Ann: Investor Presentation, page-60

I agree.

I've looked at ARENAs website, and in 90% of examples, ARENA provide 50% of the funding for each project.

So if it is ARENA who provide funding, then they are likely to put in $5m, and the rest would be either paid by Hazer, partner, state funding or some financial lending.

I think it is very likely that Hazer will get some funding from an offtake partner, whether this money is given in consideration of all hydrogen, or done by way of issuing shares to the company, I will be happy either way.

I wonder what influence Simon Rushton (MIN representative on Hazer BOD) has on the upcoming deals. I can't imagine he'd be wanting to to do a raise that would dilute MIN's holding. I think a raise to a partner might also be at 60c (which is the price MIN paid in 2017).