Hi @barmy44I've been unable to post this as a reply. Idiot...

Hi @barmy44

I've been unable to post this as a reply. Idiot filter must be on. The following warrants a Conjecture Alert. Engage critical thinking . . .

I'm pretty sure that folk have taken a nosey and decided that PWN's still in the too-risky category. Sub 1 cent SP, poor liquidity, one major client that everything seems to hang off. Kinda difficult to write a glowing report unless you ignore all that stuff.

Regards CSG - which is why I willfully ignore all that stuff - the recently announced Surat expansion might have changed things a bit. They're looking to pump gas in 26 and the clock is ticking, which makes me hopeful for indication of the Upstream processing viability soon. Has the purchase-integration of Tankweld been enough to convince clients that PWN is ready to handle those projects?

I won't be surprised if the Downstream processing(FEED) takes a backseat while they see how PWN copes with an upstream plant, confidence and all that. The mineral acid production etc is a recent development and gets rid of the industrial salt, a low value product that looked out of place in a process designed to get rid of salt. However, it's unclear how much of those recent upgrades have made it to pilot and how much is still on the bench. The tuning is ongoing and maybe not ready for a FEED. Would love to be wrong, but I won't be surprised if this one drifts. I don't think anyone will be too unhappy if there's an upstream to crack on with, quite miserable if there isn't.

Regards SP etc. - 20 cents by end of 27 seems doable, assuming they get an Upstream project(s?) and other stuff like the containerised systems and mining opportunity crack on. I would expect Downstream to follow if Upstream goes well. Again, would love to be wrong and see a FEED announced soon.

I'm not so sure about monster profits by end of 27. Outside of the uncertainty about a downstream plant being up and running, it also looks like PWN will need deals and financing to fall in their favour. They know the sort of arrangement they'd like, but will they get it?

I guess the German website you mentioned was Goldinvest. The interview with Sven's questions vs Bahay's sidestep was a bit of a highlight.

Cheers