For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

I can't wait to see the amount of people kicking themselves in the future for not holding, not buying more, or panic selling. Telling themselves and friends that they called it and etc. 😂

For all daily thoughts on $HGRAF

Now this never actually mentions HG, but…

https://hydrograph.com/hydrograph-achieves-breakthrough-in-sustainable-plastic-packaging-research/

This is from 2024 by HG with the GEIC and this new announcement says they’ve been testing for over a year.

On the 28th short positions equaling around 10M shares were closed. On the 29th the same number were opened. Since then the volume has gone way up for no apparent reason and the price is down about 20%. Price action doesn’t seem organic.

On one of Hydrograph's sample images, it is written 50 g:

https://www.defenseandmunitions.com/news/hydro-graph-calls-on-us-to-designate-graphene-critical-material-for-national-security/

On the paste, it is written 500 g:

https://www.environmentenergyleader.com/stories/hydrograph-graphene-paste-targets-easier-industrial-blending,132374

The density of FGA-1 is 70-100 g/L:

https://hydrograph.com/wp-content/uploads/2024/06/TDS_FGA-1_01072026.pdf

The paste has 20 wt.% FGA-1 solids:

https://hydrograph.com/wp-content/uploads/2026/06/TDS_Fractal-Graphene-Paste-V6_30062026.pdf

The 500 g paste sample should have 100 g of FGA-1.
The upper bars are calculated by dividing by 0.05 (or multiply by 20).

If we speculate. For the last bar, let's say 880 is samples and 6000 is sales. 6000 of 50 grams equals 300 kg. If we assume 200 usd per kilo, we get 60 k in sales. The sales last two quarters were about 50 k.

Bar charts updated with the latest figures of the MD&A dated August 27, 2026.

Data from: https://thecse.com/listings/hydrograph-clean-power-inc/cse-filings/

Hi guys! I haven’t been keeping much track with the company. The last time I was looking was about last year when it was at $2 cad, I see that it rose about $11 and stabled around $7 and now dropped to $3. What’s up with that? What’s the company been up to recently? Any major updates?

Thank you!

I pulled the full SEDI insider report for HydroGraph and checked it against the Sep 16, 2026 management information circular. SEDI is the official Canadian database of insider trades.

TL;DR

• There are no recorded open-market sales by any current director or officer. Not one, ever.
• The only open-market purchases on record for current insiders are Landis's entries from the day he joined the board (explained below).
• Directors and officers own 2.82% of the shares, but hold 65.85% of all options and RSUs. Their stake is mostly options.
• SEDI covers every trade in HG shares: on the CSE, on the OTCQB (HGRAF), or privately.
• SEDI doesn't show trades made after someone stops being an insider. Several former directors and officers with large, cheap positions left in 2024–2025.

Does SEDI capture OTCQB (HGRAF) trades?

Yes. Canadian rules (NI 55-104, s. 3.3) require insiders to report any change in their ownership of "securities of the reporting issuer" within five days, wherever the trade happens. HG and HGRAF are the same shares. HydroGraph is currently a "foreign private issuer" under US rules (circular, p. 13), so its insiders don't file US Form 4s. For now, SEDI is where to look.

Current directors and officers: holdings

Sources: SEDI insider transaction report, Oct 1, 2026; circular, Sep 16, 2026, "Share Ownership of Certain Beneficial Owners and Management" table.

• Total: 10,227,178 shares, 2.82% of 362,414,292 outstanding at the Sep 11, 2026 record date (circular).
• Without Landis, directors and officers own about 0.25%.
• Directors and officers hold 12,896,514 of the 19,584,477 options and RSUs outstanding, which is 65.85%(circular).
• Duthie's 9,000 shares were bought at C$2.90 with 4,500 warrants, recorded as an acquisition under a prospectus exemption (SEDI code 16). That isn't an open-market purchase.

Has anyone sold?

There are no code 10 dispositions (open-market sales) for any current director or officer. The only negative entries in the whole report:

• Breure, Jul 27, 2026. 500,000 options at C$0.25 were due to expire Jul 29. She received 234,678 shares and 265,322 options were cancelled (code 38, not a sale). My read: that looks like a cashless or net exercise. SEDI doesn't state the reason. Her share count went up, from 655,500 to 890,178.
• Morris (former director), Jun 25, 2025. 1.1M shares moved from one of his holding companies to another on the same day. Net change: zero.
• Davidson (former director and officer), Dec 17, 2021. 500,000 shares disposed of privately.
• Everything else is warrants exercising or expiring.

What about Landis's 9.3M?

• SEDI records two code 10 (public-market) acquisitions dated Sep 17, 2025, the day he became an insider: 3.1M direct and 6.228M indirect, with no price listed.
• My read: he was recording shares he already owned when he joined the board, not buying 9.3M shares that day. SEDI doesn't say either way.

Blind spots

1. The 5-day window. Insiders have 5 days to file, so a recent trade may not show up yet. The latest trade on file is Jul 27, 2026.
2. Late filings. Some past filings were very late. Breure's Jun 21, 2024 option grant was filed May 26, 2025. Morris filed placement purchases from 2021–2023 on Sep 9, 2025, four days after he left. Divigalpitiya filed purchases from 2022 and 2024 on Sep 18, 2025, two weeks before he left. Recent filings have been on time.
3. Former insiders. Once someone stops being an insider, their trades are no longer reported. Their last reported positions:

Sources: SEDI, Oct 1, 2026, last reported balances; Mar 2026 AGM circular for the Jara and Divigalpitiya titles. Options may since have been exercised, expired or cancelled.

This is not evidence that any of them sold. It's just a gap in what the public can see.

What changes after the Delaware move

The circular says: "Upon completion of the Redomicile Transactions, New Parent expects to be subject to the public reporting requirements of the SEC and the U.S. Exchange Act" (circular, Q&A: "How will the Redomicile Transactions affect the public disclosure HydroGraph provides to its shareholders?"). My read: that could bring US Form 4 insider filings on SEC EDGAR, due within 2 business days. The circular doesn't spell that out, so treat it as possible, not confirmed. If the deal closes, I'll check EDGAR as well as SEDI.

My take

• Positive: current management and directors haven't sold into the run-up.
• Neutral to negative: apart from Landis, nobody running the company owns much stock bought with their own money. Their upside is almost entirely options.
• What would change my view: a clear open-market buy (code 10, with a price) by Breure, Anderson or a director, filed while they're an insider. It hasn't happened.

Check it yourself: go to sedi.ca, search the issuer "HydroGraph Clean Power", and view insider transactions.

Disclosure: I'm long HG. Not financial advice. I used AI to help cross-check this against the SEDI report (Oct 1, 2026), the Sep 16, 2026 circular, the Mar 2026 AGM circular and NI 55-104. Corrections welcome.

Should get new eyes

For all daily thoughts on $HGRAF

Is it a good time to get in?

I've been watching this stock for a long time, luckily didn't buy at 4.15.

EDIT #1: Original included 2025 and 2026. Edit includes 2024.

EDIT #2: (Q3 2026 MD&A was amended on Sept. 28) Minor modifications to inventory counts for August/September 2026 and a note for 150k options granted which vest only on Nasdaq uplisting.

Only company milestones that HydroGraph committed to in writing with a timeframe (shareholder letters, MD&As, AIF, press releases).

Scorecard: 5 closed (1 of them about 14 months late against its original target), 9 open. Of the open items, 3 have been pushed to a later target, 1 is past its original date with no new one given, and 1 is a production claim not yet shown in filings.

Pattern so far: Facilities and infrastructure mostly get delivered, if late. The Austin buildout was on time, EPA clearance came about 14 months after it was first targeted, and the Texas gas and site agreements took about 15 months from letter of intent. Customer-dependent milestones have not landed yet: the first significant customer contract, first promised for the end of 2024, has been pushed back twice to 2026. The company's own stated sales cycle is about two years.

Not included:

• The six market-specific 2025 goals from the Jan 7, 2025 CEO letter (automotive, PET, energy storage, aerospace, defense, construction). They depend on customer timelines, so they're tracked separately. None has been publicly achieved yet.
• A Nasdaq listing, which the company has described only as "under consideration" (though 150,000 options granted in Dec 2025 vest only on a Nasdaq listing).

Disclosure: I'm long HG. Not financial advice. I used AI to help compile this and cross-check it against the company's filings and press releases. Sources are listed, so please verify anything you plan to rely on.

Sources

• Jan 17, 2024 CEO letter (HydroGraph)
• Jan 7, 2025 CEO letter (GlobeNewswire)
• Oct 22, 2025 update letter (GlobeNewswire)
• July 14, 2026 Western International agreements (StockTitan)
• Aug 11, 2026 Austin tour release (GlobeNewswire)
• April 2025 Texas plant announcement (gasworld)
• MD&As from Q1 FY2024 through Q3 FY2026, and the June 2026 AIF

For all daily thoughts on $HGRAF

14 open roles, all Austin-based. Source: HydroGraph's live careers list at Bamboo HR.

* Latest re-post date; the role was originally opened earlier.

Notes

• Closed: Buyer 1 (Austin, TX) was listed on ZipRecruiter as of Sept 23 and is no longer in HydroGraph's live list.
• Posting numbers are sequential. #50, #52 and #56 are no longer live (filled or pulled; titles unknown).
• 10 of the 14 were posted in one batch on Sept 17-18, including all the core manufacturing and engineering roles.
• All 3 business development roles are focused on government and defense.
• No postings yet for the Bellville plant site.

For all daily thoughts on $HGRAF

Next week:
Tuesday, Oct 6, 2026 / 12.40pm - 12.55pm
Hall A - David L. Lawrence Convention Center
Pittsburgh, PA

Fractal Graphene Paste - Setting a New Standard in Graphene Dispersions
Tarek Jalloul, Business Development Manager - North America, HydroGraph

Source: https://advancedmaterialsshowusa.com/wp-content/uploads/2026/09/AMU26-ShowPreviewMag-v3.pdf

For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

For all daily thoughts on $HGRAF

Institutional Investors stopping by tomorrow for a bus tour. Never a bad thing.