Earnings release
Page 1
Hazer Group Limited (ACN 144 044 600) Level 9, 99 St Georges Tce, WA 6000 PO Box Z5511, St Georges Tce, Perth, WA 6831 APPENDIX 4C – 30 SEPTEMBER 2026 QUARTERLY ACTIVITIES & CASHFLOW REPORT PERTH, AUSTRALIA; 19 October 2026: Hazer Group Ltd ("Hazer" or "the Company") (ASX: HZR) lodges the following activity update and attached Appendix 4C Quarterly Cashflow Report for the three-month period ended 30 September 2026 (“Quarter"). Highlights for the Quarter: • Hazer–KBR alliance building on the commercial -scale PDP which has now been used as the engagement and techno-economic basis for multiple client engagements. • Paid study with a Japanese energy utility assessing potential Hazer hydrogen facilities of up to 300,000tpa. • Whyalla process continues with decision expected as early as year-end 2026. • Progressing new project opportunities across steelmaking, refining, ammonia, liquid fuels and data centres supported by Hazer’s commercial alliance with KBR and existing strategic relationships. • Hazer graphite purified to 99.99% enabling battery -grade performance assessment . Lower volume but high price markets continue to be part of the long-term strategy. • Hazer graphite demonstrated as performance enhancement in heavy -duty asphalt formulations , confirming another valuable market application. • Global hydrogen market surpasses 100Mtpa; low -emissions H 2 demand grows 20% in 2025; IEA recognises Hazer as a leading, scalable and competitive alternative to conventional reforming. • Healthy $12.9m funding position with additional near-term inflows expected further strengthening liquidity. • CEO, Glenn Corrie, and other members of the management team will host a Webinar on Tuesday, 20 October 2026 at 8:30am (AWST) / 11:30am (AEDT). Details and registration link provided below. Hazer Managing Director Glenn Corrie said : “Industrial customers are looking for practical ways to reduce emissions while remaining competitive and securing reliable energy supplies. This is driving strong inbound interest in Hazer’s technology, which combines low-emissions hydrogen production with a valuable graphite co-product to address both the cost and emissions challenges facing heavy industry. Steelmaking is a clear example of where these priorities intersect. The transition to lower -emissions steel requires hydrogen at a cost and scale that can support commercial operations. We see a substantial opportunity for Hazer through our support for M Resources at Whyalla and our engagement with steelmakers internationally. With KBR, we are engaging with prospective customers across multiple industries and geographies, including Europe, the Middle East and the United States. Japan also remains an important market and a key partner in Australia’s energy and industrial development, with our paid study demonstrating the potential scale of deployment. I’m confident there are more of these to come now we have an engagement strategy that is being exercised. The breadth of customer interest reinforces our confidence in Hazer’s commercial strategy. With commercial-scale engineering in place, our focus is on progressing that interest into studies and projects that can deliver competitive returns alongside meaningful emissions reductions.”
Page 2
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 2 Key activities undertaken during the Quarter are outlined below: KBR Alliance update Hazer and Kellogg Brown & Root LLC ( “KBR”) continued to advance the Hazer -KBR Alliance during the Quarter, building on the completion of the commercial-scale Process Design Package ("PDP") in April 2026 (refer announcement of 15 April 2026). Under the Alliance, KBR is Hazer's exclusive global partner for the marketing, licensing and deployment of Hazer technology in the ammonia and methanol markets, and the parties also collaborate on opportunities in other hydrogen markets. The PDP is based on a 30,000 tonne per annum (“tpa”) hydrogen plant and supports single-train plants of 10 to 50 ktpa and multi -train developments exceeding 100 ktpa. It provides a standardised design basis from which Hazer and KBR can prepare tailored proposals for feasibility studies, Licensor Basic Engineering Design and Front- End Engineering and Design (“FEED”). The PDP also provides greater clarity on plant cost and reduces design risk for prospective customers. The PDP confirms the potential for Hazer’s technology to deliver competitive economics at commercial scale consistent with previous cost and economic assessments . The PDP development process has also identified further process and capital optimisations that strengthen project economics leveraging KBR engineering and scale-up expertise. Capital intensity has improved ~12% versus prior Hazer estimates, further validating the Company’s view that clean hydrogen that can be delivered at a competitive Levelised Cost of Hydrogen (“LCOH”) into global markets. The key metric of the Alliance will be the engagements with clients and licensors and conversion into feasibility studies leading to Final Investment Decisions (“FID”) and ultimately deployment of the technology globally. Steelmaking - A strategic growth market for Hazer1 Whyalla Steelworks – potential decision by year-end 2026 In Australia, Whyalla represents a significant potential opportunity. The planned transformation of the Whyalla steelworks from coal-based blast furnace operation into DRI and electric arc furnace (“EAF”) technology creates a pathway to lower -emissions steelmaking using hydrogen. With substantial government backing for the transformation, Whyalla could provide an important opportunity for Hazer to demonstrate the strategic relevance of its technology to Australia’s emerging clean steel industry. M Resources remains one of two final bidder s with a decision now expected as early as the end of 2026 . Hazer continues to support M Resources under our agreement to incorporate the Hazer Process into its proposed redevelopment of Whyalla as a modern, lower-emissions steelmaking operation2. The permanent closure of the approximately 60-year-old blast furnace confirms that Whyalla’s future will require new capital, new equipment and modern steelmaking technology. South Australian Premier, Peter Malinauskas, has reiterated that the long -term vision remains centred on “new equipment and new technology” capable of supporting steelmaking at Whyalla for decades to come3. The Australian and South Australian governments have committed A$2.4 billion to make Whyalla a clean steel production hub. This involves replacing the coal -based blast furnace with DRI and EAF technology initially using natural gas and then targeting 100% hydrogen - this shift is projected to cut steelmaking emissions by up to 95%4. 1 Hazer ASX release (8th October 2026) - Hazer’s role in the Future of Steelmaking 2 https://mresources.com.au/wp-content/uploads/2025/12/Dec-25-Press-Release-MRT-Hazer-Group-MOU-V1.pdf 3 https://www.theaustralian.com.au/business/mining-energy/whyalla-steelworks-faces-500-job-losses-as-blast-furnace-faces-closure/news- story/076c9641e6fb231a38900a79064e3e23 4 SA-20-Year-State-Infrastructure-Strategy-2025-Web.pdf (1.1.2 South Australia Green Iron)
Page 3
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 3 While the closure has had a significant impact on Whyalla’s workforce and community, it has created and opportunity to accelerate the green transformation at the steelworks. Rather than committing substantial capital to an ageing coal -based furnace the new owner can build a modern, commercially sustainable, steelmaking operation from the start, potentially accelerating the deployment of hydrogen -based steelmaking and Hazer technology at Whyalla. Whyalla remains an important potential project for Hazer, and we will continue supporting M Resources as the sale process progresses. We will update shareholders when there are material developments that can be disclosed. Why steel matters? Steelmaking represents one of Hazer’s most strategically important markets with the potential to combine affordable, low-emissions hydrogen and graphite production with the decarbonisation of one of the world’s most emissions-intensive industries. Figure 1 World Steel Association (2026)5 Hazer’s technology has a natural strategic fit with the transition from tradition blast furnace operations to direct reduced iron (“DRI”) steelmaking. The Hazer Process uses an iron-ore catalyst to convert gas into low-emissions hydrogen and high -purity graphite providing strong alignment between Hazer’s technology and the core feedstocks and products of the steel value chain. Hazer is pursuing opportunities in established steelmaking markets, including partnerships with POSCO in Korea and leveraging our strategic relationships with Mitsui in Japan to explore applications of Hazer technology in emerging low-emissions steelmaking pathways. Go-To-Market strategy building momentum across multiple industries & geographies Hazer’s pipeline of project opportunities continues to grow and deepen. While the market for so-called ‘green hydrogen’ (hydrogen typically produced by electrolysis of water ) has faced challenges in recent years, Hazer is observing a noticeable increase in the acknowledgement of the attractiveness of methane pyrolysis by industry proponents and other stakeholders such as governments, both in Australia and internationally. 5 World Steel Association (2026) and https://minister.dcceew.gov.au/bowen/transcripts/press-conference-illawarra-nsw Hazer’s technology is a simple, pragmatic and commercially focused solution, producing two valuable products the world requires - clean hydrogen and high-quality graphite - from a single process. Hazer is now well positioned to compete on scale and cost while delivering significantly lower emissions than conventional hydrogen produced via steam methane reforming (“SMR”).
Page 4
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 4 The worldwide focus on energy and fuel security continues to drive increasing demand for Hazer’s technology in important market segments in particular low-emissions liquid fuels including sustainable aviation fuel (“SAF”) and renewable diesel, iron and steel making and in recent months also the emergence of data centres. In an environment where cost competitiveness, energy security and emissions reduction increasingly go hand-in- hand, Hazer is well positioned to address one of the central challenges of the energy transition - how to deliver materially lower emissions without compromising commercial viability? Paid study secured with Japanese power utility On 17 August 2026, Hazer announced that Hazer-KBR Alliance entered into a binding agreement with a Japanese power and energy utility for a paid study to evaluate the integration and potential deployment of Hazer’s methane pyrolysis technology into its power generation portfolio in Japan. Under the agreement, the Hazer -KBR Alliance will deliver a pre -feasibility study evaluating the integration of Hazer’s methane pyrolysis technology with the customer’s power generation portfolio. The study will assess hydrogen production capacities of 30,000 and 300,000 tonne per annum and is expected to be completed by the end of 2026. Japan continues to represent a strategically important market for Hazer, reflecting strong demand for low - emissions hydrogen solutions and the country's ongoing focus on energy security and decarbonisation. Hazer’s position in Japan has also been strengthened by the recent grant of a key patent by the Japanese Patent Office, providing further protection for Hazer’s intellectual property in this strategic market (refer announcement 3 June 2026). FortisBC project (Canada) Hazer continues to work with FortisBC on the proposed British Columbia facility under the binding Project Development Agreement signed in May 2024. The project has a strong technical foundation validated by the pilot- scale reactor test program completed in 2025 and is supported by provincial government grant funding. During the Quarter, Hazer and KBR continued to work with FortisBC on progressing the engineering scope and commercial arrangements for the next phase of development, with KBR bringing global engineering and project execution capability to the project. Energy Pathways MESH Project (UK) Hazer continues to work with Energy Pathways (“EPP”) on their announced development Marram Energy Storage Hub, Hazer Technology remains the large-scale hydrogen and graphite selected option due to industrial scalability of 30,000tpa and above of hydrogen. The companies, including KBR, are discussing the next phase of integration work. Business development pipeline update Beyond existing projects and partnerships, Hazer (and KBR) continue to pursue a broader portfolio of opportunities across refining, ammonia, steel, liquid fuels and data centres, targeting key growth markets across Asia, Europe, the Middle East and North America. Site visit Hyogo Prefecture Western Australia and Japan’s Hyogo Prefecture are celebrating 45 years of their sister-state relationship in 2026. To mark the anniversary, Hazer was pleased to welcome Vice Governor of Hyogo Prefecture, Mr Yutaka Morimoto, and a senior government and industry delegation to our Commercial Demonstration Plant (“CDP”) in Western Australia.
Page 5
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 5 In addition to the senior level government representative s, t he delegation included representatives from industrial heavy weights such as Kobe Steel, Kansai Electric, Mitsubishi Heavy Industry and Kawasaki Heavy Industries. The visit provided an opportunity to showcase Hazer’s technology and its potential role in lower - emissions hydrogen and industrial decarbonisation, and the discussion of opportunities for collaboration. Figure 2: Japanese delegation pictured during the site visit to Hazer’s CDP. Hazer Graphite - a valuable and versatile co-product As previously announced, Hazer is deploying a dual -pronged strategy that targets established, high -volume, higher confidence markets while also developing potential high -end applications over the longer term. Large - volume market segments such as steelmaking, cement, and asphalt provide consistent demand and are expected to underpin a baseline product value, while higher end applications offer the potential for higher valu e over the longer term despite representing a smaller share of total volumes. Hazer’s strategic partnerships, including Mitsui, support the strong inbound interest reinforcing commercial credibility and opening doors across various market segments. Combined with Hazer’s direct market engagement and feedback from prospective partners and offtakers, Hazer’s market analysis confirms both high demand volumes and application potential, underpinning an attractive market proposition. Hazer Graphite achieves first battery grade milestone As announced on 13 July 2026, Hazer engaged ANZAPLAN, a division of the Dorfner Group and world leaders in battery-grade graphite and specialty minerals technology to undertake third -party graphite purification testing. ANZAPLAN provide specialist expertise across the graphite value chain including purification, advanced processing and battery performance testing for high-value applications. Initial results have determined that Hazer Graphite can be thermally purified to over 99.99% purity making it possible to assess this material for higher end applications including battery conductive agent and battery anodes within lithium-ion and potentially sodium-ion batteries. The steps for assessment for higher end applications after successful purification include physical processing of the material to match the specifications required for battery anode manufacturing and lab scale electrical performance testing in half cell and full cell batteries.
Page 6
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 6 Following this phase of assessment, the qualification process for commercial offtake is known to take years due to the highly rigorous quality control and compliance requirements, however with the international focus on diversity of supply of this material it remains a meaningful opportunity to progress in the long term. Hazer graphite demonstrates performance benefits in asphalt applications As announced on 25 September 2026, independent testing by materials specialist Boral Construction Materials Technical Services has demonstrated that Hazer graphite can replace a portion of carbon intensive petroleum - derived bitumen in heavy -duty asphalt formulations while maintaining or improving key performance characteristics required for infrastructure applications. This latest testing program was undertaken and assessed the impact of Hazer graphite in several heavy -duty dense graded asphalt formulations commonly used in road construction. Testing was conducted against Transport for New South Wales specifications for heavy-duty pavement applications. Bitumen represents a large-volume global market, with road construction and paving accounting for the majority of demand. Global demand of petroleum derived bitumen in the road construction and pavement segment is estimated at approximately 122 million tonnes per annum and is forecast to reach approximately 175 million tonnes by 2035 growing at a compound annual growth rate of 4.1% during 2026-2035.6 Current bitumen pricing across major international markets provides a useful reference point when assessing the potential value proposition for Hazer graphite as a partial replacement material. Recent reported spot prices are in the range US$383/t - US$724/t across major global ports.6,7 Hydrogen Market Update – IEA Global Hydrogen Review 2026 Hazer’s growing market exposure The International Energy Agency (“IEA”), a leading independent authority on global energy markets, has released its Global Hydrogen Review 20268 and provides a comprehensive assessment of the global hydrogen sector and specifically recognises Hazer's work with KBR in methane pyrolysis. The IEA recognises the progress of methane pyrolysis toward industrial deployment and licensing with Hazer’s 30,000 tonne per annum hydrogen Process Design Package developed with KBR demonstrating that methane pyrolysis has reached a design scale comparable to conventional and highly carbon-intensive SMR. The IEA identifies existing applications in refining, chemicals and heavy industry as key near-term markets for low- emissions hydrogen. That aligns with Hazer's strategic focus, steelmaking in Australia and internationally, ammonia and methanol through our strategic partnership with KBR, and liquid fuels such as sustainable aviation fuel through our recent MOU with Continual Renewable Ventures (refer announcement of 12 May 2026). The IEA's findings reinforce the importance of commercial and engineering-ready designs, customer offtake and supportive government policy framework in accelerating deployment. Hazer continues to advance customer engagement and project development opportunities while working with governments on the support mechanisms required to progress commercial opportunities. Global hydrogen demand surpasses 100Mt as energy security reshapes supply chains According to the IEA’s report, global hydrogen demand in 2025 surpassed 100 million tonnes for the first time , almost all of it in fertiliser, refining and heavy industry. Production remains dominated by unabated “grey” hydrogen (methane reforming) and generated around 1,000 Mt of CO 2 in 2025. Importantly, demand for l ow- emissions hydrogen grew by 20% in the same period to reach almost 1% of global production (concentrated in 6 Hazer commissioned market and pricing study: Commodities Market and Pricing research: International Market Analysis Research and Consulting Group (IMARC) March 2026 7 https://www.petronaftco.com/bitumen-price/ 8 IEA Global Hydrogen Review (2026) - https://www.iea.org/reports/global-hydrogen-review-2026. The IEA's views are its own and do not constitute an endorsement of Hazer
Page 7
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 7 North America and Asia). The conflict in the Middle East has strongly impacted the production of hydrogen -based products. The Middle East is home to around one-sixth of global hydrogen production, the majority dedicated to the production of chemicals, urea/fertilisers and refined oil products. This has placed significant pressure on the global supply chains for these products forcing countries reliant on these imports to establish and accelerate local supply chain development to increase domestic production. Figure 3 Global Hydrogen - IEA report & DNV Energy Transition Outlook 2026 The conflict in the Middle East has strongly impacted the production of hydrogen-based products. The Middle East is home to around one-sixth of global hydrogen production, the majority dedicated to the production of chemicals, urea/fertilisers and refined oil products. This has placed significant pressure on the global supply chains for these products forcing countries reliant on these imports to establish and accelerate local supply chain development to increase domestic production. Corporate update - Prudent financial stewardship; robust funding position The Company maintained a pro-forma funding position of $12.9 million, comprising $8.3 million of cash and cash equivalents as of 3 0 September 2026 (including restricted amounts of $0.82 million which are scheduled for acquittal and release this financial year), a FY26 R&D tax refund of $2.3 million (received and announced on the 15th October 2026) and $2.3 million of remaining funding milestones associated with the Company’s grant from WA Government’s Department of Energy and Economic Diversification (“DEED”) which is yet to be earned. In addition, Hazer expects further cash inflows that include project level revenue and additional R&D incentive upside from international R&D expenditure. These amounts are not included in the pro -forma figure above further strengthening Hazer’s medium to long term liquidity. During the Quarter, the Company recorded net operating cash outflows of $2.3 million, consistent with prior quarters as the Company’s continues to minimise operating costs while progressing commercialisation activities and advancing technology scale-up with KBR. The Company advises that $0.219 million was paid to related parties during the Quarter (see section 6 of the attached Appendix 4C). These payments relate to salaries, fees and superannuation paid to Directors and the CEO during the Quarter.
Page 8
WWW.HAZERGROUP.COM.AU CONTACT@HAZERGROUP.COM.AU 8 Corporate access Hazer Group September Quarter Investor Webinar Glenn Corrie , and other members of the management team will host a webinar to discuss the September Quarterly Report followed by a Q&A session. If you would like to join, please click on the link below to register: Date: Tuesday, 20 October 2026 Time: 8:30am (AWST) / 11:30am (AEDT) Registration: https://us02web.zoom.us/webinar/register/WN_dnjMrzZZQRS7wXpTzEQ1ng To submit questions ahead of time, please send them to: spitaro@nwrcommunications.com.au [ENDS] This announcement is authorised for release by the Board of the Company. For further information or investor enquiries, please contact: Corporate Enquiries Hazer Group Email: contact@hazergroup.com.au Phone: +61 8 9329 3358 Media enquiries NWR Communications – Simon Pitaro Email: spitaro@nwrcommunications.com.au Phone: +61 409 523 632 ABOUT HAZER GROUP LTD Hazer Group is an Australian technology company, driving global decarbonisation efforts with the commercialisation of the Company’s disruptive world-leading climate-tech. Hazer Group’s proprietary advanced technology called the Hazer Process, enables the production of 2 product streams - clean and economically competitive hydrogen and high -quality graphite (“Hazer Graphite”) using a natural gas (or biogas) feedstock and iron -ore as the process catalyst. Hazer Group Limited - Social Media Policy Hazer Group Limited is committed to communicating with the investment community through all available channels. Whilst ASX remains the prime channel for market -sensitive news, investors and other interested parties are encouraged to follow Hazer on X (Twitter) (@hazergroupltd), LinkedIn, Facebook, and YouTube. Subscribe to HAZER NEWS ALERTS - visit our website at ww w.hazergroup.com.au and subscribe to receive HAZER NEWS ALERTS, our email alert service. HAZER NEWS ALERTS is the fastest way to receive breaking news about @hazergroupltd. Forward-looking Statements This announcement may contain certain "forward -looking statements" which may not have been based solely on historical facts but are based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties, assumptions, and other factors, which could cause actual results to differ materially to futures results expressed, projected, or implied by such forward looking statements. The Company does not undertake any obligation to release publicly any revisions to any "forward -looking statements" to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under the applicable securities laws.
Page 9
ASX Listing Rules Appendix 4C (01/12/19) + See chapter 19 of the ASX Listing Rules for defined terms. Page 1 Rule 4.7B Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity HAZER GROUP LIMITED ABN Quarter ended ("current quarter") 40 144 044 600 30 SEPTEMBER 2026 Consolidated statement of cash flows Current quarter $ A'000 Year to date (3 months) $ A'000 1. Cash flows from operating activities 1.1 Receipts from customers - - 1.2 Payments for (a) research and development1 (438) (438) (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs, including research and development staff (1,488) (1,488) (f) administration and corporate costs (501) (501) 1.3 Dividends received (see note 3) 1.4 Interest received 98 98 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives - R&D tax rebate - JTSI Lower Carbon Grant – Gorgon Fund - - 4,580 - 1.8 Other (provide details if material) - Net GST received / (paid) (5) (5) - Security deposits received / (paid) 1.9 Net cash from / (used in) operating activities (2,334) (2,334) 1 Research and development expenditure in 1.2 (a) is expected to be eligible for the R&D tax incentive rebate.
Page 10
ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 2 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Consolidated statement of cash flows Current quarter $ A'000 Year to date (3 months) $ A'000 2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) businesses (c) property, plant and equipment2 - - (d) investments (e) intellectual property (f) other non-current assets 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities - - 2 Expenditure in 2.1(c) relates primarily to the C DP development of the next scaled up reactor type and R&D program. This expenditure is expected to be eligible for the R&D tax incentive rebate. 3. Cash flows from financing activities 3.1 Proceeds from issues of shares (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity (28) (28) securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities (28) (28)
Page 11
ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 3 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Consolidated statement of cash flows Current quarter $ A’000 Year to date (3 months) $ A'000 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at the beginning of the period 10,669 10,669 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,334) (2,334) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) (28) (28) 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at the end of the period 8,307 8,307 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $ A'000 Previous quarter $ A'000 5.1 Bank balances 7,366 9,736 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) - Deposits for bank guarantees - Restricted cash (ARENA grant) 121 820 121 812 5.5 Cash and cash equivalents at the end of the quarter (should equal item 4.6 above) 8,307 10,669 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 13 219 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - 3 Salary, Director's fees and superannuation paid to Directors A$(219k).
Page 12
ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 4 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B 7. Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $ A'000 Amount drawn at quarter end $ A'000 7.1 Loan facilities 0 0 7.2 Credit standby arrangements 0 0 7.3 Other – convertible notes issued 0 0 7.4 Total financing facilities 0 0 7.5 Unused financing facilities available at quarter-end 7.6 Include in the box below a description of each Facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter -end, include a note providing details of those facilities as well. No financing facilities have been entered into or are proposed at this time. 8. Estimated cash available for future operating activities $ A'000 8.1 Net cash from / (used in) operating activities (Item 1.9) (2.334) 8.2 Cash and cash equivalents at quarter-end (Item 4.6) 8,307 8.3 Unused finance facilities available at quarter-end (Item 7.5) 0 8.4 Total available funding (Item 8.2 + Item 8.3) 8,307 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1) 1 3.56 1 Excludes 2025/26 R&D Taxable Income refund receivable reported as at 30 June 2026 (refer announcement of 25 August 2026). Estimated quarters of funding available after adjusting for this item would be 4.57. 0
Page 13
ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms. Page 5 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B 8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 19 October 2026 Authorised by: The Board of the Company (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that w ishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – e.g. Audit and Risk Committee ]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee". 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.