NOT BAD: $ 300,000 In Revenues For PHASE 2 Potash PROTOTYPE
QUARTER IN REVIEW
Revenue of $1.3 million was recorded in the three months ended September 30, 2024 compared to $0.1 million in the three months ended September 30, 2023 (“Q3 2023”) and $2.0 million in the previous quarter ended June 30, 2024 (“Q2 2024”). Revenue in Q3 2024 included $0.9 million in revenue related to the RF XL Pilot as a contract for one oil-sands producer was terminated triggering revenue recognition of previously received milestone payments and $0.3 million services revenue upon completion of the first potash ore drying prototype.
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EM Powered Heat - Drying of Mineral Ores
In 2023, Acceleware began working with the International Minerals Innovation Institute (“IMII”) to validate the use of EM energy from the CTI to dry potash ore and other minerals. IMII is a non-profit organization jointly funded by industry and government that is committed to developing and implementing innovative education, training, research and development partnerships for supporting a world-class minerals industry. IMII’s minerals industry members include BHP, Cameco Corporation, Fission Uranium Corp., The Mosaic Company and Nutrien Ltd.
The Company has completed Phase 2 of the project, including construction and testing of a bench- scale 100 kilogram per hour potash ore drying system. The findings were presented to IMII in July, 2024. As of this MD&A, a proposal for Phase 3 has been presented to IMII and is currently under review. Phase 3 of the project would include the design, construction and testing of a larger shop-scale demonstration dryer.
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