Dear Bernard,

As a longtime shareholder of both HPQ and PYR I certainly don't want to poke in what seems to be a good relation between your two companies. I can't help wondering however if the minimum royalty payments are still valid? (See PR below) It just seems a bit unfair that HPQ will be paying PYR $200,000 CAD this year while the Gen 3 still isn't operational. 

Thanks for your time,

Commensense

Genesis has granted Uragold a worldwide exclusive right to the usage of the PUREVAP TM Quartz Vaporization Reactor technology in return for 10% of sales royalty payments

o In order to maintain its Exclusive Global Right, Uragold will need to make the following minimal payments to PyroGenesis:

• §  For 2016, the greater of 10% of Uragold sales of Si or $50,000 CAD;

• §  For 2017, the greater of 10% of Uragold sales of Si or $100,000 CAD;

• §  For 2018, the greater of 10% of Uragold sales of Si or $150,000 CAD;

• §  For 2019 and beyond, the greater of 10% of Uragold sales of Si or $200,000 CAD per annum;