Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

Pellets were always an important part of the piece for this business, they just did not emphasize to you it was.  The reason, how much wood chip can one actually sell?  If we are putting 500 ton a day through the plant, can we sell 400 ton a day of wood chip (input volume - rosin terpene extraction volume)?  Assuming my crude formula is correct, not sure that landscaping industry and the like have that much need for it!  Pellets is a much bigger market.  Interesting read below, its a read through on what the market is prepared to pay for just a wood pellet business (this one just down the road from where our proposed site is):

https://www.norskeskog.com/investor...leys-group?PID=4684&M=NewsV2&Action=1

reading between the lines, i think Leaf looking at 300,000 ton volume start up per annum.  What valuation should that put us on (for just wood pellets)?  Chemicals valuation should then go on top.

yes the press releases of late have really taken the perceived wind out of their sail (and mine).  Narrative is everything in nano cap world.  Just get the thing built and sell product....