Relationships Matter - PYR & Aubert & Duval Good Afternoon One & All, Fact is PYR & AD ( Aubert & Duval) have been quite tight lipped on the powder biz for very good reasons, IMO. News will come, a certainty for this agreement between PYR & AD. The following is a heads up from Toromont that is dated 03/08/2019. Once again more ' food for thought '. ..........Titanium Powder Partnership Agreement: In January 2019, PYR signed a partnership agreement with Aubert & Duval, a subsidiary of the Paris-based, $5 billion ERAMET Group (ERA: PA), to supply plasma-atomized titanium powder to the additive manufacturing (AM) market in Europe. AM describes the technologies that create 3-D objects by adding layer upon layer of material, whether the material is plastic, metal or concrete. Such processes are heavily utilized in a host of large-scale industries which include aerospace, energy, transportation, medical, and automotive. Most importantly, titanium powder is a high value material that is lightweight, corrosion resistant, and bio-compatible, making it ideally suited to the aerospace and biomedical implants industries. Two aspects of this transaction underscore PYRs world-leading expertise in the manufacture of titanium powder. First, Aubert & Duval itself is a world-leading supplier of fine metal powders for AM, yet it still turned to PYRs titanium powder technology to establish this partnership. Second, since Aubert & Duval was founded in 1907, this partnership marks the only time the company has sold powders or metals that it did not itself own (see page 8). Aubert & Duval is marketing the titanium powder under its Pearl Micro brand. Figure 3 below depicts the fineness of PYRs titanium powder......Aubert & Duval has publicly stated that its accord with PYR will allow the partnership to capture a 15% share of the titanium powder market in Europe by 2022......According to the Digital Journal, the size of the global titanium powder market in 2017 was approximately US$3.23 billion. We estimate that about US$1.5 billion of this total was in Europe, so if Aubert & Duval were to reach its goal, the revenues of the partnership would total about US$225 million by 2022. If we factor in a similar 50/50 partnership split and a 30-50% gross margin estimate, just as we did in the DROSRITE partnership section, we calculate that PYRs share of the potential 2022 gross margin of its titanium powder venture is around US$50 million, again approximately equivalent to the entire equity market capitalization of PYR....... I certainly enjoyed re-reading this article. All good for true Longs. Best wishes to All, Sincerely, Topseeker