Hazer Webinar Update, page-6

Novice.

I have the opposite view on this. I think they already have the right graphite product.

Graphitic carbon will have a considerable role in the substitution for coking coal (CC) in the steel and cement industries. It has a benefit over CC given its high purity carbon and lower ash content wrt to CC. This will give it a cost-benefit and a transportation benefit. The key impurities of Fe will also not be an issue as it is inherent in the steel process.

The pure graphite used for batteries may well be out of reach for us at this point, but I understand that work is progressing on improving purity, but this will come at a further processing cost, which may not prove economic.

I am also not sure that they don't know the economics here, just that they are not sharing it at this point.

I thought Glenn was very good in the Zoom meeting today.

Cheers, AL