Ann: Hazer Signs Heads of Agreement with Mineral Resources, page-10

The fundamental premise of this deal is that: MIN want the Hazer process for the graphite. MIN will fully fund the pilot plant and then the mass0-scale commercial plant. Hazer will obtain royalties for licensing MIN its technology as a function of the price of graphite at the time of being sold.

However, more importantly, the underlying premise of the Hazer process for Hydrogen players is that the by-product ... being graphite, can be sold to third-parties to offset the costs of producing the hydrogen through the Hazer process. What this agreement with MIN also states is that MIN has first priority to purchase the graphite by-product generated by other Hazer plants. For a Hydrogen producers who only want the Hydrogen to sell, this would be fantastic news and significantly de-risks the process for them, as they now have a guaranteed buyer of the graphite in MIN.

No massive dilutionary capital raises for next phase of scale-up, flexibility to engage with global hydrogen players, MIN paying for everything, MIN ensuring purchase of the graphite, and royalties .... BOOM.