WESTSTAR INDUSTRIAL LIMITED — Investor Presentation 2021

Dec 15, 2021

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GROWTH PLAN FY22 INVESTOR PRESENTATION

DECEMBER 2021

(ASX: WSI)

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WSI SECURED REVENUE

Revenue Growth

Record FY21 group revenue achieved and $222 million in contracted revenue into FY22, demonstrating the group’s increasing ability to secure contracts for large-scale projects

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$200
$150
$100
$50
$0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
SIMPEC Alltype Contracted work
A$ Million
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1. Alltype Engineering Revenue for FY20 only reflects 5 months post acquisition

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About Us

An industrial services company operating in the energy, resources, utility, defence and infrastructure sectors, in metropolitan and remote areas, across Australia.

Through its subsidiaries, WestStar works with clients to deliver:

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SIMPEC is a diversified services company specialising in construction and asset management services.

SIMPEC’s delivery capacity and expertise as a collaborative Partner / Subcontractor in achieving excellence in Construction and Asset Management services.

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• Engineering,

• Construction & Maintenance services,

• Fabrication & Construction capabilities in all disciplines of:

• Civil, Structural;

• Mechanical & Piping (SMP); and

• • Electrical & Instrumentation (E&I).

All services provided as either as standalone offerings or as an integrated turnkey solutions.

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Alltype Engineering provides workshop fabrication, site installation, construction and maintenance services to the Oil & Gas, Water, Power Generation, Infrastructure, Mining, Resources, Utility, Petrochemical and Defence industries, in both the private and public sectors.

Highlights

FY22 to date

• Record cash receipts of $40.9M at end Q1 , a ~19% increase on the last quarter (Q4 FY21: $34.5M)

• Record cash balance of $15.2M at end Q1 , a ~15% increase on the last quarter (Q4 FY21: $13.2M)

• Record-breaking $222M of contracted revenue consisting of:

• Iron Bridge Magnetite Project circa $145M

• Acciona Waste to Energy circa $10M

• Ambania Compressor Station circa $25M

• Lynas Rare Earths facility circa $12M

• o Works in Progress circa $30M

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FY21

o Record Revenue ~$71.8M, a 15% increase on the previous corresponding period contribution to total Group revenue by SIMPEC and Alltype Engineering was $38.69M and $33.08M respectively

• EBITDA of $3.4M - This strong result demonstrated an EBITDA margin of 4.8%

• NPAT of $837K for FY21 - A significant turnaround from its 1HFY21 result of (- $577K)

• Contracts Awarded during the period of $72M

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Significant Project Experience

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TIANQI LITHIUM FIRST QUANTUM

MINERALS

Scope: SMP and E&I

Scope:

Structural/Mechanic al and Electrical/Instrumen tation Installation

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LYNAS RARE

APA GROUP

EARTHS

Scope: civil, structural, mechanical, piping, electrical and instrumentation

Scope: rotary kiln erection and installation works at a facility to treat rare earth concentrate from Lynas Rare Earths’ Mt Weld mine

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TALISON

Scope: Tank D&C and Underground Services – HV Cable and Pits

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RIO TINTO

Scope: Structural, Mechanical, and Piping package (SMP) - Rio Tinto Koodaideri Mine Project

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FMG

RIO TINTO

Scope: Jaw Scope: RDSS – Crusher Shutdown Electrical and – Cloud Break communications D&C and Camp Construction

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BMT

AGIG / Mitsui E&P

Scope: Fabrication of vessels, tanks, piping and structural steel - Mercury Waste Treatment Facility in Kwinana

Scope: Deliver the Waitsia Metering & Offtake station. SMP - Xyris gas plant & compression upgrade project

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Key Project Award

FMG: Iron Bridge – Wet Process Plant

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KEY TAKEAWAYS

• A major construction contract valued at A$145M for the construction of the wet process plant for Iron Bridge in the Pilbara region.

• Represents the Group’s largest contract win to date.

• Wet Plant is a significant part of the new magnetite mine central to the production of 22 WMTPA of high grade, magnetite concentrate product.

• SIMPEC will supply vertical construction services for the works, with an anticipated workforce of approximately 500 personnel .

• SIMPEC leadership team for this project are leaders in their fields and have delivered major projects throughout Australia

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Key Risks Answered

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PROCUREMENT - Free Issued materials and pre-assembled modules off site by Client

CAPABILITY - Personnel handpicked with Proven Major Project Experience PEOPLE - Current workforce circa 300 (Migration), competitive rates & circa 150 personnel only required to December RECRUITMENT - Recruiting internal, with the advantage of other major projects nearing completion before Dec 2021 FINANCE & FUNDING - Insurance bonding provided for

PAYMENT & CASHFLOW - Cash Neutral Intent PROGRAM – Achievable and realistic 13 month program for both parties

CONTRACT - Lump Sum, re-measurable, BOQ, schedule of rates, “Construct only Contract”

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Project Leadership Experience

First-Tier and Major construction experience, excellent Safety Culture, and fundamental core values

SIMPEC & Alltype have built an outstanding leadership team and workforce with significant

project work experience across both management teams

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ROBERT SPADANUDA

Managing Director / Chief Executive Officer

• As founding Group CEO of WestStar, he oversaw the formation of the business and subsequent listing on the ASX in 2016. He has spent the last eight years establishing and successfully implementing the strategic and operational strategy of WSI.

• • 30 years industry experience in a variety of construction services roles - a wealth of technical and commercial understanding across multiple disciplines, geographies, and market segments.

• • With the groups expansive footprint and everexpanding positive industry reputation, he has been instrumental in positioning WSI to meet its objectives and successfully grow within its pre-determined strategic plan.

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MARK DIMASI Managing Director

• Inpex Ichthys – LNG Project SMP Installation - $1.5B

• • BHP Jimblebar – SMP Installation for the Ore Handling Process - $150M

• Sino Iron Desalination Plant – Project Detail $150M

• • BHP RGP 5 – Fabrication Module Assembly - $250M

• • Newmont Boddington Goldmine - $250M

• BHP Ravensthorpe nickel Project - $85M

• • Alcoa Pinjarra Efficiency Upgrade - $160M

• • Woodside Train IV Offplot - $140M

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CHRIS MANEA

Chief Financial Officer

• Holds a Bachelor of Business and is a CPA with 30 years’ experience.

• He has held senior accounting positions in ASX and TSX publicly listed companies having previous commercial accounting experience in Mining & Exploration, Mining Services, Electrical and Fire service Solutions.

• Chris has been acting CFO since 2019.

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KELVIN ANDRIJICH Managing Director

• Former Managing Director - Australasia of Internationally owned construction and maintenance business, comprising 5 national and 2 international operational offices, over 700 employees and revenue of up to $500M.

• Secured +$1.5 Billion of contracts over 25 years locally, nationally and internationally

• Delivered multiple EPC and turnkey fabrication and construction projects, predominantly in the oil and gas industry, nationally and internationally. Projects include over 40 gas processing and compression facilities and over 100 compressor packages as well as numerous pipeline facilities.

Strengthened Balance Sheet

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• Export Finance Australia approves ~$7.5M Bond Facility following due diligence

• Export Finance Australia bonds are Australian government-backed and rated AAA by Standard & Poor’s (S&P)

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• Bonds provide significant cash to WestStar’s Balance Sheet, with ~$5M currently held on account by clients

• Company also recently completed a $3.5 million placement supported by institutional and sophisticated investors

• Funds raised will contribute to working capital, future tendering and contracting activities

• • Company has extinguished its remaining $300k debt facility

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Undervalued
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compared to its peers

WestStar FY22 ‘A Value Proposition’

Proven Leadership Team

Financial Performance

Strong Y-o-Y results and EFA Bonds secured to support further growth

Capability in delivering +$100m contracts

A VALUE Increasing PROPOSITION Geographical Footprint Growing interstate presence providing new opportunities – Brisbane office established

Well Positioned for Growth

Delivery of large-scale projects

Growing Reputation with Tier 1 Resource Companies Repeat contract awards from key clients

Further Awards Pending Existing capacity + strong pipeline

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Disclaimer

This presentation has been prepared by WestStar Industrial Limited (ASX:WSI) ( WestStar or the Company ). The information contained in the presentation is summary only and should be read in conjunction with any other documents provided to you by the Company. The information is current as at 15 December 2021 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events or results or otherwise. By receiving this presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.

Some of the statements appearing in this presentation may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which WestStar operatesamong otherand things.proposesActualto operateevents asor resultswell as maygeneraldiffereconomicmateriallyconditions,from the eventsprevailingor resultsexchangeexpressedrates andor interestimplied MIN inratesanyandforwardconditionslookinginstatement.the financialNomarkets,forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside WestStar’s control. ALIS

WestStar does not undertake any obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of

WestStar, its Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this presentation. You are cautioned not to place undue reliance on any forward looking statement. The forward looking statements in this presentation reflect views held only as at the date of this presentation.

This presentation is not an offer, invitation or recommendation to subscribe for, or purchase securities by WestStar. Nor does this presentation constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. By reviewing or retaining this presentation, you acknowledge and represent that you have read, understood and accepted the terms of this important notice.

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Contact Details

Robert Spadanuda WestStar MD & CEO robert@weststarindustrial.com.au +61 8 9410 5333

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Simpec

Level 3, 21 Kintail Road Applecross WA 6153

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AllType

52 Hope Valley Rd Naval Base WA 6165