Ann: HPA Project - 99.999% plus purity repeated, page-40

It's all about building the business in a cost-effective way.

It will make more sense if you look at all the potential projects KRR have available to them and then, choose the ones that may provide a less costly path (in terms of $$$s capes and time) to get to fruition, i.e., to the point where they start creating a revenue flow.

KRR is focusing on getting some revenue stream(s) going at lowest capex and the current project is a way to get there. They got to where they are now, and can do what they are doing now, because of the R&D capital invested in the past, while developing a process to extract alumina from the Speewah ore, which ended up requiring a very large capex.

Using this new ARC process, which they own, provides a way to get to a revenue generating business sooner and with a lower capex. That is important.

The other assets still have considerable value and can be developed later, using some of the cash flow from this HPA project. This actually gives KRR a very long period of growing the business further, hopefully using this revenue flow to finance the growth.