Cash inflows during the December quarter totalled $2.89 million from the exercise of options thanks to continued strong share prices.
Shares in Hazer are currently trading at $0.50, more than double the December 2015 IPO listing price of $0.20.
Positively, further cash inflows are expected in the current March quarter due to tax rebates from FY17.
Cash continues to be invested in research and development
Importantly, while Hazer maintains a strong financial position, it is not from lack of investment into research and development.
During the December quarter, operating cash flows of $1.29 million were recorded as core research and development activities continued to commercialise the Hazer Process.
The Hazer Process is a low-emission hydrogen and graphite production process.
This process enables the effective conversion of natural gas and similar feedstocks into hydrogen and high quality graphite, using iron ore as a process catalyst.
Last quarter, Hazer executed a binding agreement with Mineral Resources Limited (ASX:MIN) to jointly develop a large-scale commercial synthetic graphite facility.
Initially, it will be targeted towards the production of at least 1,000 tonnes per annum (tpa) of ultra-high purity graphite and capable of modular expansion to a nominal 10,000tpa.
Technology being de-risked
Furthermore, last quarter, a key development milestone was achieved regarding the scale-up and commercialisation of the Hazer Process.
This occurred through the demonstration of on-line injection of iron ore catalyst in the pre-pilot plant.