Ann: Investor Webinar Presentation, page-38

Whilst someone (maybe someone active on here on HotCopper) maybe trying to trade the SP down, I get the feeling i am not the only one who thinks we may have seen the bottom and is topping up, or can't help themselves going over-weight in the expectation that sometime soon the dam will burst. It will be increasingly difficult to hold the price artificially down in the face of the continuing march toward proven commercialisation.

I also get the feeling that when HZR starts inking binding contracts, there will be a run of them. Fortis tying up the Canada rights to commercialise, may become standard in many other jurisdictions. There may be a rush to get in first in the UK, Germany, Japan etc, the list goes on. Whilst there are a number of turquoise hydrogen pyrolysis start-ups around that could prove very interesting, especially those with big backers (eg 1414 Degrees), it seems to me (and i check out every one I see) that Hazer is the most advanced and will have first mover advantage. It may be fair question to ask who has the best technology, but if we can learn anything from Hazer, it is that the path from proof of concept to commercialisation is long and difficult. Most of the other startups appear to use very high temperatures to achieve pryrolysis - with all the technical difficulties of constructing plant that can handle such temperatures. The technology may end up cheaper one day, but history provides many examples of where first to market has trumped best tech.

I think the sophisticated investors who funded much of the the last cap raise round, already see that. Everyone reading this board knows it too - including the down rampers. When this goes - I think there will be a very substantial re-rate and it will really go! Once there is a no-risk license fee stream and dozens of parties jockeying to sign up - the institutional investors will be investing at big multiples!