Ann: HPA First Project Update, page-3

Nice update, as usual. And nice to see the share price around the $1 mark.

Some of the longs may have noticed this is the first 'HPA project update' in a few months; they've been very regular over the last few years. I checked in with the company about why we hadn't had one in a few months, as these updates have been essential IMO, and they've just been swamped with work.

Noticeable developments in this update at first glance.

Could we supply current producers with the feedstock to produce HPA? This could be significant if they can make the economics work; it's definitely a greener alternative to the alkoxide process. You can make your own assumptions about what the incumbents are thinking about a affordable/greener alternative to their own process.

What are we still waiting on?

• Offtake, can't be far away, although I've said that previously.
• Updated DFS, the first DFS was for HPA only and didn't include any precursor products. The precursors are created via the same process and are 7x the weight of HPA with the same volume feedstock; basic maths suggests that financials should improve with this new product mix, although the CAPEX will increase.
• Finance, it's nice that they say it's close, but let's see.
• Updates on HPA Second in Alberta (how about a Third in EU Rimas) ?

DYOR, IMO, Good luck all.