Ann: Response to ASX Appendix 3Y Query, page-7

I tend to agree with you and @Low Key that MIN might only provide an update once the pilot plant has been fully commissioned. Mind you, I'll look out for it as an aside in an investor presentation, which is what they've done previously.

But once MIN decides to enter the Phase 2, to build the first 1,000tpa commercial module (now called "demonstration plant" by Geoff Ward), I would expect a full ANN.

In October, MIN's annual report stated, "MRL envisages commencing construction for a single 1,000tpa full scale module during second half FY19 [i.e. no later than end June] for subsequent use in a multi-module."

Previous form suggests an announcement several weeks ahead of the build. Once Hazer's standard patent is granted, due mid-March, there may not be very long to wait.

Importantly, GW's December shareholder update states that the decision to move ahead "will include Mineral Resources and Hazer agreeing the full commercial terms for the licence agreement to use the Hazer Process in this plant including details of the proposed royalty agreements".

At this point, with a patent secured, what reason would there be to conceal the royalty, which Hazer has always promised to communicate. To me this would signal the company's time as a spec is coming to an end.


A patent may also be what it takes to progress the parallel H2 deal Hazer's working on, unlocking funding towards the demo plant, including from ARENA. At that point, perhaps we'll see the cap raise several have anticipated.

I always half-expect things to go wrong or take longer than expected. Even if the PTR pilot plant doesn't deliver for MIN, Hazer's own FBR design looks like an excellent fallback, going on the recent battery test outcomes.

Hazer seems to be getting into home straight territory. If all, or even part, of the above transpires and the SP is still barely scraping 30c, I'll be pretty surprised.