Ann: Letter to Holders of Listed Options, page-37

You are dead right olderwiser,

I was introduced at the hazer luncheon I attended as a ‘great supporter of hazer on HC’..

Unfortunately this is no longer the case, the old saying of lie to me once shame on you, lie to me twice shame on me.

It seems my vision of what hazer could achieve and should be communicating to its holders is different to what Geoff Ward does. And that leads to frustration and dispointment.

I agree that if a raise can happen further down the track at a higher share price that works for shareholders, then that is a good thing..

I honestly can’t see the share price increasing. Without substantial news on partners, the only thing that will generate a decent rise at this stage is income. Income will only be generates with backers to build plants. Without partners. MIN’s plant will be built and when enough funds are created (via option conversion, or cap raise, which takes time) the demo plant will be created.

An offtake agreement will show collusion with an interested party, but still no income until the plant is built. According to Geoff Ward, he doesn’t want partners, or new royalty agreements. Which takes any income to possibly the end of this year, start of next, at the earliest.

Which means whatever MIN build is achievable. And what hazer build is all they will have available to generate an income.

If more partners or offtakes were to be signed up there could be in the vacinity of 4 or 5 plants being custom built to the needs of the client with income generated from all by years end, accelerating the program and developing the hazer profile, and income and dividends.

At the end of the day, that’s why we are here, and any institutions that may take a fancy to hazer, will do their due diligence, as I have, and I’m my opinion will come to the same conclusion.

I don’t want to take away from other believers, and won’t be posting as much here anymore.

Good luck to all.