HAZER GROUP LIMITED — Capital/Financing Update 2023

Aug 30, 2023

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 ADVANCES AS HEAT EXCHANGER INSTALLED

Highlights

• Heat exchanger (800HT) successfully installed at CDP

• Reactor furnace commissioning commenced and successfully energised

• • Hot reactor (MKI) fabrication nearing completion

• CDP remains on schedule

PERTH, AUSTRALIA; 31 August 2023 : Hazer Group Ltd ("Hazer" or "the Company") (ASX: HZR) is pleased to provide an update on the Company’s Commercial Demonstration Plant (“CDP”). The Company confirms that the CDP remains on schedule to commence Phase 2 of its operation (‘hot operations’), to produce hydrogen and graphitic carbon, in 2023.

Procurement activities have materially progressed further de-risking the start-up schedule:

1. Following successful heat-treatment (ref. announcement 31[st] July 2023), the replacement heat exchanger has now been shipped to site and successfully installed at the CDP completing a significant milestone for the project as it approaches mechanical completion.

2. The hot reactor main fabrication assembly is in the final stages, shortly enabling the commencement of final machining and heat treatment prior to delivery and installation, bringing remaining equipment procurement to a close.

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Heat exchanger equipment successfully installed

The reactor furnace has completed pre-commissioning checks and has been successfully energised to over 300 degrees Celsius in line with the initial testing procedures. Vendor confirmation was completed to further verify all systems are operating correctly, enabling a portion of the commissioning to be completed ahead of schedule. The remaining hot piping fabrication being carried out by Callidus is also near completion and will be transported to the CDP for installation shortly.

CONTACT@HAZERGROUP.COM.AU

WWW.HAZERGROUP.COM.AU

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Hot reactor fabrication and assembly nearing completion

Hazer’s MD & CEO Glenn Corrie said : “We continue to make great progress in the final stages of our CDP completion and the installation of the replacement heat-exchanger is another significant milestone that materially de-risks the project schedule.

Hazer has a critical role to play decarbonising global hard-to-abate industry with our advanced low-cost and game-changing technology. Our CDP is a key pillar in our commercialisation strategy demonstrating our technology on an industrial scale under continuous operation in readiness for commercial deployment, an exciting time for Hazer.”

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Hazer key activities

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

[ENDS]

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CONTACT@HAZERGROUP.COM.AU

WWW.HAZERGROUP.COM.AU

ABOUT HAZER GROUP LTD

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 graphitic carbon production process. The Hazer Process enables the effective conversion of natural gas and similar methane feedstocks, into hydrogen and high-quality advanced carbon materials, using iron ore as a process catalyst.

For further information or investor enquiries, please contact:

Email: contact@hazergroup.com.au Phone: +61 8 9329 3358 For media enquiries, please contact:

WE Communications – Hannah Howlett

Email: HHowlett@we-worldwide.com Phone: +61 4 5064 8064

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 Twitter (@hazergroupltd), LinkedIn, Facebook, and YouTube. Subscribe to HAZER NEWS ALERTS - visit our website at www.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 "forwardlooking 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.

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CONTACT@HAZERGROUP.COM.AU

WWW.HAZERGROUP.COM.AU