Ann: Specialty Metals Project Update, page-47

Haven't seen this posted before. Relevant to the HPA potential from KRR.  I am hoping that the HPA potential is covered in the PFS.
Extract from a report produced by CRU shows potential significant growth in demand and potentially increases in price of HPA:

"Following completion of a more rigorous demand model, coupled with extensive market discussions, CRU has found the unconstrained demand forecast for 4N+ (99.99% or greater) HPA to be significantly stronger than initial estimates from 2018, where it was estimated at 92,900 tonnes (2025). In this recent market report, CRU estimates that 4N+ HPA could in theory grow at 30% p.a. from 19,000 tonnes (2018) to 272,000 tonnes (2028). However, more detailed examination shows that this growth will likely be constrained by supply limitations, and that such unconstrained demand growth would lead to a large-scale deficit that would consequently spike prices to untenable levels.
CRU estimates that HPA in powder form, used in lithium ion battery (LIB) separators, could reach 187,000 tonnes (2028), were sufficient supply made available. Meanwhile, HPA in the pellet/bead form used in light-emitting diode (LED) substrates could reach 85,000 tonnes (2028), and is expected to exhibit greater price inelasticity, since sapphire is by far the most widespread substrate material in the established solid-state lighting industry.
In explaining its 4N+ HPA market growth forecast, CRU asserts that:

• The demand for ceramic coated separators (CCS) in LIB applications is genuine and will rapidly proliferate, as more energy-dense batteries arrive to serve the surging electric vehicle (EV) market; and that
• Manufacturing trends in LED production – which itself has an excellent growth trend – have recently moved in favour of larger sapphire wafers: this will have profound (positive) consequences for the 4N+ HPA market, as the push for defect-free 6" and 8" wafers will drive demand for higher-purity feedstock."

Link to article that references the report:

https://www.prnewswire.com/news-rel...-99-pure-alumina-4n-hpa-market-300896352.html