last week .. trading hzros, page-34

I agree. But you also have to consider that at some point during the FEED study management changed the output of the FEED study.

Initially, on 23 August 2018, when the engineering studies were first commissioned, they said the demo plant was designed to produce 100kg of hydrogen per day, which equates to 36.5tonnes per year.

On 27 November 2018, about the time the FEED study was meant to be released, management released an announcement advising that the plant was for 100 tonnes of hydrogen per year, which is 3 times the original size of the plant announced only 3 months earlier.

There could be a number of reasons for this. Potentially one of the potential partners wanted a bigger plant. Or alternatively, perhaps they got the FEED study back with opex and capex and it was uneconomical, so they decided to increase the size of the plant to ensure the scale was sufficient to be economical.

This is of course speculation.

The main reason I am not concerned about the Demo plant is that I don't think it will be a cash cow, by my calculations anyway. Perhaps over time when the cost of the 10th plant is only 5m, the it will be much more viable.

Also, this is only a demo plant for the hydrogen, so it is not really intended to make money, although I do believe it will make a profit in the $100,000's per annum, again according to my calculations.

Anyway, just my thoughts. I am not upset they didn't realease the FEED study.

But i am upset they didn't release the MIN deal because IMO the graphite side of the business is going to be HUGE, assuming the graphite is battery grade, which the recent announcements indicate it is verified by CSIRO.