future.

Question - Established water industry player –

Answer - Working with this organisation, news on their progress tocome out as a separate announcement.

PWN is covering all bases, tyingup with industry providers in different spaces to cover those that aren’t inWorley’s wheelhouse or their preferred field. That way PWN can service lots of different markets with lots of differentclients. Potential project sizes are considerable,not tiny jobs. Some of the opportunitiesand tie ups are for the $100m savings potential projects, some at $10m +, andthe other company ties up for jobs less than $5m. Got all bases covered.

We talked about the fact thatsome clients want the contractor to own and operate the plant. PWN has partnered with one client that is happyto build, own and operate and PWN provides the Tech.

Mar Quarterly Report: 30 April

Question - ZLD – Zero liquid discharge. Sodium Hydroxide 48-50%, 63%, 69

Answer - Third parties have validated the results, more collaborationin this space , Project and Partner update to be provided to the market.

Question - How did you select the inventory items and how do you know you can sell them? Aren’t you just competing with other water/waste water consumables providers?

Answer - Very confident that all inventory will be sold. Used water industry experience staff,consultation with industry on their critical spares and pain points, rankedproducts based on the above and now these are in stock and can be soldprofitably, but still supply them cheaper than the competitors and they havethem in stock, no lead time.

June Quarterly Report: 22^nd July

Question - 2 stage contract design wastewater treatment plant? Can you explain how that works? Value?

Answer - First stage concept design, 2^nd stage moredetailed deliverables. As per preso,negotiating next stage.

Industry Services Company – Whatindustry? Obvious, water or waste water. Shouldn’t have asked. Lots ofprojects, partner is embedded on lots of client sites. Dealing with client’s high pain points withsolutions and that is what PWN can provide to the Industry Services Co and theclients.

Project with the 3^rdparty validating the Proposal. Stillworking away. More to come on that.

Question - iBC iBC, were these demonstrations lab size or pilot sized?

Answer - Pilot sized evaluations.

aMES - The upgraded pilot plant has recently undergone multistage operations for the first time, another important milestone in demonstrating the scalability of the aMES® technology in an industrial setting? What does this mean?

Answer – Operated at full scale,validated engineering, will assist in commissioning and build. Processed third party waste.

Corporate:

We talked about the recent staffhires and cash burn. Each new person that is hired is hired with revenuegeneration in mind, not an extra body but one that can provide solutions, earnrevenue and be part of solutions that are being developed.

I talked about recent developmentslike BHP’s Nickel West signing up with Tesla. The long term water study was written by Worley, intimate knowledge ofoperations and their water requirements and the potential for water solutions. Potential here. This has always been my guess for the firstclient for aMES. He likes my thinking,said nothing else about it.

Apparently the Evaporative cellsat Nickel West are at capacity.

Corporate Presentation Sep 21

Question - I asked What can PWN dofor Tailings Storage Facilities (TSF’s), what sort can we help with and whatexactly can we do with materials in TSF’s?

Answer – PWN can’t do anything withthe solid waste in tailings, that’s why there are TSF’s. But PWN can deal with the liquid sitting inTSF’s and the waste that comes from mining and refining before it makes it tothe TSF. (Chemicals wastes ).

Question - Slide 14 - AQPure Modular System – what’s the significance of the launch in Australia?

Answer – significant bit of kit. More technical explanation that I won’t repeathere.

Question - Slide 17-18 – MawPump – Now we are going into integrated end to end mine dewatering solutions? Why? Slide 21 ( why mine dewatering when brine solution is the big prize?)

Answer – We talked for about 20minutes on Mawpump. Potential isunderstated. From Nickel West above,evaporative cells, Mawpump can provide the pumping solutions and PWN the wastesolution. Being looked into. Mawpump dewaters lots of stuff, works for allthe major miners in the NT. Plenty ofopportunities to grow this business to well beyond what it currently is and obviousopportunities for PPS and PPT in mawpump and their clients. After initially being underwhelmed by theMawpump acquisition and then hearing about the work they do for some clientswho are also clients of the company I work for ( and have personally reviewedas part of my job) the opportunities suddenly lit up and the potential here isenormous.

We went 30 minutes over time andtowards the end I listened to Bahay’s plan, to his passion, to theprocess. The foundation of the PWN businessis going to be conventional water and waste water tech, but the big prize isthe company maker which will be worked on side by side. The conventional water business gives PWN theopenings to provide the new tech solutions.

He’s not betting the wholecompany on the big prize, that would be insane, he’s building the capability,the credibility, the team, the solutions, the products into a full service offering. Zero doubt about the process and the success andthe big prize.

I get the impression that Bahay is a pretty strategic thinker and he’s operating PWN with an owners mindset, one that watches the costs, but one that understands that you have to invest to grow.

He gets that he needs to build up PPS and the two acquisitions to generate enough cash and profit to sustain the growth potential in the new Tech. We did talk some rough revenue and profit numbers but not for digestion here.

I offered some advice in relation to news flow and announcements. Suggested we see at least a mid Qtr Corporate Update and he got it. He said news flow will be steady over the near term as there is lots to update the market about. He wanted the Corporate structure out of the way, then on with updating the market on all the existing potential clients they’re working with, the industry partners they are working with and the status of their relationship. Stealth still required in some areas but the rest is coming out.

He is keen to get to Darwin and Perth ( WA, my suspicion about Nickel West keeps firming) to grow his business. I liked what I heard, some of you won’t but that’s ok too. You can’t please every one. The potential here is enormous and I am prepared to stick with Bahay. He has so much skin the game, he wins, we all win. He’s not just collecting his salary like so many other MD’s and Directors that have very little company stock and his success is aligned to ours.

Hope this answered a lot of questions, probably creating new ones. I hope I haven't over stepped the mark in posting some of this stuff, but I think it's important. I look forward to talking to Bahay following the release of the next Qtrly or the next major bit of news.