Ann: Appendix 4C - quarterly, page-25

Yep correct. I was thinking (happy to discuss and be corrected) the early adoption/demand for this technology is going to come most likely from an international player (Japan is the most likely market for H2 in mid-term) - Because of the early adoption risk and our small market cap the funding for the project will need to be arranged by the same international player (in form of trade finance or a direct investment).

I ran a scenario where should Chiyoda be interested in the Hazer process after looking at the CDP for 6-12 months. They will need to work with an end user (Japanese Electricity company) to incorporate Hazer process into the H2 supply chain. Electricity company will likely work with an international/Japanese O&G player (likes of Inpex, Shell, Woodside) for development of that H2 supply chain, Chiyoda likely will get EPCI contracts for Design and construction incorporating Hazer process into the plant. Now within this complex web of arrangement i suppose Chiyoda will have to license Hazer process IP from Hazer? or having some sort of financing/investment in Hazer via Mitsubishi.

Other option could be for Hazer to step up the game and "Own and Operate" the H2 and Graphite plant supplying the final products to end customer themselves. In this scenario they will need huge financing/investment where again they will need trade/EFA finance from end user side.

I am not too sure what's the current status of relationship with Mineral Resources in Australia - That could have been a good source of domestic funding.

Also not sure if Hazer is working with likes of Woodside/Santos as that would be another domestic scenario playing out.

The council water treatment plant can be scalable domestically with local funding but that's not a game changer in terms of $$$.

Happy to hear thoughts. Lots of blue sky potential here with 20+ parties interested and diverse application. So I haven't even scratched the surface here in interest of keeping it short/fast.