Keep in mind too that a major advantage of PYR is that it can make powder direct from titanium wire (a unique benefit) --  which, as a product, is less popular and on less of a demand curve than rods or bars that are relied on more heavily by the medical community as well as by other powder makers that must first start with rods or bars.

In other words, PYR won't be competing for rods and bars.

A counter theory would be that titanium makers could simply adjust their production to make more bars and rods and less wire, but since the demand is both already present and very different for wire, it's not clear the industry would cannibalize one product line to offset another -- to rob Peter to pay Paul, as the saying goes.

Regardless, both the increase in overall demand for titanium AND PYR's ability to use the version of the product less sought-after by the metal powders industry, bode well for PYR's higher output % and different feedstock approach.

Steve McCormick

Vice President of Corporate Affairs

Pyrogenesis Canada Inc.