Very well explained Matt - I think you nailed it :- ).

10% of the gross isn't anything to laugh at, and it's easy to work out the possible NPV of a future revenue stream. So if Pyro's chosen to acquire a 50% stake in HPQ-Polvere then it's obvious that 50% of the post-EBITDA will be greater than 10% of the pre-EBITDA .

And of course, as you say, a 3rd party wanting in would also have required this, since it is easier to work out potential valuation when there are fewer variables (such as projecting what a 10% gross revenue would be, year after year).

Agreed - this is extremely bullish since it indicates a rising and greater confidence level in the success of the project, and a possible JV, spin off, or buyout.

There's a lot more upside to PYR now and the SP is low; for those who are feeling let down by HPQ's loss of potential revenue.

Brgds & GLTA.

A-G