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ASX:HZR Tuesday, 18 November 2025 Annual General Meeting Hazer Group For personal use only
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Disclaimer Hazer Group Ltd – Annual General Meeting – 18 November 20252 Important information This presentation has been prepared by Hazer Group Limited (“Hazer” or “the Company”) Summary Information This document contains a summary of information about Hazer Group Limited and its activities that is current as at the date of this document unless otherwise stated. The information in this document is general in nature and does not contain all the information which a prospective investor may require in evaluating a possible investment in Hazer or that would be required in a prospectus or a product disclosure statement prepared in accordance with the Corporations Act 2001 or the securities laws of any other jurisdiction. The information in this document should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX. No Liability The information contained in this document has been prepared in good faith by the Company however no guarantee, representation or warranty expressed or implied is or will be made by any person (including the Company and its affiliates and their directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this document. No person other than the Company is responsible for the preparation of this document. To the maximum extent permitted by law, the Company and its affiliates and their directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this document including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this document including, without limitation, any financial information, any estimates, forecasts, or projections and any other financial information derived therefrom. Statements in this document are made only as of the date of this document unless otherwise stated and the information in this document remains subject to change without notice. No responsibility or liability is assumed by the Company or any of its affiliates (or their directors, officers, employees, associates, advisers and agents) for updating any information in this document or to inform any recipient of any new or more accurate information or any errors or mis descriptions of which the Company and any of its affiliates or advisers may become aware. Financial data All amounts are in Australian Dollars (AUD) unless otherwise indicated. A number of figures, amounts, percentages, estimates, calculations of values and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Readers should be aware that a number of terms used in this presentation including ROI, NPV, net cash generation, operational cash expenditure, IRR and actual and budgeted commitments are categorised as non-IFRS information prepared in accordance with ASIC Regulatory Guidance 230 (Disclosing non-IFRS financial information), nor does it purport to be. This information has not been audited and is based and management estimates and not on financial statements prepared in accordance with applicable statutory requirements. Accordingly, readers should treat this information with appropriate caution. This information is for illustrative purposes only. This non-IFRS financial measures do not have a standardised meaning prescribed by Australian International Financial Reporting Standards (AIFRS) or the Australian Accounting Standards (AAS) and, therefore, may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with AIFRS. Moreover, the disclosure of such non-IFRS financial measures in the manner included in this Presentation and the announcement to which it is attached may not be permissible in a registration statement under other securities acts. Although the Company believes that these non-IFRS / non-GAAP financial measures assist in providing additional meaningful information to readers in measuring the financial performance and condition of the Company’s business and underlying drivers, readers are cautioned not to place undue reliance on any non-IFRS / non-GAAP financial measures included in this Presentation and the announcement to which it is attached. Forward Looking Statements Statements contained in this document or made during or in connection with this presentation, including but not limited to those regarding the possible or assumed future production, costs, projected timeframes, performance, dividends, returns, revenue, exchange rates, potential growth of Hazer, industry growth, commodity or price forecasts, or other projections and any estimated company earnings are or may contain or comprise forward looking statements. Forward looking statements can generally be identified by the use of words such as ‘project’, ‘foresee’, ‘plan’, ‘expect’, ‘aim’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, or similar expressions. Forward looking statements including all statements in this presentation regarding the outcomes of preliminary and definitive feasibility studies, projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Although the Company believes that the expectations reflected in such forward- looking statements are reasonable, these statements relate to future events and expectations and as such involve known and unknown risks and significant uncertainties, many of which are outside the control of the Company. Actual values, achievements, results, performance, actions and developments of the Company may differ materially from those projected, expressed or implied by the forward-looking statements in this document. Such forward looking statements speak only as of the date of this document. There can be no assurance that actual outcomes will not differ materially from these statements. To the maximum extent permitted by law, the Company and any of its affiliates and their directors, officers, employees, agents, associates and advisers disclaim any obligations or undertaking to release any updates or revisions to the information in this document to reflect any change in expectations or assumptions do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward looking statement or any event or results expressed or implied in any forward looking statement and disclaim all responsibility and liability for these forward looking statements (including without limitation, liability for negligence). Nothing in this document will under any circumstances create an implication that there has been no change in the affairs of the Company since the date of this document. Accordingly, you should not place undue reliance on any forward-looking statement. Not Financial Product Advice This document does not constitute financial product advice or take into account your investment objectives, taxation situation, financial situation or needs. This document consists purely of factual information and does not involve or imply a recommendation of a statement of opinion in respect of whether to buy, sell or hold a financial product. An investment in the Company is considered to be speculative in nature and is subject to known and unknown risks, some of which are beyond the control of the Company. Before making any investment decision in connection with any acquisition of securities, investors should consult their own legal, tax and/or financial advisers in relation to the information in, and action taken on the basis of this document. Acceptance By attending a presentation or briefing, or accepting, accessing or reviewing this document you acknowledge, accept and agree to the matters set out above. Authorisation This document has been authorised for release by the Board of the Company. For personal use only
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Converting Emissions into Energy and Critical Minerals Affordable. Scalable. Now. “Hazer Group is decarbonising industry with its breakthrough climate technology; accelerating the delivery of affordable clean hydrogen and valuable graphite; at scale” For personal use only
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Company Overview Snapshot (ASX:HZR) Global Alliance with KBR Exclusive partner to accelerate licensing & deployment Global Project Pipeline 45+ leads, ~1.2 Mtpa hydrogen capacity Graphite Co-product Tier-1 critical mineral with diverse industrial uses Scaling for Deployment Process designs advancing to >50,000 tpa hydrogen Growth Drivers A$130M 1 Market Cap ~$20M 2 Funding position 18 Employees 70+ IP patents A$130M Capital invested to-date Licensing Model 1. Hazer market capitalization as at 16 October 2025. 2. $19.7m (30 Sep 25) comprising $11.6 million of cash, FY25 R&D tax refund of $4.6 million, $2.4 million of further grant funding to be earned, and $1 .1 million of raise proceeds following AGM approval . For personal use only
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5 FY25 Highlights: Foundations for commercialisation A$8.5m 1 FY25 revenue 17% 1 Operating costs A$19.7m 2 Funding position Maiden operating revenue for engineering services received from FortisBC Up 124% YoY Lower CDP & corporate costs Extended runway through major milestones Financial Highlights FY25 Strategic Highlights Successful early completion of the CDP performance test program in November 2024 Strategic alliance with KBR to accelerate licensing and commercial deployment A$10.7m 3 capital raise & A$6.2m Lower Carbon Grant bolsters balance sheet 1. Refer to announcement titled Hazer Releases FY25 Full Year Results released on the 26/08/25 2. $19.7m (30 Sep 25) comprising $11.6 million of cash, FY25 R&D tax refund of $4.6 million, $2.4 million of further grant funding to be earned, and $1 .1 million of raise proceeds following AGM approval. 3. $10.7m capital raise, before issue costs, comprising $7.0 million placement, $2.6 million SPP, and $1.1 million of management & Board participation subject to shareholder approval at AGM. Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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Dual Strategy; Two Compelling Markets For personal use only
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7 Current demand met with a carbon intensive process; steam methane reforming Disrupting a large, established, CO2 intensive market Chart sources: IEA - Global Hydrogen Review (2022 / 2024) DNV - Hydrogen Forecast to 2050 (2022) IRENA and Methanol Institute – Renewable Methanol (2021) Latest Hydrogen Market Update1 • By 2060, 85% of the worlds H2 originates from low- carbon sources • Growth markets led by low-carbon ammonia, methanol & manufacturing (incl. steel making) • Asia-Pacific, Europe and North America key demand centers • US$110 billion committed across 500+ hydrogen projects worldwide — up USD 35 billion since last year.2 1. DNV – Energy Transition Outlook(2025) 2. https://hydrogencouncil.com/en/global-hydrogen-industry-surpasses-usd-110-billion-in- committed-investment-as-500-projects-worldwide-reach-maturity/ Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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US set to impose additional tariffs on Chinese graphite supply places upward pressure and pricing and volumes 8 • Tier-1 critical mineral for the energy transition • China dominates over 80% of graphite processing and supply • US imposed 93.5% tariff on Chinese graphite2 • China tightening export controls on graphite; new bans on exporting processing technology & IP3 • Hazer’s offers a local, high purity, low emissions alternative Sources: 1 Global Critical Minerals Outlook 2024, IEA and “Graphite Shortage Sparks Global Supply Fight.” mining.com.au, March 31, 2025 Supply crunch amplifies Hazer’s graphite opportunity 2 US Department of Commerce has imposed a preliminary 93.5% anti -dumping tariff on Chinese natural and synthetic graphite active anode material (AAM) imports. Decision, announced in July 2025 UBS Critical Minerals Research Report (5th Nov 25) 3 Reuters, October 10th 2025: China expands rare earths restrictions, targets defence and chips users Lower Geopolitical Risk Higher Geopolitical Risk Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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The Hazer Solution For personal use only
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10 • Hazer Group Limited is a technology company undertaking the commercialisation of the Hazer Process • The Hazer Process enables low temperature conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality graphite, using iron ore as a process catalyst Innovative low emission, low-cost methane pyrolysis technology producing clean hydrogen and graphite Hazer’s technology advantage ~ Fluidised bed reactor is proven technology re-purposed from refining and metallurgical industries, enabling scalability Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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End-use deployment and application of the Hazer Technology eliminates H2 transport risk and reduces cost 11 • Eliminates requirement for H2 transportation cost and risk • Co-located with end-user infrastructure • Shared services, lowers operating cost • Technology ready and scalable today for integration into hard-to-abate industries • Steel-making, petrochemicals / refining, power etc Conceptual design of Hazer facility co-located with 3rd party refinery (Source: Stock image not Hazer infrastructure) “Plug-in" technology using existing infrastructure Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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12 Steam Methane Reforming (SMR) Energy Intensity 13 kWh/kg H2 8-10 (lower) Scope 1 CO2 emissions1 9-12 kg/CO2 0 Feedstock Gas Gas (same as SMR) Carbon Capture / CO2 abatement Required, costly & difficult None (graphite upside) H2 Cost (US$) ~$1/kg (without CCS) ~$1/kg H2 per kg Cost Range by Type* $- $1 $2 $3 $4 $5 $6 $7 Hazer US Blue Hydrogen (SMR & CCS) Green Hydrogen (excl. transportation) US$/KG Hazer cost parity with SMR (w/o CCS) Steam Methane Reforming (SMR) currently: • ~95% of the today’s global hydrogen production • >1,500 plants globally supplying key industries like ammonia, methanol, and refining Hazer vs. SMR: Disrupting the old, enabling the new Hazer offers negligible emissions, cost competitive pathway for industries that already rely on hydrogen – without the challenges of carbon capture or electrolysis * Company aspirations that should not be read as forward-looking statements. See disclaimer - Slide 2 and Assumptions & notes – slide 29 • https://about.bnef.com/new-energy-outlook/ SMR = Steam Methane Reforming, CCS = Carbon Capture and Storage 1 Hazer process company modelled simulations, single pass mode with unreacted feedstock gas returned to grid Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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100g batch 100tpa H2 continuous 13 De-risked technology… ready for market Initial Commercial Facilities ~2-15 tpd H2 continuous Operational heat 2kg/h semi continuous Large scale simulation KBR commence DD KBR Alliance 30ktpa+ reactor design commences Rapid development since company founding and advancing Tech Readiness Level PSBR in Lab Bench Test Catalyst kinetics and process research Perth Pilot Plant Fluidised bed optimised conditions catalyst injection Perth CDP Commercial Demonstration Plant (CDP) End-to-end continuous plant operations Canada Pilot Creston Pilot Rig Heat transfer confirmed for resistive heating reactors PSRI Large scale reactor simulation Large scale fluidisation to validate commercial scale-up Industrial User Plants Small industrial scale plants Integrated industrial application supply 2007 - Present 2017 - 2021 2022 - Present 2024 - 2025 2025+ 2026+ We are here Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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Technology Scale-up & Go-To-Market Strategy For personal use only
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15 KBR actively marketing Hazer globally Hazer Group Ltd – Annual General Meeting – 18 November 2025 Hari Ravindran, SVP and Global Head, Technology Solutions: “...the methane pyrolysis technology jointly developed with Hazer provides a low-carbon hydrogen production process that perfectly aligns with our long-term strategic objectives…” Visit KBR website Methane Pyrolysis Technology & Clean Ammonia and Hydrogen For personal use only
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Strategic alliance with KBR to accelerate licensing 16 7.0bln Revenue (2023) US$ 81+ countries Global Presence 38,000 Global Employees ~ 50% Ammonia Market Share 250 Licensed Ammonia Plants Houston Texas, USA Head Office > + Why KBR? TECHNOLOGY IP FOCUSED LIMITED TECHNOLOGY IP SERVICES ORIENTEDNO SERVICES SERVICE PEERS SERVICE W/ LIMITED TECHNOLOGY IP PEERS SUSTAINABLE TECHNOLOGY IP PEERS Reference: KBR Sustainable Technology Solutions Primer (March 2024) NYSE: KBR Proven track record of commercialising breakthrough industrial technologies * Public information published by KBR and available at: https://www.kbr.com/en Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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Overview of key scale-up development projects 17 BC, Canada Nagoya, Japan England, UK Pohang, Sth Korea Description • Project Development Agreement Signed • New site selection in progress • Likely H2 to be used at site location • Existing LNG import terminal or power station site • H2 as fuel for power generation, industry feedstock and mobility • integration of the Hazer into EPP’s Marram Energy Project • H2 for ammonia prod. • Graphite for UK critical mineral supply • Integration into existing plant • H2 and graphite to be used in the steel making process Partners Expected H2 Production • Phase 1 • Phase 2 2,500 tpa 100,000+ tpa 2,500 - 10,000 tpa Up to 100,000 tpa Initial 20,000 tpa Medium scale demonstration Large scale deployment Hazer Operating Model Licensing Licensing Licensing Licensing Targeted Start-up (phase 1) 2026-2027 2027-2028 2030+ 2030+ Hazer Group Ltd – Annual General Meeting – 18 November 2025 Projects moving through feasibility, site selection and licensing toward commercial deployment. For personal use only
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18 Partnership with FortisBC to develop a 2,500tpa hydrogen facility in Canada • FortisBC 100% project owner; Hazer technology licensor • Binding agreement for commercial scale plant; license fee framework agreed • First revenues received and ongoing to FID • Successful reactor pilot rig tested completed • Initial FEED study completed; advancing site selection Project supported by upfront C$8mln of CleanBC Government funding package Artist impression: Facility in British Columbia, Canada Solid progress on first commercial project in Canada Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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19 Hazer–KBR Alliance delivers first commercial project EnergyPathways project gains UK Government backing EnergyPathways (EPP) Integrated Energy & Storage Hub Aligned with UK government policy and potential for funding support • 20ktpa Hazer-licensed facility in England; UK Government – designated nationally significant project • Paid engineering study secured; ~A$0.5m revenue from initial phase • First Hazer–KBR commercial project • Scope covers hydrogen, ammonia & graphite production • Part of EnergyPathways’ MESH clean-energy hub Further details available in the announcement released to the ASX on the 15th July, 2nd October & 13th November 2025 Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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20 Globally diversified pipeline across energy, industry & infrastructure; commercial engagements progressing Existing ammonia terminal Size of potential plant (,000 tonnes/yr) 80+ 20-80 <20 Blue – active project discussions Pink – ongoing engagement Rapidly expanding customer pipeline Hazer Group Ltd – Annual General Meeting – 18 November 2025 Selected High Potential Opportunities Customer Region Application Super Major US Industrial Integrated Energy / NOC Middle East SAF Super Major US Strategic Energy Utility Asia Multiple Steel Asia Green steel Power Utility SE Asia Power Multiple Australia Steel, chemicals Energy Conglomerate Asia Industry Super Major Europe Refining For personal use only
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Hazer Graphite For personal use only
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• High purity, structured graphite • Low production emissions • Differentiated morphology and properties • Drop-in and high-end market applications 22 A synthetic, low emissions product with differentiated morphology and properties Graphite production diversifies earnings • Partnering with leading Japan-based trading group • Collaboration expanded after strong market feedback • High confidence, high volume target industries & buyers identified • Extensive testing program in progress Strategic Partnership with Mitsui Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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23 Hazer Graphite is a versatile and valuable product Testing and product development underway with project partners, potential offtakers and industry experts Concrete & asphalt Market Size (MPTA): 412 Critical mineral applications Market Size (MPTA): 1.5 Iron & steel manufacturing Market Size (MPTA): 860 Thermal energy storage Market Size (MPTA): 4.1 Water treatment Market Size (MPTA): 1.5 Other industrial uses Market Size (MPTA): 12 Hazer Graphite Several global engagements advancing Defence, Rubber, Lubricants etc Market size reference sources on slide 29 Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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Corporate Update For personal use only
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25 Deepening engagement with government to accelerate near-term commercialisation • Positive engagement with Federal and State Government stakeholders • Aligned with recently announced decarbonisation funding programs • Strong policy fit across energy, critical minerals and industry • ~$20m funding position, including $4.6m FY25 R&D rebate • CEO contract extension provides leadership continuity Sharpening execution; Government-aligned strategy; Advanced commercial deployments Corporate execution driving progress Hazer Group Ltd – Annual General Meeting – 18 November 2025 Australian Renewable Energy Agency (ARENA) Board site visit (Oct25) For personal use only
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26 Delivering licenses, FID-ready projects and graphite monetisation 2026: Delivering commercialisation "We believe Hazer is now entering the strongest value-creation phase in its history." Hazer Group Ltd – Annual General Meeting – 18 November 2025 Multiple licenses targeted leveraging KBR global sales force Convert pipeline to licences Advance key projects through FEED and into contracts / FID Deliver FID- ready projects Monetise graphite Advance testing, marketing & offtake pathways to build a second earnings stream Expand KBR , strategic partnerships; new sectors steel, power, SAF, data centres Unlock new growth For personal use only
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Investor RelationsEnquiries: contact@hazergroup.com.au Media Enquiries: spitaro@nwrcommunications.com.au Hazer Group Ltd ASX:HZR For personal use only
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Assumptions and notes 28 Slides 11 - H2 per kg cost range by type and by market (No assurance that actual outcomes will not differ materially from these amounts.) Sources: Company analysis and projections, modelling a range of notional outcomes: 1. Feedstock gas - North America ~US$2.0/mmbtu, Asia Pacific US$12/mmbtu, Europe ~US$8.5/mmbtu 2. ~US$500/tonne graphitic carbon revenue, offset against operating expenses. 3. Location-specific electricity pricing sourced from third-party market references. 4. ~US$130/tonne company estimate for iron ore catalyst supply. 5. Other variables based on business judgement and company analyses. 6. No Government funding, tax incentives or debt funding upside benefit included. 7. Learning curve of 30% is applied to the low-end cost estimate to reflect process engineering, operating, maintenance, logistics and other expected efficiencies. • Rationale for inclusion: https://hbr.org/1964/01/profit-from-the-learning-curve • Learning curve applicable to construction projects(closest analogue). Supports ranges of 60-95% (inverse being 5-40%): • https://www.fgould.com/americas/articles/applying-learning-curve-theory-construction-cost/ 8. Assumes that the Commercial Demonstration Plant demonstrates that the Hazer process technology is effective at producing graphitic carbon and high purity hydrogen consistently and reliably as has occurred in prior smaller size pilot project Slide 23: Hazer Graphite is a versatile and valuable product Adapted from various data sources and studies including: “Methane Pyrolysis for Hydrogen -Opportunities and Challenges,” by Marc von Keitz, 2021, ARPA-E Available: https://www.energy.gov/sites/default/files/2021-09/h2-shot-summit-panel2-methane-pyrolysis.pdf “R&D Opportunities for Development of Natural Gas Conversion Technologies for Co-Production of Hydrogen and Value-Added Solid Carbon Products” Argonne and Pacific Northwest National Laboratories, Nov 2017 Available: https://www.osti.gov/servlets/purl/1411934 “Natural & Synthetic Graphite: Outlook to 2030,” Roskill, Oct 2020 Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only
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Abbreviations and units used 29 ARENA Australian Renewable Energy Agency CCS Carbon Capture & Storage CDP Commercial Demonstration Plan IP Intellectual Property FID Final Investment Decision KTPA thousands of tonne per annum LCOH Levelised cost of hydrogen LNG Liquified Natural Gas MOU Memorandum of Understanding MMBTU Million British Thermal Units (A thermal unit of measurement for Natural Gas) MTPA millions on tonne per annum PDA Project Development Agreement SMR Steam Methane Reforming TPA tonne per annum Hazer Group Ltd – Annual General Meeting – 18 November 2025 For personal use only