Hi Bernard,

There are all kinds of reasons for penny stock declines.  The answer is never simple, and there is always risk involved. While I still have some shares here, I write today as a kind of plea for change before I am forced to cut my losses.

First - some of what has been missed:

- government funding. timeframe keeps moving forward every corporate update (Q2, Q3, Q4.....).  and, with the latest expectation of $1.6-1.7 million via convertible debentures, this falls short of the original goals for pilot plant funding through non dilutive sources.  more dilution will be required.

- purity results from high purity feed.  expected february 2017 still waiting....

- GNH deal.  late signing. finally signed.  deal undone.  waste of time, money and energy.

- spinout.  don't get me started.  several missed timeframes and we are still several months away with the steps involved.

- mini pilot plant and pilot plant.  the gantt chart scares me because it suggests pilot equipment will be fully assembled by november 2017.  PYR news releases suggest "pilot plant constructed for the most part in 2017".  another way of stating that sentence is that the pilot plant wont quite be done in 2017.

- management hasn't bought a share in HPQ in ages.  show some insider belief? 

Management needs to take some responsibility for missed goals and timelines.  You have a duty to shareholders who have given you hard earned money.  

So I'll end with this.  Please, please, please, moving forward, don't pump unrealistic expectations and set down timelines that arent even remotely achievable.  Be more transparent - don't be scared of issuing fluff news when people deserve updates.  Create a sense of urgency here.  With each interview and day that passes, it seems like investors can come back in a year and not miss out.  Create a reason to buy today.  Give some tangible evidence that a "bidding war" is remotely possible.  Update us on the status of the patent and whether it will pass and provide the exclusive protection we need.  Get some drills in the ground at Beauce before the ground freezes.  Do something lol!

Not trying to piss you off here, just genuinely concerned and wanting mutual success.  

Do you still believe we will achieve 5N before pilot plant as you've stated before?

Lebowski.