Hazer Group Limited

Good morning, everybody, and thank you for joining Hazer Group's Q3 FY25 shareholder webinar. On the call presenting today, we have CEO and MD Glen Corey and CTO Tim Forbes, who will run through the highlights of the quarter. Following the presentation, we will have time for some Q&A. We will begin with those questions that were submitted in advance of the call today, and then we'll move on to questions from the floor. If you would like to ask a question, please do so using the Q&A button at the bottom of your screen, and we will try and answer as many as possible. So to begin, I will now hand over to you, Glenn. Thank you.

Thanks, Hannah. Good morning, everyone. Welcome to our webinar. I'm joined on the call by Tim Forbes, our Chief Technology Officer. Together, we're presenting our Q3 results, plus some other highlights, which you'll have seen in our materials that were released this morning. Hannah, if we can go to the agenda, please, on slide three. We're going to start with the highlights, then we'll provide an update on the hydrogen market. Tim will present the details of our commercial readiness and our important scale up strategy. Then we'll turn back to talk about the commercial projects in particular Canada. And then for the first time, we're going to share some details and some of the dimensions of how our customer pipeline is shaping up. Then we'll finish with a corporate update. We'll recap on our 2025 priorities and then open the call, as Hannah said, for Q&A. We can move down then jumping straight into our highlights. We had a solid quarter. We continue to advance our commercialization strategy. There were three quite important milestones during the quarter. Firstly, we confirmed the commercial readiness of our technology. Following some quite detailed evaluation of our CDP data, Tim will talk to this very shortly. You'll recall that we completed that test program back in November of last year ahead of schedule. And then since then, we've also had some external and independent verification of our process as well as our operational stability. So in a very, very good position from a technology perspective soon after our CDP. Secondly, we have made some great strides on our scale-up strategy to meet the growing demand for larger scale units. We're seeing that grow. Canada, of course, is 25 times our commercial demonstration unit. We've got a new reactor program in flight that is capable of reaching over 20,000 tons per annum to meet some of that demand that we're starting to see in the industry, as well as for our technology. Corporately, we ended the quarter with a robust and very flexible funding position. We've got no debt. We've got a very discretionary work program. We've got liquidity, as I like to say, of over $12.5 million. The cash position is $10.3 million. That was actually up on the previous quarter over $1 million. That was driven by further revenues coming in from Canada, as well as us meeting a couple of important grant milestones. So a lot of non-dilutive activities funding coming into the system to effectively put us in a very robust funding position as we go forward into the year. And of course, we kicked a few goals you will have seen on the intellectual property strategy. We secured two very important patents, one in Japan as well as one in the US. And I'll talk to those very briefly shortly. So overall, very good momentum. The last quarter, we built on the success of the CDP to position Hazer for that go to market strategy. So in terms of our strategy here on this slide, we're moving up that staircase. As you will see today, we built that solid foundation for our commercialization. The CDP, all of that follow-up evaluation and analysis has substantially de-risked this technology for commercial deployment. Graphite volumes are being shipped. They're being tested. That is going on with key stakeholders in a range of applications that we've shared in the past. And very importantly, we are developing that strong sales and customer pipeline in addition to our foundation projects. And we'll share for the first time some of the details of that very shortly. We made good progress on our commercial scale-up strategy. Canada, other projects in Japan and Korea, and we are exploring several strategic partnerships to effectively get bigger and get it faster into the market. Our target is to get this technology to market at scale as quickly as we can. Our business plan has been premised on 10 projects or 10 facilities in 10 years, and I'm confident and the team are confident that we have got everything to be successful in achieving that ambition. Moving to the hydrogen market, It's been a while since we provided an update on the market. A lot has happened in the market in the last 12 to 18 months. Look, it remains a very large market. It's set to triple, almost triple in the next 25 years. If you look at the chart on the right-hand side, today's current market is, or current demand or consumption, if you like, is 97 million tonnes per annum. It is valued at close to 200 billion US dollars. Production, as you'll see from that first bar on the left, is concentrated in three industries, refining ammonia and methanol, and a lot of attention is being now effectively deployed on the ammonia market, and a little bit of the hydrogen market is used for steelmaking, in particular direct reduced iron. The problem with this industry is that 95% of that 97 million tons is dirty hydrogen. It's produced through a carbon intensive process called steam methane reforming, which emits a massive amount of CO2. In fact, it emits 10 times the amount of hydrogen that's produced. You've heard me say that several times. So the industry emissions coming from the hydrogen industry is close to a billion tons of CO2. It's 920 million tons. So that's the market that is today that needs a solution. It's not a market in the next 10 years. It's a market today that's very large. It's very dirty and needs a solution today. And that's Hayes' disruption, as you see on the slide, to replace that dirty hydrogen with an affordable, clean hydrogen. And steam methane reforming, there's something in the order of around 2,000 plants worldwide. Our ability to switch and disrupt this market with a comparable switching cost is one of our great competitive advantages. If we move to the next slide, we're drilling down a little bit now on some of the observations that we've seen in the industry, particularly over the past 12 months. The industry is getting bigger. It's growing on average globally at about 2.5% per annum. It's getting dirtier. As I said, there's over 2,000 of these steam methane reforming plants that need replacing. Green hydrogen, which uses electrolysers to split water, that's been hampered by high costs, slowed progress. You'll have seen some of the very high profile projects worldwide that have stalled. That's an opportunity for us. The industry is shifting towards methane pyrolysis as a viable alternative. Why? You can see it there on the right-hand side. We convert gas into clean hydrogen and a graphite co-product. We bypass those CO2 emissions of grey hydrogen or SMR and the inefficiencies of green hydrogen. We integrate into existing infrastructure and existing supply chains. And of course, with that graphite co-product and zero emissions, we're very well positioned, not only as a technology, but as a company to provide a very real available now solution to industry to decarbonize. I might just hand it over to you if you've got a few words to say on anything here and perhaps then move into the commercialization or the technology slides.

Yeah, thanks, Glenn. G'day, everyone. Great to be here again today. Yeah, in terms of the shift towards methane pyrolysis, I think what we're really seeing is people waking up to the reality of the thermodynamics and the energy intensity required to split water. I think we've been saying that for some time. It is five to eight times easier to split a methane molecule than a water molecule. And what that means is the renewable energy costs associated with green are substantially higher. And as people are working through the details of their projects, they're realizing that it just doesn't quite stack up. And they're starting to see that technologies like Hazer can be clean as well as affordable. And we're also seeing the recognition that a fluid bed process is scalable. And then, of course, the upside with the graphite coproduct. So it's starting to sink in, and we're seeing a real shift. Thanks, Hannah, if you can move on to commercial readiness. So we get a lot of comments and questions about commercial readiness. So I always, when I address this, I like to talk about, first of all, a process needs to be technically ready before you can monetize it and before it's commercially ready. So the CDP test program in 2024 goes a long way to validating the process performance and the technical readiness. Building on that, independent assessments, verifying stability and data integrity of that work, further bolstering that technical readiness assessment. And so when you're at sufficient technical readiness, then you can start to look at commercial deployment and commercial readiness. So when I talk about commercial readiness, I'm specifically referring to ARENA's commercial readiness index scale. And so on that, if you go and look at that scale, it's easy to look up at CRI2. We're talking about a commercial trial or our demonstration plant trial, which we've completed last year. And then the next activities on that scale, three to five are commercial scale up, multiple applications, and then widespread spread deployment. So we're currently working on all three of those, larger scale reactor design, pursuing multiple business opportunities, which we'll talk more about. And then that will obviously lead to the widespread deployment. So at this stage, we're less focused on the numbers and really, you know, it's more about what does it take to deliver those projects? And people always come back to, it needs to be sufficiently de-risked. So we look at our IP is strong. We understand our chemistry and kinetics and our reactor performance as demonstrated by the demonstration plant program. We've shown that our reactors are constructible, understand materials selection and operability. And ultimately then people see that the business case is sound. It's economic and fluid beds are proven to be scalable and add to that the graphite upside. So really what we're saying is we are commercially ready. We're ready to go and we're seeing a lot of strong interest But substantiating that, we'll talk about shortly. So if you can go to the next slide, please, Hannah. Okay, so we are commercially ready now. What we're looking at doing is accelerating that scale up. So we want to go bigger, faster, better, cheaper, and at low risk. So what are we doing to deliver on that front? First of all, The modifications at the commercial demonstration plant are progressing well in terms of construction, engineering, installation. That is all ongoing and under control. In parallel with that, we're looking at other low-cost means to further accelerate and de-risk our scalar. And in this last couple of months, we've engaged global experts, particularly at Solids Research Institute, out of Chicago, recognized global experts, utilized by all the major oil and gas companies and many technologies in assisting them with their scale-up. So we've done a few things with them. One, we've increased our internal capability through some fairly world-class training. And we've had a workshop with them reviewing our scale-up strategy and the Resounding feedback is that it's positive. We're on the right track. We have identified a few low cost items that we want to work on to further bolster the confidence in the technology. And we've developed that work plan with PSRI and the kind of testing there we're talking about comparatively low cost work where we do larger scale cold flow testing to get a more detailed understanding of our particle fluidization behavior, and then also evaluation and upgrades to our reactor kinetic model to enhance our large-scale performance predictions. So really, by engaging these experts, we're building capability, allowing ourselves to go faster whilst making sure we're on the right track and reducing risk. Thanks. I'll hand back to Glenn to talk about the pipeline now.

Thanks, Tim. Nice segue into Canada and the scale up of our reactor and our process 25 times over the CDP. The main focus during the quarter there was the successful completion of the test rig that was developed there in conjunction with Fortis as well as the Clean BC provincial government that has been supporting the project. Results have gone very well. We put out an announcement last quarter to provide some more context on that. And that really supports, as Tim said, the scale up of our reactor into that larger scale commercial sizing. Fortis will now return to focusing on the site host, that industry application and that all important offtake, which all comes together with that site and the sites that have been provisionally identified are being effectively high-graded on their ability to scale larger, 2,500 tonnes per annum. We see that growing to much larger scales on the ground ultimately over the future, but that'll be the focus of the project. I'll just remind folks that it is a project that is funded through to FID, in part by some clean BC funding, provincial government grant money, and the project achieved an important milestone during the quarter there. And we continue to receive revenues from that project under our engineering service arrangement with Fortis directly. Moving on to the next slide, it's the first time we've included some of the details on our pipeline. We felt it was an important time to do that. The tech is moving through that commercialization phase now as Tim referred to. And we talk a lot about what the pipeline looks like in terms of shape We'll evolve this over the coming 12 months, I'm sure. But currently, we have somewhere between 40 and 45 real customer licensing opportunities. This has expanded enormously over the last 12 months, in particular on the back of, as I referred to earlier, that green hydrogen pivot towards kind of methane policies. Of course, the great timing of us having our technology and our commercial readiness through that CDP validated and verified. The aggregate demand, if you add up all those projects in our pipeline, actually amounts to over a million tonnes per annum. And if you recall back the size of the market, that's actually close to a percent of today's total demand. All of these 40-odd Opportunities, if you like, are currently under NDA or confidentiality agreements. So there are various stages of deal maturity, if you like. Some have been through extensive diligence. Some are at the early stages. So we're managing quite a broad portfolio. It comprises, you'll see on the charts there, it comprises a number of different customer bases, if you like, oil and gas companies and supermajors. naturally then into refining in the petrochemicals group consistent with where the demand is today and that in all important ammonia and methanol sector and the players that operate in that space. Steelmaking might be a surprise for some, but there's the nice dual application of our hydrogen and both graphite co-product in the steelmaking process. We've referred to that in the past. And it is somewhat of a sweet spot for the tech. You'll see there's quite a bit of interest in steelmaking. And as I said, it's a sweet spot building on the POSCO partnership that we have developed over the last 12 to 18 months. That geographical diversification, given recent events, mitigates that geopolitical as well as policy risk. Drilling down into Australia, we have somewhere in the order of 8 to 10 live discussions on potential project opportunities. I know not all of them will come to fruition, but we again see a shift in Australia from some of the earlier projects that haven't been successful back into kind of traditional opportunities like methane paralysis. And in addition to that, we have several strategic partnership discussions that are in flight to support the acceleration of our technology. As Tim said, we've got to get bigger, better, faster. And here we're also not showing any graphite opportunities, but we do have a number of potential graphite customers or offtake opportunities that are currently reviewing the quality of the product and it's fit with potential applications. Our focus, of course, is converting these projects, opportunities into licenses. We've got this business plan that effectively has 10 projects in 10 years. We've now got the depth in the pipeline that drives us forward and that is forcing us to think about how big can we get and how fast can we do it. Moving on to then the corporate focus, IP, very briefly, we were awarded two key patents in the last quarter, one in Japan, another one in the United States, both for hydrogen production using iron ore as a catalyst and a fluid bed reactor. The US is particularly important. It's not just a strategic market, but it is also often in the IP world, there's a cascade effect around the US. Often, many countries follow in the award of patents after they're secured in the US. And of course, with having that strong US presence in our portfolio, it deters copycats from trying to do what we're doing. Both of these patents continue to strengthen our IP portfolio. The latest count is around 70 odd patents that have been awarded or are pending in over 30 jurisdictions around the world. Moving on to the corporate focus, Hannah, please, thank you. Look, I think it's fair to say the world is experiencing a period of global volatility and uncertainty. We're very aware of that. Of course, that's making us think at Hazer to exercise cost and capital discipline. You'll have seen that coming through the numbers in the last quarter. Where do we get the best bang for our buck and our spend? We exited the quarter with a strong funding position of that $12.5 million of liquidity that comprises the cash, as well as remaining grant funds that are due this year. It was bolstered by those revenues from Fortis and Canada. We do expect further milestones from some of those grants to be realized again in the next couple of quarters. And then we start moving into the R&D rebate cycle, which is in the third quarter. We lowered operating costs. You'll have seen that again in the numbers substantially. We built on that half yearly momentum that we had, that 12% reduction that we came out of the half year with. And the final note to make there is that Tim and I, Tim Goldsmith, our chairman, and myself spent some time in Canberra engaging government and as well as opposition to raise the profile of Hazards. It's the first time we've spent time there. It was very well received, met with industry, science, energy, critical minerals office, and I'm very encouraged by policy and the way that they're thinking about policy. There's clearly a need to reflect the current situation, and that is something that we would like to see, but we definitely see the thinking there is evolving. They have guided us in the direction of some other industry grant programs, which we are currently actively exploring. But I can see ourselves spending a bit more time in Canberra, as well as with state government, and just making sure that Hazer is thought of as a viable hydrogen, low-cost production technology that can disrupt industry today. We'll move to our strategic priorities. Nothing's changed here. We've got that catalyst rich 12 months ahead of us. We've got that de-risked tech that Tim refers to, commercially ready. We've got that rapidly expanding pipeline now of commercial opportunities, that robust funding position, and dare I say it, that market that is much savvier now to the advantages of methane pyrolysis and seeing that shift. We're a global leader in this space. We're very well positioned as a company this year. And I see a number of value inflections or re-rating opportunities through that scale-up program, unlocking value in graphite, those licensing opportunities and those projects and those strategic partnerships. And we'll do everything we can to ensure that we can unlock the deep value for shareholders in Paisa's technology. Hannah, I think that's a great time to probably pause and open up the call for Q&A.

Yeah, thanks, Glenn. I will just... remind everybody on the call, if you do want to ask a question, please do so using the Q&A button at the bottom of your screen. We have received quite a few, so I hope I can get through as many as possible. But just starting with the ones that we received in advance. Is the new reactor at the CDP commercially viable in its own right?

Yeah, thanks, Glenn. Yeah, thanks, Hannah. So, I mean, the CDP is a demonstration plant. So we're looking to show that large commercial scale deployments are de-risked. The reactor design itself is reflective of the large scale designs. But what we're really looking for is that de-risking aspect. So When we demonstrate the new reactor in the CDP, that exact same design is the commercial design. We've already shown that that's viable. So largely that's already de-risked with the 2024 campaign showing chemistry kinetics. And then our recent testing in Canada showing that the heat input method work is effective and will achieve design scale. So it's already largely de-risked. Tim Fawnsworth- And, and what I go back to is what people are looking for is is that the the reactors de risk so. Tim Fawnsworth- yeah that design is is viable need to deploy it at larger scale thanks.

Anna Kesson, All right, thanks very much team. Anna Kesson, Next is the fortis if ID dependent on a successful outcome of hayes's testing program for that mk two reactor.

Yeah, I'd say not really. And again, I've kind of answered that with the last question. What people are really looking for is that the risk is under control and the technology is proven. So again, I come back to 2024 test campaign data, shows we understand the chemistry, kinetics, reactor sizing, recent test program in Canada, as we understand heat input. And between those two, we're also looking showing that we have a constructable reactor, we have our material selection correct, and we're able to operate it. It's always nice to have a further demonstration, but we're really ticking most of those risk boxes already.

Yeah. All right. Thank you, Tim. Okay. So I'm going to move on to the ones we've received whilst on the call. Is there a minimum feed for commercially sustainable operation? And they mean methane tons per unit time.

So, Glenn, I might have a go at this one.

Yeah, have a crack at that. Yeah.

So, I mean, if you look at the size of plants globally, average size of steam methane reformer is in the order of 50,000 tons per annum. We see a lot of demand in that range. And certainly as you have a single larger reactor, you get economies of scale. Now, our process will be viable at numbers lower than that. But from a technology standpoint, I'm looking to provide options and we're working hard to accelerate that scale up to those large scale designs. What I would say as well is that with Hazer deploying a fluid bed technology, Fluid beds are not new. They're proven to be scalable. Biggest fluid catcracker regenerators are in the order of 16 metres in diameter. If we can get to those kinds of scales, we're going to be well in excess of those 50,000 tonne per annum mark. So we're on track to get to economic production shortly. And I would like to contrast that with some competing technologies are not scalable. They appear to cap out at in the order of 5,000 tons per annum. So I think we're well positioned for economic deployment.

That's a good time to maybe kind of pick up on this question around competitors in the methane paralysis space that Ross asked. There's a handful of them, Ross. The notable ones are ourselves, of course, as one of the leaders in the pack. There's another group out of the US called Monolith, which is doing something similar, but with plasma torches, which operate at substantially higher temperatures than what we do. Of course, that means more energy in the system and a higher cost ultimately. So we think we've got an advantage there. And of course, with plasma, there is the production of carbon black as opposed to graphite. So some distinct differences between Hazer and some of the competitors there. As Tim referred to, that fluidized bed reactor is one of our advantages of getting to scale, which is where a lot of the demand is coming from. I'm not sure if we referred to it in this call, but in the past two or three years ago, we were seeing demand numbers in industry 10 to 20,000 tons per annum. We're starting to see numbers now exceed over 50,000 tons per annum. So the fluid bed reactor puts us in a really good position to meet some of that demand in the future.

right thanks very much glenn so one here from joseph what process if any is required to the iron ore to be suitable for use in the fluid beds and do we have supply for large-scale production yeah so i might i might take that one uh glenn so i guess the the catalyst performance is is getting at the heart of our our know-how so we we have a fair amount of um

testing results, detailed analytical and ongoing research to really understand how catalysts perform well. The good part of that is that we've done a lot of that work already and we understand them. And also that processing is not particularly complicated. Many iron ores are suitable. There are some tricks, so we need to make sure we follow our processes. But really, large-scale supply is really not an issue. And in fact, we expect that to get easier as we move from the demonstration scale through to the 2,500-tonne and beyond.

Yeah. All right. Thanks very much, Tim. How do you prevent catalyst poisoning by H2S?

Yeah, so, I mean, generally speaking, our gases, feed gases are low in sulphur content and it's not a concern. Should there be sulphur there? You know, there's many, you know, proven technologies depending on the level of sulphur to remove that. So I don't really see that as an issue. For low levels, there'll be fixed-beard adsorbents, which are low cost. For really high levels, if it were justified, there's other higher cost applications that typically expect a fixed-beard adsorbent type approach.

All right, thanks, Tim. There are quite a few questions on the installation and commissioning of the MK2 reactor. So is there an update there that you can provide?

Yeah, I can provide the update there, Hannah. The engineering work, I think we referred to it in the quarterly, is ongoing. We've obviously got to do this properly and ensure that we get it right. It's an important aspect of our scale-up program. As we referred to in the past, the reactor is very well advanced. and it's sitting in Perth, but the engineering work is the critical path, and that's what we're focused on at the moment.

All right, thanks very much. Another one here is, it's good to have some visibility over the project pipeline. When do you think one of the 40 projects could be realised?

Very good question. Look, any time, frankly. We've got active discussions in various states of maturity, Some have been going on for some time. Some have been only a short period of time. One of the challenges is we're dealing with very large organizations, some very big organizations. So they do take their time. They do a lot of diligence. That's the importance of having a diversified portfolio with multiple opportunities. But we're confident what we see in there and some of these brands and that that we're talking with will be very familiar to folks in a number of those industries, but it does take time to get through them. I'd be disappointed if this year we're not able to come out with further advancement in terms of the deployment of our technology into industry worldwide with some of the biggest players that are reviewing their shift to methane policies.

All right, thanks very much, Glenn. A few more questions on this, so I'll consolidate. Is there any update on the site selection in Canada?

Yeah, I think as I spoke about just earlier in terms of Canada, a lot of the focus in the last three to four months, of course, has been on that important testing program of the reactor, which was successful. and their attention now is turning to that site. It was difficult to do that without that testing program. So those commercial discussions with hosts as well as off-takers is now back in flight. And so we're hopeful that Fortis can have a site selected imminently. It's not going as fast as I'd like. I appreciate that. Again, another very large organization that has processes to work through. But we're confident with Fortis, who are a very large utility and operator in Canada, that they're working through this diligently and that they'll come to the right solution in the right timeframe.

Thank you, Gwen. One more on the reactor. It says, as the MK2 reactor is not part of ARENA's original grant and therefore not subject to the renewable only model, will it be connected to natural gas so it can operate to its full capacity?

Sorry, Tim, go ahead. I'll jump in after that.

Yeah, I guess, I mean, that's not really our focus. The focus is demonstrating the technology viability and connecting it up to natural gas would probably be an unnecessary complication and higher spend activity. It doesn't really deliver any significant improvement in risk or performance understanding. So no plans at this stage.

Okay, and we are running out of time, so I'll just do a few more. One here that says, what is the minimum output from an anaerobic digester that could have a feasible hazer installation?

Yeah, so I'll take that one, Glenn. I mean, again, what we're seeing is what people are focused on is cost management. and emissions, and that's why we exist. We deliver low cost, low emissions hydrogen with a graphite upside. So we're not really seeing the focus on the anaerobic digesters, where the demand is in larger scale applications, which are typically gonna be LNG or pipeline gas. Having said that, we understand how to process biogas and wouldn't be surprised if a, you know, biogas as a supplementary feedstock sweetens a project, but it's certainly not the main focus.

Yep. Hannah, I just see a question. Maybe this is the last one. It's a good place to probably end, but it's a question from Atosha here in terms of the end users and what proportion is for green steel and ammonia. I think it comes back, Atosha, to some of the earlier work that we've been doing on the way that the hydrogen market is shaping up and also that portfolio. We have seen quite a shift in interest towards green steel as well as ammonia. Ammonia is definitely a sector that is of very high interest to us. That is, of course, one of the identified vectors for transporting hydrogen as well as one of the clean fuels identified for marine shipping. So it's definitely a space that's growing. If you look at the way that the demand and the consumption is playing out over the next 25 years, we're seeing probably a big uplift in steelmaking, a slight reduction in refining, but a dramatic increase in ammonia as well as methanol. So they're the right sectors to be in. What proportion is of our pipeline is sitting in those two? Quite a lot. Depends on whether you think about it as capacity or as numbers of projects, but they've as a combined group of industries getting close to 50%. So that's, in some respects, hopefully a bit of insight into how the pipeline is shaping up and how we're sort of adjusting to that. Ammonia facilities are large. They need very large hydrogen inputs. So that is a very big sector that could be very valuable for Hazer in the long term. And that is alongside green steel. quite a sweet spot. Of course, with steel, there's iron ore, there's fluid bed reactors, there's, of course, graphite and carbon throughout the system, and hydrogen is used as a reducing agent in DRI. So both are very interesting sectors for us, and we are seeing that interest expand in the pipeline.

thanks very much glenn uh that's a good time i guess to leave it now um to anyone whose question we didn't get to um we apologize if you do really want an answer soon please send an email to us our contact details are on the last very last page of the presentation that is on the asx and we'll come back to you very soon um the recording for this call will be uploaded to our channels hopefully today if not possibly tomorrow um

and before we close i'll hand back to glenn just for some closing remarks thanks hannah look just a big thank you for everyone for joining us today and for all those insightful questions i know we we can't get through all of them and we will endeavor to respond to to shareholders and those that join the call um throughout the next week or so uh look the first quarter for us or at least the third quarter of the financial year has been a real period of strategic focus for us it's it's Hopefully, you'll see that forward momentum that we bring with Hazer. Look, I'm very confident we're very well positioned as a technology as well as a company. The tech is de-risked. We're robustly funded through a very tricky period in markets and as well as, you know, quite a lot of geopolitical risk. We've got that funding flexibility now in our pipeline and as well as in our company. The pipeline's expanding. The market, as you'll have seen, is ripe for disruption. And we're bringing focus to all of this to unlock the value for shareholders in our technology. So thank you for your support. And we look forward to updating you in the further coming quarters. Thank you.

Thank you, Glenn. Thank you, Tim. And thank you to everybody for joining.