Interview with Alan Kohler, page-15

Perhaps my favourite part of this interview is where Geoff brushed over the need to expand focus into hydrogen due to the limitations posed by the size of the graphite market. We are talking a multiple billion dollar market and it’s a limitation?

This to me is some extremely bullish vision from Hazer and demonstrates the sheer size of our targets.

The number crunching which @stardestoyer was kind enough to do was based on the standard 25% profit share with some of my calculations based loosely on CAPEX and OPEX of a steam methane reformation plant which was the closest I could find. Sales prices for hydrogen are from contacts I have who are high enough up in the industrial gas space to know what they are talking about and the graphite pricing is based on figures provided by MIN via press release.

The figures assume 150ktpa production in 5 years which seems entirely possible, perhaps quite conservative based solely on MIN’s aggressive scale up ambitions. Nothing is factored in for the real giants in the room being Primetals and whoever we end up doing the hydrogen deals with (Toyota, Hyundai, BOC, Shell, BP?)

With the cash coffers full and options strategically set to provide future funding requirements we can expect zero dilution unless it’s to get another strategic investor such as
Primetals on the register as a cornerstone.



The numbers above will not be spot on however do give a solid idea of just how little we actually need to achieve over the coming years to see life changing movements in share price achieved.

Now keep in mind that the graphite and hydrogen opportunities are actually near insignificant when compared with the scale of the steel making or methanol production verticals.

This to me is why Hazer remains in my opinion the lowest capped multi billion dollar company on the ASX