Thread by @FuzzyPandaShort

$HG / $HGRAF smells like a short - HydroGraph Clean Tech is C$650,000,000 Vancouver based paid stock promote with only C$27,101 reported in revenue during its last 12 months

(Not investment advice)

If you visit the HQ of $HG you will find out there is nothing there

No Graphene, No Hydrogen, just 5-6 other crappy mining companies on the building directory...but NO $HGRAF!

Visiting HydroGraph Clean Tech will leave you feeling dirty.

Don’t get Vancouver-ed!

$HGRAF previous CEO quit for a better opportunity and apparently wants nothing to do with the company.

All mentions of him working at $HG have been scrubbed from his LinkedIn linkedin.com/in/stuartjara/

$HG's current CEO, previously was the Executive Asst at a Crypto stock failure, Squire Mining

However, while working at HydroGraph she got an online Master’s in MSE and joined YPO, which made her qualified to take over as CEO?

Only in Vancouver.

Since $HG / $HGRAF's new CEO took over, the company has spent

$821k on travel and promotion
BUT only
$393k on R&D

All fun rides have to end somewhere

Hydrograph is a paid stock promotion where 2 directors recently resigned in May & June 2025

Do directors normally resign if they think a company is about to 10x?

A major investor of $HG appears to be threatening critics on twitter with legal action

Is this normal for a co claiming to have game-changing tech?

Stay classy Canada!

HydroGraph has a deep roster of sketchy players behind it — alleged stock promoters, financiers who agreed to OSC trading bars, and serial value destroyers.

From DesLauriers to Paterson to PowerOne, this group has a track record of shareholder disasters that rivals our own

$HG has MOU’s & LOI’s that amount to nothing

Investor hopes are pinned to Volfpack Energy-a 6 person Sri Lankan start-up willing to “partner with anyone”

Of Volfpack’s 6 employees 1 is a student & 3 are “open to work”

volfpackenergy.com/#:~:text=We%E2…

Volfpack’s internal photos of their battery assembly facility leave a lot to be desired

We doubt Volfpack’s “2028-29 Pilot production” & “Global expansion by 2030 plan”

Somehow $HG claims Volfpack will have larger-scale production by end of 2025

medium.com/@charliekaru/2…

$HG / $HGRAF announced their ISO 9001:2015 certification as part of their commitment to make high quality graphene

ISO 9001:2015 is a Quality Management certification that has nothing to do with graphene.

It certifies ability to do quality customer paperwork, not particles.

No EPA Approval = No Commercialization

Particles <100nm pose health and safety risks and $HG claims to have particles 20-50nm in size.

We believe this is the reason $HGRAF has gone radio silent on their EPA timeline which has already been pushed out 2 years

$HG is verified by The Graphene Council. GC appears to be pay-to-play low-diligence accreditation

There’s no pass/fail, just a checkmark for being tested labelled to the public as a “Verified Graphene Producer” after paying a fee

A t-shirt hoodie co was able to get "verified"

At least an additional ~37m of options/warrants/other in $HG were exercised in the last 7 weeks

Numerous insiders were granted options in early August (incl 4 million for the CEO)

Do you want to bet on mgmt HODL'ing? We wouldn't.

$HG's largest comp, $GRA has a $495M market cap and does $132.9M in sales annually. And it has a headquarters.

If investors want to bet on graphene then they should buy the company that actually sells lots of graphene

Buyer beware – $HG / $HGRAF has

<$30k in Revenue
$650m market cap
spends 2x more on promotion & travel than R&D

The reason it smells like a Vancouver stock blow-up is because $HG's tech is literally focused on exploding

Terms & disclaimer at fuzzypandaresearch.com/terms/

Note - the above is about Hydrograph Clean Tech NOT Hamilton Insurance Group

Should we be working on Hamilton Insurance Group too?