HYOR: Stonegate Updates Coverage on HyOrc Corporation 3Q26

(OTCQB:HYOR) HyOrc Corporation reported independent laboratory analysis of syngas from its first commercial gasification module, with results showing 39.88% carbon monoxide, 35.55% hydrogen, and 0.76% nitrogen. The company’s process is designed to convert prepared municipal and industrial waste into synthesis gas, clean and condition that gas, and convert it into methanol through a catalytic synthesis process. The initial Porto module is expected to complete factory testing in December. First methanol production from the Porto module is targeted for the first quarter of 2027. HyOrc has approximately 6.7M of approved STEP funding for the subsequent 8-TPD methanol phase, which improves project financing visibility. The revised 50/50 joint venture structure limits HyOrc's direct funding obligation to the fully funded initial module. Additional waste-conversion projects are underway in Portugal and India, expanding HyOrc's potential commercialization opportunities. There is a disputed termination of HyOrc's Bulgaria agreement, which creates uncertainty around one of its larger proposed developments. The company’s targeted production cost is 350-per-tonne, but this remains unproven. Sustained commercial production and conversion yields have not yet been demonstrated. The company’s waste-to-methanol platform has received additional technical validation from the reported syngas results. Financing requirements, execution risks, and potential dilution remain important considerations for future growth and project development. The announcement was released by Stonegate Capital Partners.