HK,

Answers in red below

hope that helps: 

Peter,

You definitely answered my question and much more. It is a rare treat to be able to engage with you on this level. At times I worry my questions are becoming tiresome, but I am happy to hear I'm not an annoyance.

Had I have worked harder in school and obtained higher physics and chemistry grades than 51% and 54%, I likely wouldn't need to ask you as many questions. Hindsight...

With today's news release, I have a few more questions (not surprising I'm sure)

1) Since the Plasma is only being used to heat and harden the pellets. Is it reasonable to assume the challenges in developing this technology will not be to prove the concept, but rather in designing the most efficient and economical system for induration? Correct.  A plasma torch typically has a “flame” (or plume) temperature that is much higher than a diesel burner flame.  The operating parameters of the torch and of the induration furnace will have to be optimized.

2)Pierre and yourself both stated it could be equivalent to removing 8.5 million vehicles off the road. Correct me if I am wrong, but this would only be the case if the electricity used was generated from renewable sources correct? (Such as Quebec Hydro)  Yes, this is based on using low carbon footprint electricity (such as hydro, solar or wind).

3) If the power were not from renewable sources, would the economical advantage to using plasma over fuel burners be substanial enough for the industry to adobt the technology? Or would it be primarily dependant on Government bodies mandating the need for change and thus industry adopting the new technology?  This will depend on the relative cost of electricity vs. fuel oil costs, for example.  This being said, one of the main drivers will be the cost of carbon emissions. 

4) Can you provide percent based guidance on the savings you believe plasma will carry over fuel burners? As mentioned above, this will be on a case by case basis and there is no general rule.  Carbon emissions reduction, which is a large variable,  will be one of the drivers.

If I may be so bold to provide two thoughts. The first being that it was great seeing Mr. Datillo in the interview. It has long been in the back of my mind that Peter is Pyro. With no CFO, and you as the President and CEO, the thought of succession planning has come to mind. I look forward to seeing more of him in the future. (It is nice to know, from an investor standpoint, that some of the other horses in the barn can race, in the event the star needed a rest)

This is a ridiculously small point, but if news releases and publications were categorized by year on the website it would be much easier for new investors to navigate and research. Having only the forward and back arrows makes it very long process to go back to the early years.

As always thank you very much for your time, you provide a very unique experience for investors.

Respectfully,

HK