Ann: Capital Management Update, page-117

Ah, you're right for once. Striker shouldnt be there, Sorry!

Unfortunately I cannot research everything (only the necessary amount to determine if its feasible to research more). I did a little bit in the past few days which i'd argue is more than what you've done over the past year or two. You claim ESI has fundamentals. Do you even know what fundamentals are?

FYI, let me know if I got something wrong, i probably have, but it probably doesnt even make a different)

Focusing on one of the tech. The coldry technology is real but impractical. Its the same as a preheater tower used in clincker production albiet missing a few features. The grinding process, elaborate moisture removal system and residual heat transfer from the cooling tower and all the other fluff about drought proofing is dumb. I believe the company quoted $70 manufacturing cost 6 years ago (i'd wager they forgot certain things). But since then thermal coal spot prices plummeted. But despite this, how can ESI make it work? What are their margins or bottom line (to include wage increases and loan repayments)? How much are power stations saving (material/immaterial)? How much are power stations paying minus subsidies? SP3 sure doesnt know (neither do I, but i would wager that they get a better bulk deal than ESI). There's not enough profit it in and not enough fundamentals either.

The whole reason why no one signs up is because power stations need to reinvent their operating processes which is expensive. e.g. the way they deal with the heterogeneous nature of input material if they adopted the pellets. No utility in their right mind would even consider writing a business case for this for a company with an unproven track record, no pilot plant etc. I would know, I've been client side and had to write said business cases (but not for coal). Furthermore, as xdfeng has stated, there is no value added. Infact, stations take on more risk.

I've seen scam companies, Ive seen it in canadian mining and now in most of the cannabis stocks (US), ESI is one side of the same coin.

I'd advise you to stop gambling with your pocket money.