Ann: Hazer signs MOU with Pan American Hydrogen Inc, page-63

I think that in time we will see many markets addressed by Hazer graphite, agreed that the battery market is just a single application, albeit quite a large one in terms of revenue. Back in August the company made an announcement indicating that further information around the battery applications would be targeted. Once these results are returned then I guess we will be in a better spot to understand just how much of the graphite space can be dominated by Hazer.

Even in the worst case scenario without taking the battery market the remainder of the graphite market is huge, as is the wider carbon products market. It needs to be kept in mind that Hazer have successfully produced not only graphite but also carbon nano-tube, grapheme, carbon nano onions etc. While the market for these nano structures is currently limited due to the expensive production methods they are all areas of future growth, look for instance at EDE, they produce CNT's as a cement reinforcement which would cost them at least 10x as much it would cost Hazer to produce the same CNT's. EDE currently sit on a MC around $300m based solely on a product that we could produce for a fraction of the cost. EDE likely deserve the current MC as the carbon product they have produced will translate to significant revenue.

The point here though is that many of the applications for the wider suite of Hazer carbon morphologies actually lie in markets that do not yet exist. We build it and they will come....