WESTSTAR INDUSTRIAL LIMITED — Investor Presentation 2021

Nov 17, 2021

ASX ANNOUNCEMENT

18 November 2021

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INVESTOR WEBINAR PRESENTATION

WestStar Industrial Limited (Company or WestStar) (ASX: WSI), an industrial services company operating in the energy, resources, utility, defence and infrastructure sectors, in metropolitan and remote areas, across Australia, is pleased to announce its participation in the ShareCafe Small Cap "Hidden Gems" Webinar, to be held Friday 19th of November 2021 from 12:30pm AEDT / 9:30am AWST.

Managing Director Robert Spadanuda will provide an overview of the Company’s conglomerate business model which sees WestStar provide a range of industrial manufacturing and fabrication, installation, construction and maintenance services for the energy, resources, water and infrastructure sectors through its wholly owned subsidiaries SIMPEC and Alltype Engineering.

This webinar is able to be viewed live via Zoom and will provide viewers the opportunity to hear from, and engage with, a range of ASX-listed leading micro/mid cap companies.

To access further details of the event and to register at no cost, please copy and paste the following link into your internet browser:

• https://us02web.zoom.us/webinar/register/5416151767246/WN_L wj7a_jRuGICCDrrW4rjQ

A recorded copy of the webinar will be made available following the event.

A copy of the investor presentation to be delivered during the webinar is attached.

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

-Ends-

For further information please contact:

Philip Re Robert Spadanuda Chairman Weststar CEO and Managing Director pre@Weststarindustrial.com.au Robert@Weststarindustrial.com.au

Media David Tasker Chapter One Advisors M: +61 433 112 936 E: dtasker@chapteroneadvisors.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.

WestStar Industrial Limited | ABN 38 119 047 693 | weststarindustrial.com.au | Page 1

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GROWTH PLAN FY22 INVESTOR PRESENTATION

NOVEMBER 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

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

• o Acciona Waste to Energy circa $10M o Ambania Compressor Station circa $25M o Lynas Rare Earths facility circa $12M o Works in Progress circa $30M

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FY21

• 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

o $3.5M capital raising successfully completed via share placement to sophisticated and institutional investors.

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Undervalued compared to its peers

WestStar FY22 ‘A Value Proposition’

Proven Leadership Team Capability in delivering +$100m contracts

Financial Performance Has delivered strong financial results Y-o-Y

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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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.

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Scale

Strategic Scale Build reputation by Execution delivering work successfully, on time and on budget. Expand client base.

Growth &

Acquisition

Successful acquisition of Alltype and synergies created. Grow order book.

Step Change Growth Step Change Growth Increased contract and order book size. Grow revenue and EBITDA. Tier 1 Clients.

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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.

Significant Project Experience

SIMPEC & Alltype have built an outstanding track record across projects managed by the major companies in their respective industries.

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Latest Project Win

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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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(SMP) STRUCTURAL MECHANICAL & PIPING

ELECTRICAL & INSTRUMENTATION

ASSET MANAGEMENT SERVICES

SIMPEC’s highly qualified E&I division installs, commissions and maintains greenfield and major brownfield upgrade projects in remote and challenging environments. (Electrical Contractors Licence Number – EC7766)

SIMPEC offers integrated and multi-disciplined experience in operational support, scheduled and breakdown maintenance with value adding and sustainable capital project development.

SIMPEC specialises in SMP delivery coupled with extensive experience in providing integrated support. We offer the resources and skillset to execute a wide range of projects.

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NON PROCESS

INFRASTRUCTURE

With fabrication, installation & maintenance experience of Non Process Buildings and Infrastructures, our exposure to NPI allows us to work with clients to provide outstanding delivery and practical solutions.

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CIVIL SOLUTIONS

SIMPEC’s Team have extensive civil and concrete experience with in the Resources, Construction, Infrastructure, Utilities and Local Government sectors.

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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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Description of Works

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Iron Bridge Wet Plant

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Scope of Works

• The project consists of:

• major module installation,

• tank installation,

• major mechanical installation,

• large bore piping, and

• a significant portion of supply and installation of electrical and instrumentation works.

• A considerable amount of wet process plant will be preassembled off site into modules, SIMPEC’s responsibility is to receive these modules at the site and safely install and interconnect.

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Executive Pro ect Summar j y

Client Name IB Operations Pty Ltd SIMPEC Prime Contractor Status Project Traditional wet Iron Ore separation process plant Project Value ~$145 Million (ex GST) Location Pilbara WA, Iron Bridge Commencement August 2021 Date Contact Term 13 months Defect Liability 12 months Period

Performance Favourable terms Guarantee Contract Type Generally, a Construct only Contract Works Profile

Material free issued for SIMPEC Installation - The majority of materials are forecasted to be on site prior to mobilization.

Significant Commitments have been made to utilise local content for the duration of the project.

Local Engagement

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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 - 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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Port Hedland
Karratha
Perth
Sydney
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Compelling Reasons for SIMPEC Award

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• Nimble Contractor with competitive overhead

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• Key People – Recognised SMP, E&I capabilities, well credentialed project staff

• Aboriginal Engagement – FY22 Target 10% IronMerge-Simpec JV

• Recent Key Project experience

• ASX listed parent WestStar providing financial support

• Health, Safety and Environmental performance.

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Oil & Gas

Gas processing and production facilities, pipeline facilities, compressor stations, onshore. Offshore and subsea fabrication and construction.

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Water Infrastructure

MSCL pipelines and fittings, pump stations, water treatment, and RO plants, drinking water, waste water.

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Industrial

Manufacturing and secondary production industry services, processed steel, OEM products and licensed fabricated products.

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Mining & Minerals

Piping conveyors, trusses, tanks, infrastructure, pump stations, steel structures and frames, maintenance, upgrades, project works.

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Petrochemicals

Plants, refinery work, process skids, tanks, vessels, process piping, exotic material fabrication, debottlenecking, maintenance.

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Defence

Naval vessel repairs and upgrades, naval and air base infrastructure, maintenance and specialised projects.

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Transport Infrastructure

Buried water and gas services, bridges, noise walls, gantries, steel structures, railway appurtenances, port facilities.

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Government

Power Generation & Utilities

Public works, metro redevelopment, government funded projects, Water Corporation, Synergy and Main Roads WA contracts.

Coal and gas fired power station maintenance, infrastructure, generation facilities, projects and renewable energy.

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CAPACITY TO DELIVER STRONG PIPELINE OF MAJOR PROJECTS

Delivering on Strong Pipeline

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SIMPEC and ALLTYPE will deliver on major project contracts like Iron Bridge with capacity and capability remaining to deliver on its strong pipeline of contracts secured

Strong Track Highly Focussed on Highly growth Record Delivering Experienced Major Projects on Strong Order Book Management into FY22 & beyond Time & Budget Team

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WestStar Industrial Board & Executive Team

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ROBERT SPADANUDA Managing Director/ Chief Executive Officer

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PHILIP RE Non-Executive Chairman

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LAY ANN ONG Non-Executive Director

Board

• 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 ever-expanding positive industry reputation, he has been instrumental in positioning WSI to meet its objectives and successfully grow within its predetermined strategic plan.

• Chartered Accountant, Chartered Secretary, and a Member of the Institute of Company Directors.

• Experienced Company Director having held the position as director and founder of several ASX listed Companies in various industries.

• Held senior executive positions with public and private companies globally over last 18 years.

• Interests in various listed and unlisted companies in the property development, technology, commodities, energy, construction, and food and beverage sector in South East Asia and Australia.

• Held Chairman and director positions within WestStar Industrial Limited Group and is also director of ISDN Investments a wholly owned subsidiary of ISDN Holdings Limited.

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MARK DIMASI Managing Director

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KELVIN ANDRIJICH Managing Director

Executive

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• Highly experienced Project / Construction Manager with 22 years of experience in Management positions within the Engineering, Construction and Asset Management Services industry.

• Working with UGL since 1995, Mark has successfully executed the delivery of major Process and Infrastructure projects for a number of bluechip clients with exposure across all commodities.

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• 25 years of experience in strategy, leadership, management, project delivery, operations, business development and estimating. Has held multiple directorships and executive roles in companies of varying size, geography and diversity, both in Australia and internationally.

• • Predominantly having worked within the Oil and Gas Industry, Kelvin also has worked in Petrochemical, Power Generation, Processing, Marine, Resources and Water Infrastructure.

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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 19 October 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