Ann: Appendix 4E & Annual Report 30 June 2021, page-2

Engineering Studies with Chiyoda Corporation & Other Parties
To support future business development activities, the Company is progressing an engineering concept study with Chiyoda
Corporation, for a commercial scale Hazer Plant of a nominal 2,500 tpa capacity and will provide the platform to advance
discussions with interested Japanese parties and potential collaborations with our European, Asian, North American, and
Australian partners mentioned.

A second study has commenced focussing on scale-up options to deliver larger scale, lower cost Hazer configurations targeted
for heavy industrial applications, such as green steel, petrochemicals, ammonia, or fertiliser production. This study will
investigate optimised reactor and furnace design to support larger scale Hazer Projects (nominally 5-10 ktpa or larger). The
first phase of this study has focussed on the evaluation of high temperature processes and integration with our proposed
reactor design. Subsequent study phases will evaluate the cost, risks and operability of various selected designs, building on
what has been learnt in the Hazer CDP.

We continue to target our previously outlined goal of maturing at least one potential project opportunity through to a feasibility
study stage through 2H CY2021 in parallel to completing the construction of the CDP.