Here’s an explainer from Climate Tech VC about mining in the context of the energy transition (which is also a metals transition) that I found helpful in framing my own expectations for Pyrogenesis’ progress in the mining and metals space:

https://www.ctvc.co/mining-through-the-valleys-of-death/

Among other things, the piece discusses the mining value chain by way of the mine life cycle: 1. Prospecting and Exploration; 2. Project Development; 3. Mining and Mineral Processing; and 4. Closure and Reclamation.

Pyrogenesis addresses #3 (Mineral Processing) via pelletization. You could argue that Drosrite, in aluminum, addresses both #3 and #4 (Closure and Reclamation -- by reducing toxic waste).
Pyro may be able to address #1 (as well as the “mining” part of #3) if, through its inside the fence relationships with RIO & VALE et al, the company can get some traction on plasma tunneling tech. One might also expect plasma solutions to help refine and clean tailings ponds to extract wasted minerals and to leave cleaner environmental sites for future land uses.

I still think the “waste” processing angle is the company’s sleeper killer app… as waste streams become value streams through the use of new tech, like Pyrogenesis’.  I am convinced that owners of massive landfills will mine their holdings of 1950’s appliances and 1980’s computers for copper and rare earth elements. They will mine decades of plastics for e-fuel feedstocks (perhaps via turquoise hydrogen?)…

A lot of lovely possibilities…. over time. As the piece lays out, an “entire mine-life cycle can take decades.” Decades, ugh! If our company, you know — the one with the metallurgical, waste processing, hydrogen, and water quality solutions, can keep the lights on while the big clients do their excruciatingly slow DD, siting, project set-up, permitting, etc., then Pyro will be taking fat orders for many years.

My question is what is the company’s staying power to survive the multiple “valleys of death” to be traversed in its addressed veticals? I was happy about the cash payment press release the other day. For me, this stock has sometimes been a good trade while on the journey to a great investment. The “trade” part has not been so much fun lately in this bear market. So… it’s been an opportunity to get back to the DD on the "investment" part. (And thanks to all for the DD homework help here.)

Anyway, the article is well worth a read if you are doing any green investing.

P.S. Patience notwithstanding, I would be as excited as anybody to hear more from Clients A, B, and C.