Meeting with Bahay 12 April 2022, page-9

Good morning @NemesisAu,

Q1.
You are correct. The company in Slide 18 of the AGM Presentation is the QGC opportunity. In my haste i didn't complete my due diligence.

I scoured through all the quarterly reports since Jan 21 to look for the other $100m opportunity. It is in fact mentioned in the Mar 21 quarterly and then Sept 21 Quarterly reports.

It's the project with a Multinational Mining Co that is currently being peer reviewed under an independent Engineering Review. This is the other large scale opportunity and is an aMES project. My apologies.

Q2. I see you have done some research on Shell/QGC and Veolia. Great stuff. That contract clearly hasn't worked to plan because as you write below Veolia was responsible for the removal of the salts ( and i mean processing not just sending it to a Regulated Waste Facility at QGC/Shell's cost.

Our FS is an iBC process that supplements these plants. The current plants take the brine and concentrate it down 75%, leaving heavily concentrated brines and 25% of the original volume. That's where iBC takes this to ZLD and pure salt products for sale, nothing to Regulated Waste.

Q3. The arrangement on who owns the plant and who operates it are all going to be in the FS. Not know at this stage suffice to say that QGC dont want to run and own it although they could finance it because it's in their interest i guess.

Q4. No backlash from Veolia, but i could see Veolia approaching PWN about a tie up. It's in Veolia's interest to be associated with a technology that can do what a $20b company hasn't been able to achieve with all their R&D and experience to date. At the end of the day QGC is the client and Veolia's deal hasn't produced the goods. Not a hope that Veolia could jeopardise the PWN process and engagement with QGC. The Client always wins and Veolia are but a servant.

Q5. It is receiving offers to collaborate, partner all the time and I guess the natural progression of this is an offer. I can imagine this would come once the plant is built and the tech is working in industry. Given Bahay's 10%+ ownership and 10+ years investment in aMES and then advantageous purchase of iBC, i couldn't see an offer below 20 cents being accepted. That's my personal opinion.

I remember talking to Bahay in the early days 12-18 months ago about where PWN could go and I said that I could really see PWN being a 50 cents plus company. his reply was that he agreed but that he thought corporate activity would never let us get there. We'll see.

Q6. We discussed the sort of revenue models that made sense and what didn't and I can tell you for sure that PWN is not interested in making 10% margin on an EPC or EPCM build on a new plant, they are absolutely interested in an annuity model and one that generates revenue without cost for a very long time ( think DRR Deterra iron ore royalties ). I think given the savings available here and the environmental liabilities that are accruing, I personally would like to see the royalty north of $20m and closer to $30m pa for the next 15-20 years.

Now that's serious money and a serious valuation. I have about 10 years before i retire and I would like to see PWN paying a dividend that replaces my current salary for ever. That's my goal, not an eventual sale of my shares. I can see PWN becoming a very large, specialist industrial waste water treatment company with a number of income streams from a number of these plants globally just bringing in the cash. I am prepared to wait 5-190 years for that.

Everyone has to start somewhere, minnow, microcap. It's the patience that gets rewarded. Does it really matter if i got in at 0.009 cents or 1.5 cents if I think this company could be worth well north of 50+ cents? I don't think so, getting the shares and hanging on is going to be the important factor. Most won't have the stomach to hang on that long, but my superfund. gives me that advantage because I have time.

Thanks for the questions and I hope I've answered them and apologies for the lack of clarity previously in my excitement to get something out to everyone.

As always, do your own research.

Mr M.