Competition from a former partnerToday, Mineworx put out the following release:
https://howardgroupinc.com/2021/07/mineworx-technology-update
After hearing from ETI that there was virtually no competition, we now learn that their former JV partner Mineworx has been working on their own formula. Not just for the last few months, but started their lab in January 2020. Not just for PGM reclaimation in CC recycling, but also for gold recovery for mining and their solution is "eco-friendly and recyclable".
I own both companies, but am much more heavily invested in ETI. My initial take on this new information is how can Mineworx be only 18 months from lab startup to already have a partnership signed and projecting revenues from CC recycling this year? ETI has their solution for YEARS and yet seemingly are now behind Mineworx in terms of moving the business forward.
I'm also frustrated with the continued dilution of ETI stock with annual warrants, options, etc. for ETI management. If the formula works as good as they say and is cost competitive and the solution has almost no carbon footprint, then it would seem that ETI management has failed us. Yet, they continue to reward themselves...
Also, I now question the legitimacy of the legal actions against Mineworx from ETI, since the Mineworx formula is seemingly different technology (based on the revelations from the news release today).
While it's true this is a huge market and can absorb more than one technology/company, the reality is that ETI may no longer have the "first mover" advantage that they always felt they've had in the past.
I'm continuing to hold my large position in ETI stock, but this is the first time that I've officially become concerned that the company lost their golden opportunity to capitalize on this market earlier.
I'd welcome other opinions as to what the Mineworx news release means...