Hazer Group Limited

afternoon everyone and thank you for joining us today on behalf of hazer group i'd like to welcome you to this investor webinar today's session is in listen mode only if you would like to ask a question please type it into the chat box and we'll address it during the q a at the end of the session Presenting today will be our Managing Director, Glenn Corrie, and Chief Technical Officer, Tim Forbes. They will provide an update on the September quarterly report and progress across the business before we move into Q&A. I'll now hand over to Glenn and Tim to run through the presentation.

Thanks, Simon. Good morning, folks, or good afternoon, folks. Welcome to our webinar. As Simon said, I'm joined on the call by Tim Forbes, our Chief Technology Officer. Together, we'll be presenting our results, both the full-year results for 2025, the fiscal year, but also the quarterly results for our first quarter of 2026, plus some other highlights which we think are relevant to investors. If you haven't managed to read our quarterly, which was out last week, there's a lot of really good content in there as well. So I'd encourage you to take a flick through that at your leisure. In terms of our agenda, we'll kick off with the highlights from the fiscal year as well as the first quarter, a bit of an update on our strategy, Then I'd like to come back and do a just a macro check in on where the hydrogen market and more broadly the graphite markets are heading. There's been some new updates from both the IEA as well as DNV, which I think are really exciting for both markets. uh then turn to progress on our commercial scale up our marketing plan there's a lot going on in graphite as well so we want to come back and and really talk to what we're doing on graphite hazer graphite in particular and how we're thinking about the marketing strategy finish off with a corporate update talk about catalyst and then open the call for q a Just moving to the next one, for those that are joining us perhaps for the first time, very simplistically, Hazer converts methane emissions, which are 25 times more harmful than CO2, we convert those into clean energy in the form of hydrogen and critical minerals in the form of a very high purity graphite. Our strong competitive advantage is that we're affordable, low cost, We're scalable, as Tim will describe very shortly, and we're ready and available now to disrupt a very dirty industry that has been using a very dirty source of hydrogen for a very long time. This technology has been in development for over 17 years. We've deployed about $130 million in developing and advancing our technology to a very advanced stage where it is ready for now commercial deployment. Moving to our fiscal year highlights for 2025, we continue to build the foundations or pillars of our commercialization strategy, as I like to say. First of all, we received made and operating revenues from FortisBC that flowed throughout the year. And I'd expect that as we move more projects into feasibility, that we start to get that multiplier effect and stack up those revenues from those early stage studies, which are in flight at the moment. Top line growth grew just shy of 125% year on year. So we finished the fiscal year with $8.5 million of revenue. So that was one of the highest revenue streams that we've seen in the history of the company. Secondly, major milestone with the completion of our CDP performance test program. We've talked about this a lot. This is a world first commercial demonstration of thermocatalytic methane pyrolysis. So we're in a very good position competitively and we've now materially de-risked our technology. Thirdly, in May, only four or five months after completing that important test program, we were able to join forces with one of the world's largest engineering firms, KBR, Kellogg, Brown and Root, to accelerate the scale up and our go-to-market strategy, as well as the licensing of our technology. And we'll talk to the progress on this very shortly. And then corporately, we lowered OPEX 17% year on year and maintain that very important funding position of just shy of $20 million. We did a top up placement throughout the year and we received more non-dilutive funding through two grants that we received and grant milestones received throughout the year as well. So we've got that now extended runway and pathway through some very significant licensing and commercialization milestones. If we then move to the quarterly highlights, more of the same. We continue to drive our business and our strategy forward. We've made material progress with KBR on the scale up of our tech. We've now selected the major equipment, including the reactor concept. This is a very big milestone. Tim will talk to this very shortly. And we have now full alignment with KPR and our technical team on that design package. So a really important milestone achieved throughout the quarter. Graphite markets continue to tighten. You've seen a lot of news flow coming out of China and the US and more recently in Australia. We've done several deals now in this space that position Hazer very importantly in a very tight market. We've also secured some very crucial and important graphite processing and purification intellectual property. so we've now got that end-to-end solution we've got the supply side we've got the marketing and we've got that uh commercialization pathway through mitsui and our own avenues and we've got that purification and our ability to take our hazer graphite and put it into some of the highest and some of the highest value markets that are available today Two new deals as well during the quarter that have got near-term potential for paid studies and more revenue for the company. The one I just want to call out, which we'll again just talk to very shortly, is Energy Pathways. We've got really early momentum with that project with two big milestones during the quarter. And then we exited the quarter with a solid cash, that funding position. Again, quarter on quarter, $20 million of liquidity. That included $4.5 million R&D cash refund that we also received post the end of the quarter in October of this year. So good momentum all round. Our priority focus right now is on progressing our scale up and our marketing strategy. Just turning to our strategic staircase, as I like to call it. Look, our strategy is on track. Our technology is de-risked, it's commercially ready. We've got that strong, high quality strategic partnership now locked in with KBR. There's certainly potential for more in markets and industries. That revenue model that we've been developing is now established and it's operating with our first revenues and our continuous revenues from FortisBC. Our IP or intellectual property moats are strong and we've got a very robust intellectual property protection strategy. We've got something in the order of 72 to 75 patents worldwide covering over 32 jurisdictions. So a really strong IP moat around the technology. And then finally, we've got that clear roadmap to cost competitive And we know we're able to match the incumbents on a cost base, which is really important for the climate tech that we're currently developing. So conversion into paid studies, conversion into licenses are our strategic imperatives at this stage. Turning to markets, dual strategy. I guess what we're saying here is we've got two compelling markets that we effectively serve, the hydrogen market, as well as the graphite market. And we're well positioned in both of those markets. So turning firstly to the hydrogen market, It's a big market with a big problem, but a massive prize for Hazer. The International Energy Agency and DNV both this quarter have put out updates on the market, very positive about the outlook for the market. The market continues to grow roughly at about 4% on a CAGR basis year on year. It's sitting at around 100 million tonnes per annum, valued at about $200 billion. All of this, is dirty hydrogen produced with a very carbon intensive process called steam ethane reforming. One ton of hydrogen, 10 tons of CO2. That's our disruption. Positively, the forecast in particular DNV see by 2050 to 2060 that 85% of this dirty market will be replaced with low carbon sources. That's an incredible statistic for us. because it positions us very constructively as a technology that's ready to disrupt the market today. So we see that as well, that our technology can come in here and disrupt a market that is ready for effectively a replacement technology without the CO2. Growth markets, low carbon ammonia, Methanol, we're very well positioned there with KPR. And then steelmaking is the other market or manufacturing of iron and steel. You'll see on the chart there, it goes from around 5 million tonnes to about 50 million tonnes 10 times in the next 25 years. So we're in the sweet spot again with steelmaking. So again, big market, big problem, very ripe for a solution. Hazer, extremely well positioned to disrupt with a cost parity. solution that is available today. Turning to graphite, the markets are hotting up. You've seen a lot of news flow. It's a critical mineral. It's essential to many components of the energy transition. You can reference the chart there on the left where you can see the DOE, the Department of Energy in the United States, categorizes graphite as in the top five to seven critical minerals. And that is really a signpost for the importance of this market. China dominates the supply. If you look at the chart on the bottom right-hand side, they can control over 80% of the market. So it's a major sovereign risk, but not just Australia, the US, but other developed nations. And in fact, both Australia and US don't produce any domestic supply of graphite at all. So they are relying or we are all relying both on importation as well as future production from potentially technology like hazers. There was a couple of supply shocks during the quarter that are worth calling out. The US imposed tariffs on Chinese graphite that further tightens the market. China then retaliated with the tightening of export controls on not just supply, but also processing and intellectual property. Tim will talk about about our intellectual property on graphite very shortly and then in the last week or so australia and the us have signed another critical minerals deal valued in the order of three billion dollars so haze's opportunity this market's opening up for hazer to locally produce graphite agnostic and independent of the location minimizing these important supply chain risks our deal flow our interest in this technology or at least in this space has grown enormously from government defense through to high-end applications and others and you'll have seen a couple of big strategic deals that have been called out exxon mobil recently acquired superior graphite and that is another strong market signal for the tightening of of this critical market So just turning now to our technology scale up and our go-to-market strategy before I hand it over to Tim, we put a slide together to show the sort of progress that we're making with the alliance. We signed the deal in May this year, so we're only four months into it. And I'm really pleased with the progress we've been making. We're spending a lot of time with the working team. We're spending a lot of time with the the management team in Australia, but also in the US. The design package is taking shape. We're looking at a base design in between 30 and 50 tonnes per annum, 1000 tonnes per annum, potentially above that. The key equipment that has now been selected, including the reactor, that's a major milestone that supports the all important feasibility studies with customers that are in the pipeline. The global sales force is trained up. They're in the market. We're getting actually very good direct feedback as well as indirect feedback that Hazer is being talked about a lot. So we're excited about the momentum that we've got with the early stage marketing that is currently ongoing with KBR as well as ourselves. Those target markets continue to be North America, Asia Pacific, as well as aspects of Europe and of course, Australia. In terms of the next steps, it's about completing the PDP or the Process Design Package, which is due to be completed in the early part of 2026. updates further updates on key projects and and the existing uh deals and projects that we've got new deals new markets and key industries as well as visibility on licensing and that's all ahead of us in the next six to 12 months tim i think that's a good time to hand over to you on the technology update yeah thanks glenn and uh good afternoon everyone great to be here again uh

give you a brief update on technology development and what we've been up to in the recent months. So really what we're working on at the moment, I'd characterize as low cost and high value. Please don't take the low cost as in any way diminishing the value of the work. We're really making some strong headway at the moment. Before I get into the work that we're currently doing, I just want to talk a little bit about some of the key wins that are enabling this next phase of development. So obviously the 2024 CDP test campaign, demonstration scale, TRL7, continuous operation, produce large amounts of graphite and really, really de-risk the technology and enhance the credibility of the technology when interacting with external parties. So that was obviously a big milestone for us. As Glenn touched on the KBR Alliance, really significant. So great working relationships there at this point, access to the leader in ammonia technology, of course, using hydrogen for that production, access to more than half the global supply through KBR. But also they have a strong background in fluid cat cracking, which is my technical background and one of the most widely deployed fluid bed, fluid solids process. So really relevant expertise to help us develop our technology there. We've also complemented it with PSRI, Particulate Solids Research Incorporated. They're a consortium research organization out of Chicago, global leaders in fluid solids and fluidization processes and scale up. So all the oil majors are members. Hazer has joined up as a member this year. And also we've trained all of our staff, all of our technical staff with their fluidization seminar. So we've really upskilled substantially in this last year and now also have access to their more than 50 years of research to help build the rigor around our technology development. So those three things provide a pretty strong foundation for the work that's ongoing. We are doing cold flow testing in Chicago at a large scale. So that's enabled by the demonstration plant graphite production and also the membership with PSRI. And what we get out of that is an improved understanding of gas solids, load behavior, contacting and properties. All that's important to make sure we optimize our reactor design and hardware design for reliable operations that perform and meet the design requirements. We've also building in-house expertise here. So in the picture on the left is our small scale cold flow test rig that we have up and running now. And that allows us to learn as well as we do work with PSRI. We do some complimentary work here over a broader range of samples because it's low cost and small scale. and really build that depth of expertise in-house. As well as this, we've got bench scale testing for reactor performance, kinetics, different molecules that we're building into our in-house proprietary kinetic model. And we'll be coupling in fluid solids contacting behavior from the PSRI test work into that model to, again, further enhance rigor and de-rest the design. And then as Glenn touched on, we're working on the process design package with KBR. So what this does is we'll build a design package at approximately basic engineering level that allows us to get more confidence in our design. It allows Hazer to focus on the core process of the fluid solids and the reaction and bring in KBR expertise and depth of capability in engineering and the process external facilities so that we can have improved confidence in the overall facility design, performance, and cost. And the end result of that is improved marketing, accelerated commercialization when folks sign up to feasibility studies and the next phase. So at this stage, we continue to be very confident. All of this work is reinforcing the existing design basis and economics, and we're doing it with world-class partners getting ready to go faster and bigger. So with that, I'll hand over to Glenn to give a bit more of an update on the project front.

Thanks, Tim. We've got here a pretty nice artist impression of what our facility is going to look like in Canada. It's taking shape. This is 25 times the scale of our CDP. I recently spent some time in Vancouver with Tom Kulik and our COO. We discussed a lot with Fortis in terms of the development plan, but also their vision. And I've seen a big shift in the way that uh fortis bc are thinking about the vision for for hydrogen deployment and i'm confident that it's going to go beyond the first plant there was a positive and constructive discussion on many fronts canada continues to be the ideal location for a hazer facility low gas prices obviously yield out very low costs of of hydrogen in fact i think gas prices in canada in the last couple of weeks have gone very close to zero so Good gas price environment, pricing environment, supportive government policy and supportive government in British Columbia. To remind folks, we've got $8 million of funding support from CleanBC, a very willing partner and a strategic partner in Fortis that have got a very large position in Vancouver as well as the broader province and a very low carbon intensive grid that will provide the power. So lots of good aspects to the feedstocks as well as the industry for Hazer. The site discussions in the offtake are advancing very well. There's a preferred option now identified those offtake discussions, although they're taking a bit longer than we'd like. They are important discussions and it's important because once the site is officially selected, the offtake is also selected with it. And that puts us into a very different position as a project and moving then towards taking final investment decisions. So those commercial discussions are going on and I'd expect to be able to provide an update on this very soon. Moving then to the United Kingdom, you'll have seen during the quarter that we teamed up with Energy Partners, which is a project that is being developed both onshore and offshore. This project's moved very quickly throughout the quarter itself. We announced the collaboration in July. By October, the project has actually received nationally significant designation by the UK government. That's very strong backing. It means it gets access to fast track approvals through the system. It's been identified. identified as a strategic project for the nation itself and that is putting some momentum behind the project. It's initially a 20,000 tonne per annum facility that's being proposed. The scope of the initial feasibility study and the timing of that is being finalised by the team and that should lead to another paid feasibility study for not just Hazer but also KBR who will be supporting that project. the uk government's right behind it they recognize methane paralysis as a clean hydrogen pathway there's potential for government funding and more government support they're also getting behind critical minerals graphite the project is fast becoming recognized as a first mover in the uk for developing locally produced graphite capability and that's important there and that's aligned with the uk's critical mineral supply chain strategy Lots of moving parts, it's moving quickly, strong government backing, very encouraged with the progress that Energy Pathways and the team are making on the ground in the UK. More broadly on our sales pipeline, you've seen this before, but during the quarter, again, more solid progress on the pipeline. Look, for me, it's less about volumes. It's more about quantity, quality. Less about quantity, more about quality. Whilst it's rapidly expanding and we continue to see more and more projects evolving, what we're focused on is near-term projects that are going to get us into paid studies, are going to get us to a position where we see line of sight to licenses. The bubbles mean the size of the project. They've got larger over the course of the last six to 12 months. There's numerous projects in North America, numerous projects in Europe, Asia Pacific, as well as the Middle East. Australia is building out nicely as well. We've got seven key opportunities identified. There's two that we are working on live at this stage. And although it's sort of 45 to 50 big, what we are focused on is that sort of five to 10 that are going to get us to the next phase of technology development and commercialization for us. We continue to work with KBR on high grading the portfolio. And as a reminder, each large scale bubble there under a license agreement is valued at somewhere between 50 and $100 million for Hazel. So the size of the prize, the market is there, the demand is there. It's really all about converting these projects into first step paid feasibility, second step into feed and then into a license agreement. That's it on the commercial and business development front. Tim, over to you on hazer graphite. Thanks, Glenn.

Yep, so as we know, graphite is a key differentiator for hazer's methane pyrolysis relative to the competition, producing graphitic carbon we see as a significant advantage. We also talk about the emissions. We know our product is low emissions. So to put that in context, conventional synthetic graphite is probably in the range of nine to 13 kilogram CO2 per kilogram graphite, a bit of movement, slightly up and down on that range, but that's about the ballpark. We'd expect hazer graphite to come in with a full life cycle emissions analysis, less than one kilogram CO2 per kilogram graphite. So an order of magnitude improvement. Now, obviously, graphitic properties around conductivity, stability are advantageous. So that'll open up potential different applications relative to a non-graphitic or an amorphous carbon. We see line of sight to both drop in high volume markets as well as higher end, more niche, high value markets. Complementing this work, we have the ongoing partnership with Mitsui, which remains strong we see as an important validation of the potential of our product and also an important pathway to realizing offtake and connection to the market with an active global leader in trading of carbon products. Next slide, please, Simon. Okay, so on the IP front, we've had some good activity recently. So building on the base IP around our process in iron ore catalyzed methane pyrolysis to produce graphite of a predefined morphology. We've got two families of patent there. We've also got... has a process improvements patents entering national phase and also electrochemical purification. So this patent gives us coverage for purification up to graphite grade purities. And this is an electrochemical process. So this will be low temperature, high energy efficiency. And we expect to open up a substantial amount of new market access and be cost competitive. And all of this, while it's very interesting technically, the timing as well is great with Chinese export bans is going to create a greater incentive for consumers to be a bit more open to new entries into their supply chain to help mitigate those risks that are now becoming realized in the graphite supply chain. Next slide, please. Okay, a couple of pretty important partnerships developed in the quarter. So firstly, First Graphene, existing producer of graphene with commercial offtake ongoing. We have an MOU with them and see potential for us to help their competitiveness and for them to help us secure off-taken outlet of our graphite product. They'll be in various applications from composite materials, rubbers, elastomers, through to concrete blending, et cetera. So very excited to see where that one goes. It's early days, but a pretty promising partnership. And then also Veolia, a global leader in water treatment and environmental services, have an interest in our product for water purification applications, including PFAS removal and destruction. So again, got some pretty strong partnerships that are going to help us make solid progress on these two fronts. Now, these two fronts are only two out of you know, six buckets that were progressing fairly aggressively. Again, the CDP graphite production has enabled testing and development to ramp up in all of these areas. And work is actively ongoing on all of these fronts with a mix of off-taker testing with direct potential users of the graphite, joint product development, similar to Veolia and First Graphene, Hazer-led product development around understanding fundamentals around property impacts of Hazer graphite, as well as some longer-term research with Hazer graphite. So we're Working on broad applications, chasing them all down, and we have a nice diversified portfolio. So remain confident in our ability to place the material and looking forward to reporting back in the coming months on the outcomes of some of these activities. I'll pass over to Glenn now for a corporate update. Thanks.

Brilliant. Thanks, Tim. So just closing out the corporate, in terms of corporate highlights, I think we've talked to most of this already, strong and robust funding position, new funds from the R&D. So that's the extended runway there. I think we're also very well positioned for some other state and federal level grant opportunities out there, not just on hydrogen, but also graphite, again, that critical mineral area. space is of vital importance to the Australian government. So there's various discussions there at different stages of engagement. We very fortunately had the ARENA board at site last week, which was a nice opportunity to again engage with ARENA who backed us over three years ago in terms of getting our CDP off the ground. And I'm spending a bit more time in Canberra in the coming weeks. So looking forward to their engaging at the ministerial level as well. So on the cost side, you've seen that we continue to shrink the cost base. We're not operating the CDP at this stage. We're in between campaigns. So that headcount's down, that cost base is down, our cash burn is also dropping. And you'll have seen in the last few weeks that I've also re-signed up for another three years. There's a lot more work to be done here. I see a lot of great potential in this technology. The market seems to be aligning with the direction of where we're traveling. And I see some near-term opportunities to re-rate this company and this stock. And I'm absolutely going to stick around for that. I'm excited about the near term. We've got a world-class team that are doing world-class things with our technology. And we have a world-class opportunity to disrupt for disruption. So I'm excited about the next three years ahead. Finishing off then with our strategic priorities. You've seen this slide many times before. We're catalyst rich really over the next six to 12 months. All of these, in my opinion, have the potential to re-rate the company. That completion of that design package that Tim and I have both talked about in terms of getting our package to a place where customers can say, yep, I know what the size of and the shape of this technology is and its readiness for their particular application in industry. So we'll continue that marketing effort with KBR. More paid studies on our own with KBR as well. More validation, confidence in the uptake of the market of the technology. Graphite just continues to get very, very exciting. And we're all very keen here to unlock the value of the graphite co-product that we have and that critical like the market and the stars are aligning for graphite and the critical mineral market. And it's a real game changer for Hazel when you start layering on the potential value of that, not forgetting every unit of hydrogen is three and a half units of graphite. So it's a big sleeping value for our technology. And of course, finally, more strategics as partners, as investors, there's lots of dialogue going on. refining, we've got steel making, we've got other key industries and as well as geographical markets that are looking very deeply at our technology. So really excited about the next six to 12 months. Simon, I think that's probably a good place to pause and open up the call for questions. Thank you, everyone.

Yeah, thanks, Glenn and Tim. I'll just remind everyone that if they do have questions, just type them into the chat box. We've already had a few that came through ahead of the webinar, so I'll just get to those first. Has there been any significant progress in upscaling the Hazer facility due to the large customer base and demand for much higher volumes of H2 and graphite? What progress has been made in delivering the next-gen reactor?

Yeah, Simon, so I'll take that one. Glenn, I mean, I think we've made substantial progress. So the focus of the PDP with KBR is a large scale industrial design capable of 30 to 50,000 tonnes per annum hydrogen production to meet the market demand for ammonia production facilities. So that is a a substantial amount of progress. That work will be at a basic engineering level for the majority of the design, but with the core process loop having more detail in it because of the criticality. Also supported with CDP operating data, bench scale kinetic data, reactor modeling, and large scale cold flow testing in Chicago with PSRI. That's kind of the... gold glass standard in approach to scale up. That's moving forward significantly and we're confident in the path that we're on, we'll be able to achieve 30 to 50 and more.

All right. Thanks, Tim. The customer interest has increased over 45 as per the latest investor deck. What gates need to be passed through in order to secure binding purchase agreements?

Yeah, Tim, I'll take the first part of that and I'll just hand it over to you if that's all right. I think I mentioned it's about quality over quantity, at least in the first instance. There's a lot of deals in the pipeline. What we're focused on is the ones that are going to deliver near-term value and revenue for the company. That's an alignment that we've reached with KBR in particular. And there's lots of good relationships that KBR have in the market as well. But uh some of these are maturing quickly um in terms of milestones and gates the first gate i think i mentioned was feasibility stage that's the gate that fortis has gone through and that's the gate that we typically see first revenues for engineering studies then we move into a feed and then we move towards fid that's the typical process of it I guess stepping up above all that, what's really important is once you hit the feasibility stage, it's not just revenues in the door, but what it is, is a pathway to FID. There's a clear visibility. A customer said, we like your tech. Tell us how much it's going to cost. What is it going to take to integrate this tech into our existing processes? and company, and then we'll do the work. Those studies typically take anywhere between sort of three and nine months, then you go into feed, and then you go into an FID, but there'll be milestones all along the way that give more and more confidence and visibility on a project reaching FID, similar to what we're seeing on Canada at the moment. Tim, did you want to add on that?

You basically covered it, but I guess we'd have binding agreements in place at FID would be the expectation. Yep.

All right. Next one. Are there any local Australian partners who have expressed interest?

There are, and I think the list is growing. I can't disclose names, but I can talk about industries. At the moment, we've got somewhere in the order of seven that we think are real across the country. We've seen a big shift since the green hydrogen projects have taken a step back and they've paused the challenges of green hydrogen, the costs, the transportation and all the commercial aspects that have become difficult. I'm sure you've seen the news flow on all of those projects. We've had a number of those I guess, stakeholders approach us around the potential for hazer. And I guess it comes back to Tim says this much better than I do, but it comes back to chemistry because it's seven times harder to split water than it is to split methane. So it puts us in a very strong competitive position as a technology that uses gas as a feedstock to get to a very low cost hydrogen product stream and our numbers in Australia on Australian gas prices deliver hydrogen around $2 a kilogram. That's extremely competitive on our base case energy requirement for the process. So well positioned there. I think The Australian stakeholders and companies are starting to see the benefit of Hazer across steelmaking, across ammonia, across some of the gas and utility industry. So I'm excited about the space. It's taken a little bit of time for Australia to sort of catch up with the rest of the world. I think policy is changing here as well, which I think is a very big positive. I'll get more colour on that in Canberra in the coming weeks' time. But there's two or three projects that really excite us here in Australia that could get momentum quickly as they sort of move through their funnel and develop their own technologies or at least their own projects.

Thanks, Glenn. There is quite a few on Fortis, so I'll just try and tie them all together. Has the site been identified? What is the target timing progression on feed? Yeah.

Yes, I can see all those questions. I think there's sort of a – perhaps I wasn't clear enough. Yes, a preferred site and partner, at least off-taker, has been identified. I can't go beyond that. I was again in Canada for several days with Tom Kulik and our COO. I was there for a reason because this is starting to get pace and that's important for us to be there to see the progress on the ground. FortisBC are really thinking about that project, but also beyond this project as well. So there's lots of moving parts to this. And as soon as we've got a site formally and officially selected, we will absolutely let investors And observers of Hazer know that and that situation and update as soon as we can. I hope and expect to be able to do that very shortly. It's a critical milestone for the company. It's the next big scallop of our technology. Progress has been good. KBR is also supporting us around the fringes on this as well. So that brings another dimension to the credibility of what we're trying to do there. The first is always hard. I think I've said this many, many times. Getting the first big commercial project off the ground is hard. We've got a very strong partner in Forders with a vision to what they want to do with hydrogen. They're a big player in British Columbia. It's got the government support behind us and behind the project. And we're expecting that there to be a near term milestone for the company.

Well, thank you. Just moving to Veolia. Veolia is testing hazer graphite for water purification. Could they be interested in using the hazer process in any of their landfill or wastewater sites worldwide? Tim, are you okay with that one?

Yeah. Yeah, I'll take that one. Potentially, yes. Definitely we've had conversations both on the process and is it a fit for them as well as graphite product applications. Our demonstration plant is at a water treatment plant, processes biogas, and that application is carbon negative. If we run a larger scale plant, with green power and about 13% biogas, that could also be zero carbon as well. So potential for use in biogas applications, technology works, it's very good on emissions. There's a potential application there, yes.

Thanks, Tim. Has there been any results from the University of Sydney partnership?

Yeah, I mean, it probably refers to our recent announcements around extending the partnership, but we've had a fairly long standing relationship with University of Sydney. Most of the purification work came out of that partnership around with the patent that we've just announced and talked about. And also a lot of the graphite characterisation, catalyst kinetics work and a lot of support for the demonstration plant results that roll into commercial scale design. So yes, we've seen a lot of results and they're continuing to support us.

Simon, I'm just conscious of time. I've just noticed a couple of questions at the end on graphite, which probably club together around revenues. I think George has asked in the principles of how Hazer might receive revenues. There's also a further question from Oliver there on terms of the criticality of graphite. Graphite has really got a lot hotter in the last six months, and we're still, to be honest, trying to get our heads around it ourselves. The inbound interest has certainly gone up on graphite, but also the high end of the graphite applications, as Tim talked to, which is why that first graphene, why some of that Veolia partnerships, as well as some of the other things we're working on become, as well as the intellectual property that we've got, position us very positively in this market. In terms of revenue, of course, a plant owner will typically take ownership of the graphite offtake. It's not always the case. In some instances, we've had customers actually ask us or potential customers ask us if we would like to take the graphite into our hands and deal with it directly. The answer is yes, because we're conviction on the graphite market. So we're just exploring ways of how we position ourselves in this market. We could potentially be a large supplier of locally domestically produced graphite with a marketing agent through Mitsui with intellectual property and processes to get us to the high end. So we see an opportunity here for Hazer to be a real strategic player in the graphite markets worldwide with supply. That's the hardest bit. The avenues as Tim described are there in that slide that he showed around the various markets that we're exploring at the moment. There's multiple testing going on there. Some really positive results are coming out of all that. So we do see it as the potential for further upside to our revenue model. And we've had, like I say, various customers have expressed interest in Hazer taking ownership of that graphite product. In terms of customers focusing on graphite, the short answer is yes. We have some customers that purely see Hazer as a graphite producer with a hydrogen co-product. Of course, that's a good thing to have as well. We've got a separate now pipeline of graphite companies that we are effectively in engagement or dialogue with in terms of using hazer graphite for either a drop-in potential application or either a purified application. So we're exploring many of those at the moment. Simon, I think that was mostly the list that I can see here. Yeah. Unless there's one that comes in in the next few seconds. I think we probably covered off in most of them.

Yep. No, I agree with that. All right. All right. Well, thanks, everyone, for joining us today. We look forward to hearing more for the team's progress on the next one, Glenn and Tim.

Yep, and if I can just finish by saying thank you everyone for joining the call. Been a great year. I think next year is shaping up to be what we would like to call the year of commercialisation 2026. We're well positioned. The tech is doing everything that it should be doing. The partnerships are falling into place. The funding position is there for us to enable that runway through some fairly significant milestones. And I think the markets, both on the hydrogen side as well as the graphite, are tightening. And I think that positions Hazer as a very important and exciting technology over the next six to 12 months. So looking forward to continuing to keep people appraised of our progress. Thank you for joining today.