It didn't cost them any capital - just the tenements.
The funny thing is that these guys couldn't make HPA out of Kaolin, so the reason they acquired the tenements is now defunct. They have pivoted to make HPA out of a chemical feedstock - the same as A4N, KRR and, more than likely, FYI is also going down that road with their Alcoa deal.
There are a lot of players in the HPA space that are a lot further along - these guys feel like yet another IPO that slaps 'battery materials' on the press release to jump on the bandwagon.
Maybe one for the looong term, but they'd need to provide way more detail than what was in that presentation. And show some excellent execution along the way.
It will take 18 months for the pilot plant build, and then they will need to engage with customers - HPA is a speciality product, so they will probably need to spend a few months tailoring their process to each customer. Then if they get a battery separator OEM interested, they'll take three months to test in their lab and another year to test in situ in a battery. And all the while, LFP (and maybe LIS) batteries that don't require HPA separators will be taking market share. I guess there is the microLED market
I'm not convinced re CMX - if I was AXE, I'd sell it into any strength and get the money. I could be wrong as always.
Good luck all.
AXE Price at posting:
$1.27 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)