a christmas cold shower

A few notes from someone that was able to listen in. Audio quality was poor, so the official transcript may vary from my posting.
[My comments in parentheses]

Eric Coates presented the Ablation technology.

Pugsley argued Ablation is merely a technologically advanced version of conventional mining, does not concentrate Uranium and therefore no source material license is required.
[Since Pugsley has been retained by MA this is expected; my personal belief is they won’t get this to stick. BLR’s AGM presentation states on pg8 “Upgrading 0.127% U3O8 ore to ~1.20% U3O8 concentrate”]

Less than 50lbs of ore has been Ablated overall.
[Takes me back to my earlier posts that got laughed out of town….either running very small batches or very low grade. It would appear it is regular source material and they have been running very small amounts]

The ore must be crushed to at least 3/8 inch before ablating.
[Didn’t know there was an additional process required….is this a well known fact? How does this impact the economic model?]

The claim was made that “nothing goes into solution” [contrary to the patent application]. The ablated slurry is dewatered, resulting in a paste that is 60-70% solids.

The metal piping in Ablation wears out at a rate of 7/100 inch per hour [1.778mm for metric], so they are trying to source out ceramic-lined pipe (this could take 2-3 months). They are “still in R&D”.
[Some tough nuts to crack still by the looks; I wouldn’t hold out for “near term revenue”…]

Pugsley will submit a “white paper” on the regulatory issues to the NRC by February 1, so no licensing determination before then.
[Sorry GT Swiss, but your delusions and/or innuendo about fireworks before Christmas are looking more like a damp squib by Easter…maybe.]

Pugsley asked for a meeting with the NRC after the white paper has been submitted.

So Blackrangers, looks like you could be providing more funding before you get “near term revenue” or even begin to negotiate the regulatory processes. Let’s see what the official meeting minutes says, and I hope I have not made any errors in translating the notes I received. I guess this doesn't look like progress to impatient shareholders, and perhaps a bit more insight now into the engineering challenges that are still to be addressed.

Looks like the convertible note for $11.5M may come into play to keep things funded, so anyone's guess at the strategy from the cornerstone investor at that point in time.