FSR
FIRST TRUST DORSEY WRIGHT U.S. ROTATION CAD HEDGE
stock TSE

Before investing in HPQ, investors should understand one thing:
Fumed silica is not some niche laboratory material.
It is one of the most widely used industrial materials in the world and is found in thousands of products including cosmetics, toothpaste, pharmaceuticals, batteries, paints, adhesives, sealants, food products, construction materials, thermal insulation and electronics.
It is a critical performance ingredient used across multiple global industries.
The global fumed silica market is estimated at approximately US$1.8 billion today and projected to exceed US$2 billion by the end of the decade.
Now ask yourself:
How many junior resource and technology companies are targeting a market of that size with a potentially disruptive manufacturing process?
Very few.
That’s why I believe HPQ may be one of the most misunderstood stories on the TSXV.
For years, investors questioned whether the Fumed Silica Reactor (FSR) could actually work.
Today, that conversation is changing.
Commercial-grade material has been independently verified.
A strategic industrial partner has emerged.
A commercial 1,000 tonne-per-year plant has been proposed.
The partner has reportedly secured project financing.
The first purchase order has already been received for advanced qualification testing.
The next major catalyst?
According to PyroGenesis, the definitive agreements associated with the commercial joint venture are expected to be completed by the end of Q2 2026.
That means investors are potentially weeks away from learning whether HPQ’s commercialization strategy takes a major step forward.
But here’s what I think the market is completely missing.
The Real Story Isn’t the Technology. It’s the Economics.
Most investors are asking:
“Can HPQ make fumed silica?”
The better question may be:
“Can HPQ make it significantly cheaper and more profitably than the existing industry?”
According to economic studies previously disclosed by HPQ and PyroGenesis, the FSR process could potentially generate EBITDA margins in the 60-65% range, compared to approximately 20% industry averages cited in the study.
Even more remarkable, the studies suggested capital costs could be dramatically lower than conventional production methods because the FSR aims to produce fumed silica directly from quartz in a simplified process rather than relying on multiple traditional production stages.
If those economics ultimately prove accurate at commercial scale, HPQ would not simply be competing against incumbent producers.
It would be competing against their entire cost structure.
Think about that.
Higher margins.
Lower capital intensity.
Potentially lower environmental footprint.
Potentially simpler production.
That combination is what creates disruptive technologies.
The First Plant Isn’t the Opportunity
The first plant is the proof.
In the commercial plant announcement, PyroGenesis explicitly stated there is expected to be a need for a series of additional fumed silica plants of the same or larger size.
A series.
Not one.
A series.
Management has repeatedly discussed creating a commercial model that can be replicated as demand grows.
That’s the part of the story that gets me excited.
One plant proves the technology.
Several plants prove the business model.
A network of plants creates an industrial platform.
And once the first plant is operating successfully, future partners may not need to take technology risk anymore because commercial-scale validation will already exist.
That is how small companies become large companies.
Why Q2 Matters
The market currently appears to value HPQ largely as a development-stage company.
The upcoming Q2 milestone could begin changing that perception.
If definitive agreements are signed and commercialization advances as expected, investors may start viewing HPQ differently:
Not as a technology experiment.
Not as a pilot project.
But as the owner of a potentially disruptive industrial manufacturing platform targeting a multi-billion-dollar market.
The next few weeks could be among the most important in the company’s history.

Before investing in HPQ, investors should understand one thing:
Fumed silica is not some niche laboratory material.
It is one of the most widely used industrial materials in the world and is found in thousands of products including cosmetics, toothpaste, pharmaceuticals, batteries, paints, adhesives, sealants, food products, construction materials, thermal insulation and electronics.
It is a critical performance ingredient used across multiple global industries.
The global fumed silica market is estimated at approximately US$1.8 billion today and projected to exceed US$2 billion by the end of the decade.
Now ask yourself:
How many junior resource and technology companies are targeting a market of that size with a potentially disruptive manufacturing process?
Very few.
That’s why I believe HPQ may be one of the most misunderstood stories on the TSXV.
For years, investors questioned whether the Fumed Silica Reactor (FSR) could actually work.
Today, that conversation is changing.
Commercial-grade material has been independently verified.
A strategic industrial partner has emerged.
A commercial 1,000 tonne-per-year plant has been proposed.
The partner has reportedly secured project financing.
The first purchase order has already been received for advanced qualification testing.
The next major catalyst?
According to PyroGenesis, the definitive agreements associated with the commercial joint venture are expected to be completed by the end of Q2 2026.
That means investors are potentially weeks away from learning whether HPQ’s commercialization strategy takes a major step forward.
But here’s what I think the market is completely missing.
The Real Story Isn’t the Technology. It’s the Economics.
Most investors are asking:
“Can HPQ make fumed silica?”
The better question may be:
“Can HPQ make it significantly cheaper and more profitably than the existing industry?”
According to economic studies previously disclosed by HPQ and PyroGenesis, the FSR process could potentially generate EBITDA margins in the 60-65% range, compared to approximately 20% industry averages cited in the study.
Even more remarkable, the studies suggested capital costs could be dramatically lower than conventional production methods because the FSR aims to produce fumed silica directly from quartz in a simplified process rather than relying on multiple traditional production stages.
If those economics ultimately prove accurate at commercial scale, HPQ would not simply be competing against incumbent producers.
It would be competing against their entire cost structure.
Think about that.
Higher margins.
Lower capital intensity.
Potentially lower environmental footprint.
Potentially simpler production.
That combination is what creates disruptive technologies.
The First Plant Isn’t the Opportunity
The first plant is the proof.
In the commercial plant announcement, PyroGenesis explicitly stated there is expected to be a need for a series of additional fumed silica plants of the same or larger size.
A series.
Not one.
A series.
Management has repeatedly discussed creating a commercial model that can be replicated as demand grows.
That’s the part of the story that gets me excited.
One plant proves the technology.
Several plants prove the business model.
A network of plants creates an industrial platform.
And once the first plant is operating successfully, future partners may not need to take technology risk anymore because commercial-scale validation will already exist.
That is how small companies become large companies.
Why Q2 Matters
The market currently appears to value HPQ largely as a development-stage company.
The upcoming Q2 milestone could begin changing that perception.
If definitive agreements are signed and commercialization advances as expected, investors may start viewing HPQ differently:
Not as a technology experiment.
Not as a pilot project.
But as the owner of a potentially disruptive industrial manufacturing platform targeting a multi-billion-dollar market.
The next few weeks could be among the most important in the company’s history.