Hi Juno,

You have been an investor with us for a long time to remember and quote these numbers...

They are from December 2015, and at that time we were talking about our Gen 2 being a 2 tonnes per year commercial plant... That may have been a little too aggressive, going from proof of concept to commercial plant in one scale up...

Luckily for us, we have a partner, PyroGenesis, that has a lot of experience with going from proof of concept to commercial scale, so yes over time, as the science evolved, and our access to funding became more and more institutional and long-term, our approach to the program as changed.

What as not changed is that the size of our first commercial plant will be 2,000 tonnes per year, but now it will be called Gen 4...

Our goal with the pilot equipment is to prove the commercial scalability of the process, and to that, we need to find the best way to reduce the risk, and that is always what we are striving for.  That is why we went from Gen1 to Gen2 and now are finalising Gen3…

In our planning, our most critical task was finalising our long-term financing plan, now that this has been completed, our next goal will be to issue an update on our pilot equipment project… You will agree that issuing a pilot equipment update without having the financing line up would not have changed anything, but now it will.

Regards,

Bernard