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From NI

Quiet Execution phase?What is PRL working on? What's coming next?

Company news doesn’t magically just happen - a lot of workbehind the scenes goes into every company announcement, and after a capitalraise, company execs go into “quiet execution phase” to deploy the raised moneyin order to deliver material news.

PRL’s medium term plans are fully funded, with PRL able to meetany capital requirements for scoping and feasibility studies at its GreenHydrogen project.

Here’s what to expect over the next 12 weeks from PRL:

• Key management/board appointments - building out the capability of the team as the project advances.
• State & Federal government approvals - a huge focus for PRL at the moment is getting the local community and government to “buy in” to the project. This is extremely important for this type of development and are key de-risking events when they are announced.
• Heritage Approvals - make sure traditional land owners are on side with the project
• SODAR results - where we find outjust how sunny and windy is PRL’s land - important technical data to feed the Scoping Study with global major Total S.A.’s subsidiary Total Eren.
• Unexpected announcements? - Some future milestones we generally expect from analysing the company presentation and strategy, but this is small cap investing and anything can happen - so we always keep an expectation for an unexpected positive announcement from the company. Sometimes we know what we don’t know and other times we don’t know what we don’t know.

The next 12 weeks ofour expected PRL milestones are highlighted below:

Here is what we are expecting from PRLlater this year:

• Scoping Study – underway now, completion in the coming months.
• Finalisation of Total Eren deal – assuming the Scoping Study is positive, we would expect PRL to execute a full development agreement with Total Eren.
• Feasibility Studies – these are the next stage, and will build off the Scoping Study
• Initiate offtake discussions – PRL to start discussions with potential buyers and the owners of the Dampier-Bunbury Natural Gas Pipeline.

PRL is our 2021 SmallCap Pick of the Year

Our other Picks of the Year include:

2019 Tech WHK - 138%

2019 Energy EXR - 605%

2020 Small Cap VUL - 3,810%

2020 Energy IVZ - 387%

2021 Tech ONE - 700%

VUL was our 2020 Small Cap Pick of the Year because we likedZero Carbon Lithium.

PRL is our 2021 Small Cap Pick of the Year because we like ZeroCarbon Hydrogen.