RE: NEWS..More Progress for HP-L Lignin...Some good questions willpelly, and some only the company can answer by following thru on their business model.
You said, "arguably, Lignol is (and for at least a number of years) will remain a risk stock".
I believe the only risk that remains is securing the financing required either thru JV partners, equity financing, or if they get the interest that they have gotten to date, maybe some debt financing in order to build a commercial refinery.
I don't believe their pilot plant can supply enough HP-L Lignin and ethanol to meet demand. If all continues well, not even one commercial refinery would suffice to meet demand IMO.
The biggest risk of all, as mentioned before by TheRock has been R&D and that has now come to nearing an end with the continuing success of commercial trials of LEC's HP-L Lignin. Once we get final results of these trials, we may see definitive agreements that will ultimately bring LEC's technology to commercialization in a grander scale.
I don't know where Suncor stands with regards to partnerships, but at one time they had the right of first refusal if and when Lignol was ready to commercialize their ethanol competitively. Then there's Novozymes and others that are involved so any one of these global entities may play a role in the commercialization of LEC's technology.
We should get a better understanding once final results are released, as well LEC mentioned that financials will be out by end of this month, so there too we may read something in their MD&A. JMO