Next stop 23c!

If the royalty rate is 15% (based on the State One report, which you've referenced before), it's 15% for everyone. MIN would clearly have more benefit because they're a large holder. No news there.

But why say "only"? The deal with MIN could give Hazer, with its relatively small number of holders, a very worthy share of an extremely large profit pile within a few years.

Nothing has changed: this one deal can make many holders very well off.

I think it's time for the company to release royalty rates.

They've known them for over a year, but have not disclosed to market based on the fact the capital cost of the project, and thus the value of the royalty, was not specifically known. This is despite ASIC even making an inquiry to hazer management, requiring them to release a please explain to market.

But from the last MIN/HZR announcement on 29 August 2018:

"As previously announced, the binding Co-Operation Agreement with MRL includes an agreement requiring MRL to pay Hazer a revenue based royalty that achieves an agreed share of profits after tax generated from the sale of graphite. The profit share between MRL and Hazer has been agreed within a defined range linked to the end graphite sale price point(s) achieved by MRL for sale of Hazer graphite. The specific net profit share and therefore the associated revenue based royalty rate are subject to further negotiation as key variables are tested and validated during Stage 1 of the proposed development pathway.

Given the progress of the MRL PTR pilot plant, Hazer and MRL have now started the development of the draft financial model for the future commercial plant to allow Hazer and MRL to estimate the value of the royalties for different business case scenarios. When the draft financial model is completed, Hazer will be in a position to clarify the potential value of the royalties."

Three months has now passed (plus 1 year since the initial announcement with MIN). Enough is enough. What is the value of the estimated royalty. They have said they now have all the info, so why is it not public. They are contradicting their response to ASIC last year when they said they didn't have enough information to estimate the value, and now here they are with all the info but no release to market.

Might be time for another inquiry from ASIC to follow up on last years response.