WESTSTAR INDUSTRIAL LIMITED — Capital/Financing Update 2020

Jun 8, 2020

ASX ANNOUNCEMENT

9 June 2020

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WestStar Subsidiary SIMPEC awarded its first interstate contract in Sydney – The WestConnex New M5 Project

Highlights

• WestStar subsidiary SIMPEC has been awarded a completions contract for the Sydney WestConnex New M5 Project with the CPB Dragados Samsung JV.

• The contract commences immediately with an execution team that is expected to grow over the coming weeks.

• The estimated contract value is ~$2M over an initial duration of 4 months.

• Contract represents SIMPEC and WestStar’s first step of its Geographical expansion strategy.

WestStar Industrial Limited (Company or WestStar) (ASX: WSI); an Australian industrial services company providing engineering, construction and mining services to the resources, energy and infrastructure sectors, is pleased to advise its engineering contractor business SIMPEC has been awarded a new contract for the WestConnex New M5 Project in Sydney, New South Wales.

The team will be performing detailed Electrical and Instrumentation completions and handover activities on the WestConnex New M5 tunnel works.

SIMPEC Managing Director Mark Dimasi noted:

“Long term trusted relationships are key to every business’s success. This new infrastructure scope will open new avenues for the business on the east coast of Australia. This is a new client for SIMPEC and I would like to thank the CPB Dragados Samsung JV team for backing our SIMPEC team. Well done to our project team and we again thank our client for this fantastic opportunity.”

Outlook

WestStar and its Subsidiaries continue to tender strongly for new work and expects outcomes from these tendering activities in due course. With the integration of Alltype Engineering, existing Projects across the combined group are extensive.

SIMPEC has delivered record performance in FY20 on sales and profitability. Alltype has been in the WestStar stable for some four months and looks towards an encouraging full year performance in FY21.

Significant tenders prepared and submitted are now demonstrating the necessary returns WestStar has been waiting for, delivering a diversified portfolio of works across a wide variety of sectors and geographical locations across Australia.

The Company is now in a position to sign a number of contracts transforming its capabilities and setting up a pipeline of orders to kick off the FY21 period at an increased pace.

WestStar Industrial Limited | Suite 1, 437 Roberts Road, Subiaco, WA 6008 | ABN 38 119 047 693 | weststarindustrial.com.au Page 1

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WestStar CEO Robert Spadanuda noted:

“The Company was quick to adapt to the challenges presented by COVID-19, seamlessly adopting video conferencing, social distancing and increased cleaning protocols.

The team took all of the challenges in their stride managing to maintain and service all of our projects. SIMPEC now has an exciting new project in Sydney and both SIMPEC and Alltype continue to deliver on increased tender pipelines. COVID-19 mitigation plans are now well trained, sophisticated and ready to deploy should the landscape suddenly change in the future.

No existing contracts were suspended or cancelled during this challenging period group wide and it is a credit to all teams for working their way through these challenges with their respective clients.”

Management and employees have returned to their respective locations across all projects. As at the date of this announcement, the combined group’s recruited personnel is in excess of 200 people.

-Ends-

For further information please contact:

Philip Re Robert Spadanuda +61 8 6380 2555 +61 8 6380 2555 pre@weststarindustrial.com.au robert@weststarindustrial.com.au

About WestStar

WestStar Industrial Limited (ASX: WSI) is an industrial, steel fabrication, installation and maintenance services company focussed on the resources, oil and gas, water and infrastructure sectors.

About SIMPEC

SIMPEC delivers high quality construction and engineering services with specialisation in structural mechanical and piping (SMP), electrical and instrumentation (E&I), concrete products and civil Services.

For more information: www.simpec.com.au

About Alltype Engineering

Alltype Engineering leverages off its fabrication capability and provides complete project solutions including SMP and E&I site installation, construction and maintenance services, across almost every industry in Australia. Alltype delivers consistent quality products and services that underpin its commitment to its vision “to be recognised as the preferred partner in delivering integrated fabrication, site and maintenance services with reliable, innovative and cost-effective solutions”.

For more information: www.alltypeengineering.com.au

ASX release authorised by the Board of Directors of WestStar Industrial Limited.

WestStar Industrial Limited | Suite 1, 437 Roberts Road, Subiaco, WA 6008 | ABN 38 119 047 693 | weststarindustrial.com.au Page 2