RE:RE:SUMMARY of LodeRock Research PyroGenesis Canada Inc: A true By the nature of financial analysis there is a conservative bias. The numbers projected will be achieved and surpassed. They support continued SP growth. I believe the biggest predictor of base pricing over the next few years is revenue growth. Contract announcements or non announcements, in all divisions, will cause the SP to bounce around this base price. Powder is on the cusp of revenue production and growth. Droise is in the same position. The royalty stream from HPQ is also poised for exponential growth iron ore . Pelletization may not affect revenue in 2021 or it may be a small component. By 2022 the future for Iron ore should be much clearer. I like $ 28.00 plus or minus 5 as a-good year end price which is realistically supportive by revenue growth.