Ann: Appendix 3B-HZR.AX, page-57

Very few graphite miners are set up within close proximity to end use applications therefore agree that HZR will be able to leverage that supply chain advantage. With Hydrogen posing more significant transportation issues I would assume that the ideal location would be near the hydrogen customer with the graphite shipped, ideally location in close proximity to both would be the initial focus, such as Tesla.

The IPO prospectus section 6 clearly stated that some of the proceeds would be utilised for functionalization and commercialisation with 500K allocated for each step.

GRAPHITE FUNCTIONALISATION
In addition to the Hazer Process scale up, the Company will undertake additional development work to demonstrate the quality and enhance the utility of the graphite produced through the Hazer Process in selected applications,increasing its marketability.
A range of different graphite morphologies can be produced by the Hazer Process. Although these can be
preferentially synthesised by altering the process conditions and catalyst properties, traces of unwanted
morphologies and residual catalyst impurities typically remain.
The marketability of Hazer’s graphite will seek to suit a greater range of applications if specific morphologies are purified further and catalyst impurities removed. A primary aim is to develop methods to accurately quantify the proportions of different graphite morphologies within a bulk mixture, and devise scalable physical separation methods to improve the proportion of the desired morphology. A secondary aim is to further develop scalable methods of removing the residue catalyst from the graphite.

ONGOING GRAPHITE COMMERCIALISATION
In conjunction with pursuing the activities identified above, the Company will seek to progress its commercial objective of generating commercial revenue through the Hazer Process. The sale of graphite and / or hydrogen produced via the Hazer Process and licensing agreements will be targeted.
The Company will seek to complete a number of key commercial milestones demonstrating progress on both the scale up of the Hazer Process and the ongoing commercial development of graphite synthesised following completion of this Offer.
The engagement with customers to seek to commercialise the graphite product will include provision of samples to graphite end users for internal testing and confirmation of utility and negotiation and execution of memoranda of understanding for the supply of product from demonstration, pilot and future commercial plants

To date management have been doing exactly as they said they would, as a shareholder that to me is a huge positive.