last week .. trading hzros, page-30

It’s interesting that Hazer isn’t putting out an announcement for its own holders this time around to mark commissioning - a relatively minor update, there’s little reason for MIN to refuse (except to validate your conspiracy theory maybe). Then again, perhaps it more reflects Hazer’s own aversion to ramping under GW.

I’d agree, I wouldn’t expect a minor update from MIN in the next two weeks, and it’s hard to see anything more to help HZRO holders make their decision (the below summary could be pretty compelling, however). If MIN announces the plant is fully commissioned next year, I’d look for it inside another investor presentation.

There’s a few very good things coming our way by mid-2019, from various announcements:

- A 98% chance a standard patent will be granted in March, which will immediately protect Hazer’s partnership with MIN in Australia, and help facilitate others;

- We know from MIN’s annual report they’re aiming to start on the first 1,000 tpa commercial module (Stage 2 of Hazer/MIN partnership). I think we can expect a full-scale MIN ANN for this;

- Moving to Stage 2 will finally unlock details of the MIN royalty agreement, as per GW’s shareholder update today, formalising the deal’s true potential for investors;

- Commercial H2 demo development and offtake partner agreements to be announced.