Ann: Appendix 4C - quarterly, page-8

We continue to be encouraged by the market potential for Hazergraphite in a range of market segments in both purified and unpurified forms. The Hazer CDP will provide the first larger volume of graphite able to support these market development activities by delivering sufficient material to allow larger scale testing or trials with customers to build on the initial smaller scale samples testing undertaken during the pilot program.

I've always believed Hazer's graphite gives them a big advantage over other pyrolysis hopefuls. Now that gas prices are through the roof, and long-term blackballing of Russian energy is likely - with lasting higher prices - I'm starting to think that anyone who can't diversify and/or monetise their carbon (beyond emissions credits) risks running into a wall.

This could apply to most of Hazer's competitors. The few that have quite efficient processes tend to produce carbon with little to no value, while others seem to be electricity-guzzling, one-trick ponies like Monolith with their carbon black.

Hazer is now free to progress a bigger plant in Canada (a real vote of confidence). Nearer-term, the CDP looks set to become a scaled-up graphite research bed.

Missing from this quarterly was any word about the MK2 reactor, but it's quite possible they could turn Woodman Point into a ca. 500tpa (H2) commercial plant within 18 months. Quite exciting how this is shaping up.