Q: My previous question about PNG was classed as private and I was directed to previous questions already asked, implying I would get information I was looking for. My question referred to the call that was scheduled later in the morning. The question already asked about PNG was posted before the call. Can you comment on the call? Was guidance positive and encouraging? Or was it muted and cause for concern? And is it still one of your top small growth picks?
5i Research Answer:
We remain quite confident in PNG's growth profile and it would remain one of our best small-cap ideas today. The call was not remarkable. The Nova Scotia production facility is on track and scheduled to open in five to seven weeks, with battery production by the end of 2025. Guidance was affirmed with a second-half surge. The tone was positive. Potential future growth, by looking at the volume of request-for-proposals, is good and an uptick has been noticed. There was a "$2B pipeline' commented on but this has been discussed before. No new risks really emerged, but as usual the business is 'chunky'. It would not discuss potential new contracts for Halifax but will release those if material (without naming customers).