HAZER GROUP LIMITED — Capital/Financing Update 2020

Mar 30, 2020

Hazer Group Limited (ACN 144 044 600) Level 9, 99 St Georges Tce, WA 6000 PO Box Z5511, St Georges Tce, Perth, WA 6831

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CDP CAPEX BUDGET APPROVED

PERTH, AUSTRALIA; 31 MARCH 2020 : Hazer Group (ASX: HZR) is pleased to advise that the Board has approved a capex budget for the Hazer Commercial Demonstration Plant (CDP) of $16.65 million following completion of sufficient detailed engineering activities, including receipt of initial bids for key sub-packages from a range of vendors. The approved capex budget is within the previously advised target range for the project and has been completed in conjunction with Primero Group, a multi-disciplinary engineering group, who was appointed under an Early Contractor Involvement contract.

The Hazer Process Commercial Demonstration Project is a 100 ton per annum low emission hydrogen production facility that will be the first larger scale, fully integrated deployment of the Hazer Process. The Hazer Commercial Demonstration Project will be located at the Water Corporation’s Woodman Point WasteWater Treatment Plant, utilising biogas produced at the treatment plant as feedstock to produce hydrogen and graphite. The hydrogen produced will be fuel cell grade capable of being used as a low emission transport fuel.

At this stage the COVID-19 pandemic has had limited impact on the Company’s activities.

Hazer is continuing to progress commercial activities required to reach a Final Investment Decision (FID) on the Hazer CDP. Negotiation of binding Biogas Supply and Project Development Agreements are continuing with Water Corporation and negotiation of a binding Hydrogen Offtake Agreement is in progress with BOC Limited. With the significant disruption caused by the COVID-19 pandemic these have progressed slower than anticipated, but we are continuing to progress these agreements through 2Q 2020 with a target of making a decision on the Project FID by mid-2020.

Hazer is continuing to progress engineering and procurement activities to maintain our current schedule target project commissioning date of Q1 2021. We are continuing to progress detailed design activities with Primero Group, completion of specialist engineering sub-packages, and applications for various required approvals. Procurement packages continue to be progressed with request for quotations (RFQs) for key long lead time package issued to the market.

Whilst the COVID-19 pandemic has had limited impact on the Company’s activities to date, the Board will carefully consider the risks on the current situation in particular being satisfied that the project can be delivered within the proposed schedule and budget given potential interruptions to global supply chains and access to contractors, and being able to secure the balance of funding required on acceptable terms.

As at 31 December 2019, Hazer had cash reserves of $9.6 million and is well funded to continue to execute our planned activities.

Geoff Ward, Hazer Group Managing Director commented, “We are delighted to achieve this significant milestone in approving the CAPEX budget for the Hazer CDP. Hazer is fortunate to be able to continue our activities with limited impact from COVID-19 to date. The Company is well financed with a strong cash position, so allowing us to continue to develop our core technology, progress our R&D program and develop new project opportunities during this period of extreme uncertainty. The Board and management team are working closely together to ensure that we closely monitor our spend and are conscious of the potential for significant ongoing disruption to global markets and supply chains as we come to key decision points,”

This announcement was authorised for release by the Board of the Company.

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CONTACT@HAZERGROUP.COM.AU

WWW.HAZERGROUP.COM.AU

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Forward Looking Statements

This announcement may contain certain “forward looking statements” which may not have been based solely on historical facts, but rather 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.

ABOUT HAZER GROUP LIMITED

Hazer Group Limited (“Hazer” or “the Company”) is an ASX-listed technology development company undertaking the commercialisation of the Hazer Process, a low-emission hydrogen and graphite production process. The Hazer Process enables the effective conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality graphite, using iron ore as a process catalyst.

For further information or investor enquiries, please contact:

Geoff Ward

Email: contact@hazergroup.com.au Phone: +61 8 9329 3358

For media enquiries, please contact:

Nathaniel Bradford

Email: WE-AUHazer@we-worldwide.com Phone: +61 437 812 102

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CONTACT@HAZERGROUP.COM.AU

WWW.HAZERGROUP.COM.AU