Ann: Appendix 4C - quarterly-HZR.AX, page-12

The full scale plant will come after the technology has been further proven. Once they have firmly proven that the carbon and hydrogen can be produced at a quality that can be utilized in industry I think that those industries will be the ones to provide capital.

Just think for instance about the vehicle hydrogen market, Toyota, Hyundai and most of the biggest car manufacturers would be happy to invest in a technology that allows them to produce hydrogen for half of the closest competing method while creating near zero emissions.

Wesfarmers, one of the biggest industrial gas producers have already made an investment in Hazer and will once the technology is proven likely be happy to put their hands up for additional capital.

Tesla is another example or a company who would likely be quite happy to put forward capital to build a large scale plant targeting synthetic battery grade graphite should the testing prove that the quality is indeed suitable for batteries.

Basically the way I see it Hazer have enough in the bank to progress to a stage where the technology is proven, once proven money will be absolutely no barrier. We will be turning it away....