The following is based on my amateur research skills. DYOR to...

The following is based on my amateur research skills. DYOR to check the facts yourself and before making any financial decisions.

Scratching my head trying to chose between the two:

Market Cap
--------------
GER
67 M shares
78M Options
145M shares fully diluted
Market Cap=$36M (assuming fully diluted at 24.5c per share)

HRL
93M shares
10M options
103M shares Fully diluted
Market Cap=$14M (assuming fully diluted at $13c per share)


STAGE 1- Proof of concept
---------------------------
GER
Estimated Cost $29.8M
Cash in bank $5M
GDP Grant $7M
Stage 1 ETIS funding $5M
Funding shortfall = $12.8M

HRL
Estimated Cost $18M
Cash in bank $3M
GDP Grant $7M
Funding Shortfall = $8M

STAGE 2 - Demonstration plant
-------------------------------
GER
Estimated Cost for 12MWe plant = $74.2M
ETIS Stage 2 funding = $20M
Funding shortfall = $54.2M

HRL
Estimated cost for 10MWe plant = upto $70M
Government funding = Nil
Dunding Shortfall = 70M

Stage 3 - Expansion
-------------------------------
GER
17000 PJ inferred resource (for HSA. The rest is Hot Dry Rocks)


HRL
67000 PJ inferred/indicated resource for HSA


My conclusions
- GER got the lions share of government funding but still needs more money (than HRL) for proof of concept
- HRL share price will likely spike when the market opens but a small holding will get your foot in for a discounted SPP on attractive terms
- At current prices HRL seems the better play
- GER has the advantage in Stage 2 due to the ETIS funding but long term the HSA resource seems small compared to HRL

Sentiment: hold for SPP