9HULILFDWLRQRI0HWDO'LDSKUDJP&RXSOLQJ3HUIRUPDQFH
00&DOLVWUDW0DQDJHU3RZHU7UDQVPLVVLRQ'HYHORSPHQW6HFWLRQ
5HVHDUFKDQG'HYHORSPHQW'HSDUWPHQW
.RSSHUV&RPSDQ\,QF0HWDO3URGXFWV'LYLVLRQ%DOWLPRUH0DU\ODQG
6<1236,6
7KH0HWDO'LDSKUDJP&RXSOLQJDFFRPPRGDWHVVKDIWPLVDOLJQPHQWWKURXJKIOH[LQJRILWV
SURILOHGGLVNV+HQFHWKHFRXSOLQJ¶VSHUIRUPDQFHLVWRDODUJHH[WHQWGHWHUPLQHGE\LWV
HQGXUDQFHOLPLW$OWKRXJKWKLVOLPLWFDQEHHVWLPDWHGE\FDOFXODWLRQVLWFDQEHDFFXUDWHO\
GHWHUPLQHGRQO\WKURXJKWHVWLQJ7KHSDSHUFRQWDLQVGDWDREWDLQHGIURPDFRPSUHKHQVLYH
WHVWSURJUDPFRQGXFWHGLQWKH5HVHDUFKDQG'HYHORSPHQW/DERUDWRULHVRI.RSSHUV
&RPSDQ\,QF
7KHPRGHRIIDLOXUHRISURILOHGGLVNVZKHQVWUHVVHGDERYHWKHLUHQGXUDQFHOLPLWGHSHQGV
RQWKHDQJXODUPLVDOLJQPHQWDQGD[LDOGLVSODFHPHQWSUHVHQWDWWKHGLVN7HVWVFRQGXFWHG
LQWKHODERUDWRU\ZLWKIXOOVL]HFRXSOLQJVXQGHUH[WUHPHFRQGLWLRQVYHULILHGWKHRSHUDWLQJ
OLPLWVGHULYHGWKURXJKFDOFXODWLRQVDQGSURYLGHGDSLFWRULDOUHIHUHQFHXVHIXOIRULGHQWLI\LQJ
SUREDEOHFDXVHVRIGLVNIDLOXUHV
7KHUHVXOWVIURPDODUJHQXPEHURIUHGXFHGVFDOHIDWLJXHWHVWVJLYHDJRRGLQVLJKWLQWRWKH
LQIOXHQFHRIIDFWRUVVXFKDVPDWHULDOVKHDWWUHDWPHQWVVXUIDFHILQLVKHVRQWKHHQGXUDQFH
OLPLWDQGRQWKHFRQVLVWHQF\RIWKHHQGXUDQFHOLPLWIURPGLVNWRGLVN
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
127$7,21
6\PERO
8QLW
0HDQLQJ
UL
'LVN¶VUDGLXVDWWKHFDOFXODWLQJSRLQW
7
7UDQVPLWWHGWRUTXH
7LW¶L
7KLFNQHVVRIWKHGLVNDWUL
W
6KHDUVWUHVV
.NNGNL
&RQVWDQWV
1RWH(QJOLVKRUPHWULFXQLWVFDQEHXVHG
,1752'8&7,21
$PRQJWKHPDQ\W\SHVRIIOH[LEOHVKDIWFRXSOLQJVWKHSURILOHGPHWDOGLVNW\SHLVSDUWLFXODUO\
VXLWHGIRUKLJKVSHHGKLJKSRZHUDSSOLFDWLRQV%HFDXVHRIWKHLUDGYDQWDJHVPDQ\
DWWHPSWVZHUHPDGHWRXVHPHWDOGLDSKUDJPFRXSOLQJVZLWKYDULRXVGHJUHHVRIVXFFHVV
,WLVNQRZQIRULQVWDQFHWKDWVXFKFRXSOLQJVZHUHXVHGLQWKH³3ULQFHVV´FODVVWXUELQH
ORFRPRWLYHRIWKHIRUPHU/RQGRQ0LGODQGDQG6FRWWLVK5DLOZD\&RPSDQ\7ZR
WKLQJVSUHYHQWHGWKHVXFFHVVIXOXVHRIWKHVHFRXSOLQJVODFNRIDJRRGWKHRUHWLFDOVWUHVV
DQDO\VLVDQGWKHGHVLJQZKLFKZDVDKHDGRILWVWLPHIURPDPDQXIDFWXULQJDQG
PHWDOOXUJLFDOSRLQWRIYLHZ
$QH[FHOOHQWSDSHURQWKHVXEMHFWZDVSUHVHQWHGLQDWWKH,QVWLWXWHRI0HFKDQLFDO
(QJLQHHULQJE\3+::ROII SDSHUZKLFKJDYHGHVLJQHQJLQHHUVWKHQHFHVVDU\
IRUPXODHIRUVWUHVVFDOFXODWLRQV
:LWKWKHDGYHQWRIVXFKQHZWHFKQRORJLHVDVHOHFWURQEHDPZHOGLQJDQGHOHFWURFKHPLFDO
PLOOLQJDQGZLWKQHZVWHHODOOR\VWKHPDQXIDFWXULQJRIPHWDOGLDSKUDJPFRXSOLQJVEHFDPH
IHDVLEOH
7KHPDLQUHDVRQWKHVHFRXSOLQJVUHTXLUHVXFKKLJKWHFKQRORJLHVDQGVSHFLDOPDWHULDOVLV
WKHIDFWWKH\DFFRPPRGDWHPLVDOLJQPHQWWKURXJKIOH[LQJKHQFHIDWLJXHUHVLVWDQFHLVWKHLU
PDLQSHUIRUPDQFHFULWHULRQ
7KHOLIHH[SHFWDQF\RIDGLDSKUDJPFRXSOLQJWKDWRSHUDWHVZLWKLQLWVGHVLJQOLPLWLV
WKHRUHWLFDOO\LQILQLWH&RQVLGHULQJWKDWLWLVDUHODWLYHO\QHZSURGXFWDQGFRQVLGHULQJWKDW
PDFKLQHU\XVHUVDUHQRWDFFXVWRPHGWRKDYLQJSURGXFWVWKDWDUHGHVLJQHGWRODVWIRUHYHU
.RSSHUVFRQGXFWHGFRPSUHKHQVLYHODERUDWRU\WHVWVDWFRQGLWLRQVZKLFKZHUHPXFKPRUH
GHPDQGLQJWKDQQRUPDOILHOGVHUYLFH7KHUHVXOWVRIWKHVHWHVWVDUHYHU\HQFRXUDJLQJ
)LJXUH1RVKRZVDVHFWLRQWKURXJKDGLDSKUDJPFRXSOLQJ7KHFRXSOLQJKDVRQO\ILYH
SDUWVWZRULJLGKXEVRQHVSRROSLHFHDQGWZRDOLJQPHQWULQJV7KHVHILYHSDUWVDUHVROLGO\
EROWHGWRJHWKHUDQGPLVDOLJQPHQWLVDFFRPPRGDWHGWKURXJKIOH[LQJRIWKHWZRGLVNVRIWKH
VSRRO7KHVSRROSLHFHLVPDGHXSRIWKUHHVHSDUDWHSDUWVWZRGLVNVDQGDVSDFHUWXEH
7KHVHSDUWVDUHZHOGHGWRJHWKHUWKURXJKWKHHOHFWURQEHDQ(%SURFHVV
7KHKHDUWRIWKHVHFRXSOLQJVLVWKHIOH[LQJGLVNLWLVPDQXIDFWXUHGIURPYDFXXPGHJDVVHG
DOOR\VWHHOIRUJHGZLWKUDGLDOJUDLQRULHQWDWLRQDQGKDVDFRQWRXUHGSURILOHPDFKLQHGRQ
KLJKSUHFLVLRQHTXLSPHQW
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
:+<&217285('352),/("
,QRUGHUWRREWDLQWKHPLQLPXPRIIRUFHIRUDJLYHQGHIOHFWLRQPD[LPXPIOH[LELOLW\DEHDP
PXVWEHXQLIRUPO\VWUHVVHGWKURXJKRXW8QGHUQRUPDORSHUDWLQJFRQGLWLRQVDGLDSKUDJPRI
DFRXSOLQJLVVXEMHFWHGE\WRUTXHFHQWULIXJDOIRUFHVDQGD[LDOGHIOHFWLRQ7KHF\FOLF
VWUHVVHVDUHLQGXFHGE\WKHDQJXODUPLVDOLJQPHQWVHHQE\WKHGLVN
:ROII¶V PHWKRGIRUFDOFXODWLQJWKHVHVWUHVVHVZDVXSGDWHGE\GLDSKUDJPFRXSOLQJ
PDQXIDFWXUHUVEDVHGRQH[SHULPHQWDOGDWD
7KHIROORZLQJVLPSOHDQDO\VLVRIWKHVWUHVVLQDGLVNLVPHUHO\LQWHQGHGWRGHPRQVWUDWHWKH
QHHGIRUDFRQWRXUHGSURILOH
D 7RUTXHWUDQVPLVVLRQ6HH)LJXUH1R
7KHWDQJHQWLDOIRUFHDWULLV7UL
:KHUH7LVWKHWRUTXH
7KHVHFWLRQDUHDDWULLVSULWL
7KHVKHDUVWUHVVLVW 7SUL WL
)RUFRQVWDQWVKHDUVWUHVV
UL [ WL &RQVWDQWRU
WL .UL
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
)LJXUH±6HFWLRQ
)LJXUH±$[LDO
)LJXUH±6WUHVV'LVWULEXWLRQ
7KURXJKD3URILOHG'LVF
'HIOHFWLRQLQD'LVF
8QGHU$[LDO'HIOHFWLRQ
E &HQWULIXJDO)RUFHV
'XHWRFHQWULIXJDODFWLRQDVHFWLRQWKURXJKWKHGLVNLVDOVRVXEMHFWHGWRDUDGLDOIRUFH&
%HFDXVHWKHGLVNLVVROLGO\EROWHGWRDULJLGKXEWKHFDOFXODWLRQVRIWKHFHQWULIXJDOIRUFH
DFWLQJRQWKHGLVNDUHUDWKHULQYROYHG6WDQGDUGPHWKRGVWRFDOFXODWHFHQWULIXJDOVWUHVVHV
LQDURWDWLQJGLVNVKRZWKDWERWKWKHWDQJHQWLDODQGUDGLDOVWUHVVHVLQFUHDVHUDSLGO\ZLWK
DGHFUHDVHLQWKHUDGLXV)RUDXQLIRUPO\VWUHVVHGGLVNZHFDQDJDLQZULWH
WL .UL F $[LDO'HIOHFWLRQ6HH)LJXUH1R
7KLVW\SHRIGLVNGHIRUPDWLRQLVFDOOHG³XPEUHOOD´E\:ROIIEXWLVPRUHDSSURSULDWHO\NQRZQ
DV³GUXPKHDG´EHFDXVHWKHULPGLDPHWHUUHPDLQVFRQVWDQW,WFDQEHVHHQWKDWWKHGLVN
GHIRUPDWLRQKDVWZRHIIHFWVUDGLDOVWUHWFKWKHGLVWDQFHEHWZHHQULPDQGKXELQFUHDVHV
DQGEHQGLQJ7KHVWUHVVHVLPSRVHGE\D[LDOGHIOHFWLRQ6HH)LJXUH1RDUHODUJHUDWWKH
KXEWKDQDWWKHULP$VZLOOEHVKRZQODWHUWKHVHODUJHVWUHVVHVVLJQLILFDQWO\LQIOXHQFHWKH
IDLOXUHPRGHRIWKHGLVNV
G
$QJXODU0LVDOLJQPHQW
)LJXUH1RUHSURGXFHGIURP:ROII¶VSDSHULOOXVWUDWHVKRZWKHVWUHVVHVJHQHUDWHGE\
DQJXODUPLVDOLJQPHQWDUHLQIOXHQFHGE\WKHUDWLRRIRXWHUGLDPHWHULQQHUGLDPHWHUWKH
FXUYHVDUHGUDZQIRUDGLVNZLWKXQLIRUPWKLFNQHVVDQGIRUDSURILOHGGLVN$VWKHUDWLRED
6HH)LJXUH1RIRUPRVWRIWKHGLDSKUDJPFRXSOLQJVLVDSSUR[LPDWHO\LWFDQEHVHHQ
WKDWRQHDGYDQWDJHRISURILOHGGLVNVIRUWKLVW\SHRIVWUHVVLVVPDOO
,QFRQFOXVLRQLQRUGHUWRKDYHDXQLIRUPVWUHVVZKHQDOOWKHYDULRXVIRUFHVDFWLQJRQWKH
GLVNDUHDWWKHLUPD[LPXPUDWHGYDOXHVWKHGLVNPXVWKDYHDSURILOHGFRQWRXU,IWKLVVWUHVV
H[FHHGVWKHHQGXUDQFHOLPLWRIWKHPDWHULDOWKHIDLOXUHFDQRFFXUDQ\ZKHUHEHWZHHQWKH
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
KXEDQGULPDUHD7KLVVWDWHPHQWLVQRORQJHUWUXHLIRQO\RQHRUPRUHRIWKHIRUFHVDUHDW
WKHLUPD[LPXPYDOXHVDVZLOOEHVKRZQODWHUE\WKHWHVWUHVXOWV
)DLOXUHVRIHDUO\GLVNVRFFXUUHGPDLQO\LQWKHWKLQQHVWVHFWLRQ(YHQ:ROIIVWDWHVLQKLV
SDSHU³WKHGLVN«VKRXOGEHSURJUHVVLYHO\WKLFNHQHGRYHUWKHRXWHUPRVWSHUFHQWRIWKH
DQQXOXVWRJLYHDULPWKLFNQHVVVRPHSHUFHQWJUHDWHUWKDQWKHWKHRUHWLFDO´
:KDWZDVQRWUHFRJQL]HGRULJLQDOO\ZDVWKDWSURJUHVVLYHWKLFNHQLQJZDVQRWQHFHVVDU\IRU
UHGXFLQJVWUHVVHVUDWKHULWLVUHTXLUHGIRUUHGXFWLRQRIVWUHVVFRQFHQWUDWLRQV%RWKDWWKH
KXEDQGDWWKHULPILOOHWUDGLLDUHXVHGWRFRQQHFWWKHFRQWRXUHGSURILOHWRWKHWKLFNDQQXOL
UHTXLUHGIRUPDNLQJWKHFRQQHFWLRQVWRWKHRWKHUFRPSRQHQWVRIWKHFRXSOLQJ$WWKHKXE
WKHFRQWRXUHGSURILOHDQGWKHILOOHWUDGLXVKDYHWKHVDPHVLJQLHERWKWHQGWRWKLFNHQWKH
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
GLVNZLWKDGHFUHDVHLQUL$WWKHULPKRZHYHUWKHFRQWRXUHGSURILOHDQGWKHILOOHWUDGLXV
KDYHRSSRVLWHVLJQVDQGWKLVIDFWFDXVHVDQXQDFFHSWDEOHVWUHVVFRQFHQWUDWLRQ
0HWKRGVXVHGWRREWDLQWKHSURJUHVVLYHWKLFNHQLQJYDU\VRPHZKDWIURPPDQXIDFWXUHUWR
PDQXIDFWXUHU.RSSHUV¶0HWDO'LDSKUDJP&RXSOLQJKDVDGHVLJQZKLFKDYRLGVDOWRJHWKHU
UDGLLRIRSSRVLWHVLJQVDWWKHULP$VVKRZQSUHYLRXVO\WKHJHQHUDOIRUPXODIRUWKHGLVN¶V
SURILOHLV
WL .GUL ZKHUHWKHFRQVWDQW.GLQGLFDWHVDGHFUHDVHLQWKLFNQHVV$WDSUHVHOHFWHGUDGLXVWKH
IRUPXODLVPRGLILHG
Q
WL .GUL .L[UL ZKHUHWKHFRQVWDQW.LLQGLFDWHVWKDWWKHVHFRQGWHUPRIWKHHTXDWLRQWHQGVWRLQFUHDVHWKH
WKLFNQHVVRIWKHZHEZLWKDQLQFUHDVHLQWKHUDGLXV%\DMXGLFLRXVVHOHFWLRQRIWKHWZR
FRHIILFLHQWVWKHWKLFNQHVVRIWKHGLVNZLOOILUVWGHFUHDVHWKHQUHPDLQFRQVWDQWWKHQ
LQFUHDVH2QO\DIWHUWKHWKLFNQHVVRIWKHZHEVWDUWVLQFUHDVLQJLVWKHFRQQHFWLRQWRWKHULP
WKURXJKDILOOHWUDGLXVPDGH,QRUGHUWRILQGWKHRSWLPXPSURILOH.RSSHUVFRQGXFWHGDORQJ
DQGODERULRXVH[SHULPHQWDOSURJUDPZKLFKUHVXOWHGLQDQLPSURYHGGLDSKUDJPFRXSOLQJ
(;3(5,0(17$/352*5$0
7KHH[SHULPHQWDOSURJUDPZHFRQGXFWHGKDGWZRSKDVHVILUVW61VWUHVVYHUVXVQXPEHU
RIF\FOHVFXUYHVZHUHGHWHUPLQHGIRUYDULRXVPDWHULDOVKHDWWUHDWPHQWVPDQXIDFWXULQJ
PHWKRGVHWFVHFRQGIXOOVFDOHWHVWVRIHQWLUHFRXSOLQJVZHUHFRQGXFWHGDWJUDGXDOO\
LQFUHDVLQJORDGLQJFRQGLWLRQVXQWLOIDLOXUHRFFXUUHG
D
617HVWV
(VWDEOLVKLQJ61FXUYHVZLWKHQWLUHFRXSOLQJVLVLPSUDFWLFDOIRUVHYHUDOUHDVRQV
FRQVLGHULQJWKHODUJHQXPEHURIWHVWSRLQWVUHTXLUHGWRGHWHUPLQHDQ61FXUYHWKHFRVWRI
WKHWHVWSDUWVZRXOGEHSURKLELWLYHWKHHQHUJ\WUDQVPLWWHGWKURXJKWKHFRXSOLQJVZRXOGEH
ZDVWHGDQGWKHRYHUDOOYDULDWLRQVEHWZHHQWKHPDQ\WHVWSDUWVXVHGIRURQHFXUYHZRXOG
FDXVHDVFDWWHURIWKHUHVXOWV,WZDVWKHUHIRUHGHFLGHGWKDWDQ\VLQJOH61FXUYHZRXOGEH
HVWDEOLVKHGXVLQJWHVWVDPSOHVPDFKLQHGIURPRQHGLVN7KHGLVNZDVFXWUDGLDOO\LQWRq
VHJPHQWVDQGWKHVLGHVZHUHJURXQGLQDVSHFLDOMLJWRLQVXUHXQLIRUPLW\IURPVDPSOHWR
VDPSOH$VSHFLDOWHVWULJZDVEXLOWLQRUGHUWRVLPXODWHDVFORVHO\DVSRVVLEOHWKHIOH[XUH
RIDGLVNURWDWLQJXQGHUFRQGLWLRQVRIDQJXODUPLVDOLJQPHQW7KHWHVWULJLVLOOXVWUDWHGLQ
)LJXUH1R
$OWKRXJKWKLVWHVWULJGLGQRWUHSURGXFHDQ\RIWKHFRQVWDQWVWUHVVHVLQWKHGLVNWKHUHVXOWV
RIWKHWHVWVKHOSHGXVLQGHWHUPLQLQJWKHHQGXUDQFHOLPLWDQGHQDEOHGXVWRVHOHFWWKHEHVW
YDULDEOHVIRUWKHFRXSOLQJ
7KHIROORZLQJJUDSKVLOOXVWUDWHKRZWKHHQGXUDQFHOLPLWLVLQIOXHQFHGE\VRPHRIWKHIDFWRUV
VWXGLHG
1RWHWKDWVOLJKWYDULDWLRQVLQWKHZLGWKRIWKHWHVWVDPSOHVGRQRWDIIHFWWKHVWUHVVHV
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
)LJXUH)DWLJXH7HVW5LJ
)LJXUH1RUHSUHVHQWVWKHUHVXOWVREWDLQHGZLWKDGLVNKDYLQJDOOWKHSDUDPHWHUVFKRVHQ
IRUSURGXFWLRQFRXSOLQJV0DWHULDOZDVPRGLILHGYDFXXPGHJDVVHGUDGLDOO\IRUJHG
WKHGLVN¶VVXUIDFHILQLVKZDVYHU\ILQHDQGSURSHUKHDWWUHDWPHQWDQGVKRWSHHQLQJZHUH
DSSOLHG1RWRQO\LVWKHHQGXUDQFHOLPLWYHU\KLJKSVLEXWWKHVFDWWHURIWKHWHVW
UHVXOWVLVPLQLPDO)LJXUH1RVDQGUHSUHVHQWWKHUHVXOWVRIWHVWVZLWKVLPLODUGLVNV
KDYLQJVXUIDFHILQLVKHVDQGWLPHVFRDUVHUWKDQWKHRQHVHOHFWHGIRUSURGXFWLRQ,WFDQ
EHVHHQWKDWDVWKHVXUIDFHTXDOLW\ZRUVHQVWKHVFDWWHURIWKHWHVWUHVXOWVEHFRPHVODUJHU
DQGEH\RQGDFHUWDLQSRLQWDQHQGXUDQFHOLPLWFDQQRWEHHVWDEOLVKHG
NJFP 1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
$OWKRXJKVKRWSHHQLQJJHQHUDOO\LPSURYHVWKHHQGXUDQFHOLPLWRIDFRPSRQHQWVXEMHFWHGWR
F\FOLFVWUHVVHVLWZDVIRXQGWKDWIRUSDUWVDVWKLQDVWKHVHSURILOHGGLVNVVKRWSHHQLQJFDQ
VRPHWLPHVEHGHWULPHQWDO)LJXUH1RLOOXVWUDWHVWKLVILQGLQJ3RRUUHVXOWVFDQEH
FDXVHGHLWKHUE\VKRWWKDWLVWRRODUJHRUE\LPSDFWYHORFLW\WKDWLVWRRKLJK
5DWKHUVXUSULVLQJUHVXOWVZHUHREWDLQHGZLWKGLVNVPDQXIDFWXUHGE\³HOHFWURFKHPLFDO
PLOOLQJ´(&0SURFHVVDQGZLWKWKRVHZKLFKZHUH³HOHFWURSROLVKHG´)LJXUH1R
UHSUHVHQWVWKH61JUDSKRIVXFKDGLVN$OWKRXJKWKH(&0SURFHVV\LHOGVSDUWVZKLFKDUH
JHRPHWULFDOO\SHUIHFWLWZDVIRXQGXQGHUHOHFWURQVFDQQLQJPLFURVFRSHREVHUYDWLRQWKDW
VPDOOFDYLWLHVVRPHWLPHVGHYHORSRQWKHVXUIDFHRIWKHPHWDO«FDYLWLHVZKLFKDSSDUHQWO\
JHQHUDWHVWUHVVFRQFHQWUDWLRQ
7KHUHVXOWVVKRZQKHUHDUHRQO\DVPDOOSDUWRIWKHGDWDREWDLQHGLQRXUODERUDWRU\IDWLJXH
WHVWV7KH\KHOSXVWRXQGHUVWDQGVRPHRIWKHSUREOHPVZKLFKSUHYHQWHGVXFFHVVIXO
SURGXFWLRQRIWKLVW\SHRIFRXSOLQJXQWLOVRPHWLPHLQWKH¶V
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
E 9HULILFDWLRQ7KURXJK)XOO6FDOH7HVWLQJ
7KURXJKFDUHIXOVWUHVVFDOFXODWLRQDQGE\NQRZLQJWKHHQGXUDQFHOLPLWRIWKHPDWHULDO
VHOHFWHGDGHVLJQHUFDQFDOFXODWHWKHFRQGLWLRQVXQGHUZKLFKIDWLJXHIDLOXUHVRIFRQWRXUHG
GLDSKUDJPVZLOORFFXU%\DSSO\LQJDUHDVRQDEOHVDIHW\IDFWRUKHFDQWKHQHVWDEOLVK
UDWLQJV
%XWYHULILFDWLRQRIWKHZRUNH[SHULPHQWDODQGWKHRUHWLFDOFDQEHGRQHRQO\WKURXJKWHVWLQJ
RIWKHFRXSOLQJVWRIDLOXUH
7HVWLQJLQDODERUDWRU\DVFRPSDUHGZLWKILHOGH[SHULHQFHKDVWZRPDMRUDGYDQWDJHVILUVW
LWFDQEHGRQHXQGHUZHOOFRQWUROOHGFRQGLWLRQVDQGVHFRQGWKHWHVWLQJFDQEHVWRSSHG
VKRUWO\DIWHUIDLOXUHRFFXUV
7HVWLQJLQDODERUDWRU\DOVRKDVGLVDGYDQWDJHVLWZDVWHVHQHUJ\DQGWKHVL]HRIFRXSOLQJV
WKDQFDQEHWHVWHGLVOLPLWHG7RRIIVHWWKHVHGLVDGYDQWDJHVWHVWLQJRIFRQWRXUHG
GLDSKUDJPFRXSOLQJVZDVSHUIRUPHGLQD³IRXUVTXDUH´ULJ
7KLVW\SHRIWHVWULJKDVWKHDGYDQWDJHWKDWWKHHQHUJ\LVUHFLUFXODWHGZLWKLQWKHULJKHQFH
WKHHQHUJ\ORVWLQIULFWLRQPXVWEHVXSSOLHGH[WHUQDOO\6FKHPDWLFDOO\WKHULJLVVKRZQLQ
)LJXUH1R
7KHWHVWULJRQZKLFKWKHPHWDOGLDSKUDJPFRXSOLQJVZHUHWHVWHGFDQGHYHORS+3
DQGWKHPD[LPXPVSHHGLV5307KHKHDWJHQHUDWHGWKURXJKIULFWLRQLV
WUDQVIHUUHGE\WKHOXEULFDWLQJRLOWRDZDWHUFLUFXLW
,QRUGHUWRVWRSWKHWHVWULJVKRUWO\DIWHUWKHIDLOXUHVRFFXUUHGWKHULJZDVHTXLSSHGZLWK
VHQVRUVWKDWPHDVXUHGWRUTXHVSHHGDQGYLEUDWLRQVLQWKHJHDUER[HVDQGZLWKSUR[LPLW\
JDXJHVSODFHGLQWKHYLFLQLW\RIWKHFRXSOLQJWXEHV2WKHUVHQVRUVPHDVXUHGWHPSHUDWXUHV
DWYDULRXVSRLQWVRLOSUHVVXUHVHWF,QFDVHRIDPDOIXQFWLRQWKHULJ¶VDQQXQFLDWRU
DXWRPDWLFDOO\VWRSSHGWKHULJDQGLQGLFDWHGZKLFKRIWKHVHQVRUVWULJJHUHGWKHWHVW
LQWHUUXSWLRQ7KLVLQVWUXPHQWDWLRQZDVVXFFHVVIXOLQVWRSSLQJWKHULJEHIRUHPDMRUGDPDJH
ZDVGRQHWRWKHIDLOHGGLVNVDQGWKXVHQDEOHGXVWRDQDO\]HWKHIDLOXUHVDQGOHDUQPXFK
DERXWWKHIDLOXUHPRGHV
:KHQDFRXSOLQJLVXVHGEHORZLWVUDWLQJVRQHH[SHFWVWKHFRXSOLQJWRWUDQVPLWWKH
UHTXLUHGWRUTXHWRZLWKVWDQGWKHRSHUDWLQJVSHHGDQGWRRSHUDWHIRUDUHDVRQDEOHOHQJWK
RIWLPH)RUDPDFKLQHHOHPHQWVXEMHFWHGWRIDWLJXHWKHWKLUGFRQGLWLRQWLPHLVXVXDOO\WKH
PRVWGHPDQGLQJ&RQVLGHULQJWKDWDGLVNRSHUDWLQJDWKLJKURWDWLQJVSHHGDFFXPXODWHVDQ
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
LPSUHVVLYHQXPEHURIF\FOHVHYHU\GD\WKHRQO\DFFHSWDEOH³UHDVRQDEOHOHQJWKRIWLPH´LV
LQILQLW\)RUWXQDWHO\LWLVNQRZQWKDWIRUVWHHOVLQILQLWHOLIHLVREWDLQHGLIWKHSDUWVFDQ
VXFFHVVIXOO\RSHUDWHIRUPRUHWKDQWHQPLOOLRQF\FOHV2XUWHVWVZHUHFRQGXFWHGXQWLO
IDLOXUHRUXQWLODPLQLPXPRI F\FOHVZHUHDFFXPXODWHG$OOWKHIDLOXUHVRFFXUUHGEHIRUH
DGLVNFRXOGDFFXPXODWHPRUHWKDQIRXUPLOOLRQF\FOHV
F 7HVW3URFHGXUH
7RREWDLQPHDQLQJIXOUHVXOWVWKHWHVWVKDGWREHFRQGXFWHGDWYDULRXVOHYHOVRIFRQVWDQW
DQGF\FOLFVWUHVVHV$Q\RIWKHWKUHHFRQVWDQWVWUHVVHVWRUTXHFHQWULIXJDOIRUFHDQGD[LDO
GLVSODFHPHQWFRXOGKDYHEHHQYDULHG%RWKWKHRUHWLFDODQDO\VLVDQGH[SHULPHQWDOZRUN
VKRZHGWKDWWKHD[LDOGLVSODFHPHQWLPSRVHVWKHODUJHVWVWUHVVRIWKHWKUHH$OVRLQILHOG
VHUYLFHLWLVPRUHOLNHO\WKDWDGLDSKUDJPFRXSOLQJFDQEHRYHUVWUHVVHGWKURXJKLPSURSHU
D[LDOVSDFLQJWKDQWKURXJKRYHUWRUTXLQJRURYHUVSHHGLQJ,WZDVKHQFHGHFLGHGWKDW
YDULRXVOHYHOVRIFRQVWDQWVWUHVVHVZRXOGEHDSSOLHGE\JUDGXDOO\LQFUHDVLQJWKHVKDIW
VSDFLQJZKLOHWKHWRUTXHDQGVSHHGZHUHNHSWFRQVWDQW
$JUDSKZDVHVWDEOLVKHGKDYLQJDVFRRUGLQDWHVWKHD[LDOGLVSODFHPHQWDQGWKHDQJXODU
PLVDOLJQPHQWSHUGLVNDVVKRZQLQ)LJXUH1R,WZDVNQRZQIURPVWUHVVDQDO\VLVWKDWD
FXUYHH[LVWVRQWKLVJUDSK«DFXUYHZKLFKVHSDUDWHVWKHLQILQLWHOLIH]RQHIURPWKHIDLOXUH
]RQH
7KHREMHFWRIRXUWHVWVZDVWRH[SHULPHQWDOO\GHWHUPLQHWKLVFXUYH7ZRFRXSOLQJVRI
GLIIHUHQWVL]HZHUHLQVWDOOHGEHWZHHQWKHJHDUER[HVRIWKHWHVWULJ7KHWHVWVVWDUWHGDW
]HURD[LDOGLVSODFHPHQWDQGDVDIHDPRXQWRIDQJXODUPLVDOLJQPHQW$IWHU F\FOHVWKH
PLVDOLJQPHQWZDVVOLJKWO\LQFUHDVHGDQGDQRWKHU F\FOHVZHUHDFFXPXODWHG7KH
SURFHVVZDVUHSHDWHGXQWLOIDLOXUHRIDGLVNRFFXUUHG7KHIDLOXUHGHILQHGWKHSRLQW³$´RQ
)LJXUH1R7KHIDLOHGFRXSOLQJZDVUHSODFHGZLWKDVSHFLDOJHDUFRXSOLQJDQGWHVWLQJ
ZDVFRQWLQXHGXQWLOWKHVHFRQGGLDSKUDJPFRXSOLQJLQWKH³IRXUVTXDUH´ULJIDLOHG7KH
VHFRQGIDLOXUHJDYHXVWKHSRLQW³$´IRUWKHRWKHUFRXSOLQJVL]H
1HZGLDSKUDJPFRXSOLQJVZHUHWKHQLQVWDOOHGLQWKHWHVWULJ$FHUWDLQDPRXQWRID[LDO
GLVSODFHPHQWZDVLQWURGXFHGDWHDFKFRXSOLQJDQGWHVWLQJZDVUHVXPHGDWDVDIHDPRXQW
RIDQJXODUPLVDOLJQPHQW7KHSURFHGXUHGHVFULEHGDERYHZDVUHSHDWHGDQGSRLQWV³%´
ZHUHREWDLQHGIRUWKHWZRFRXSOLQJVL]HV$IWHUREWDLQLQJDVXIILFLHQWQXPEHURISRLQWVWR
GHILQHWKHIDLOXUHFXUYHPDQ\³UHSHDW´WHVWVZHUHSHUIRUPHGWRYHULI\WKHFRQVLVWHQF\WKDW
FRXOGEHREWDLQHGZLWKW\SHRIFRXSOLQJ
G 7HVW5HVXOWV
,WZDVIRXQGWKDWD$VH[SHFWHGWKHIDLOXUHFXUYHLVVLPLODULQQDWXUHWRDW\SLFDO
*RRGPDQGLDJUDPDQGE7KHUHSHDWDELOLW\RIIDLOXUHSRLQWVZDVH[FHOOHQWLQIDFWPDQ\RI
WKHWHVWVUHVXOWHGLQWKHVLPXOWDQHRXVIDLOXUHRIERWKGLVNVRIDVLQJOHFRXSOLQJ
)LJXUH1RVKRZVWKHUHVXOWVREWDLQHGZLWK.RSSHUV¶6L]H0'+&RXSOLQJZKLFKGXH
WRLWVVPDOOVL]HKDGWKHORZHVWVDIHW\IDFWRUWKUHHRIWKHFRXSOLQJVWHVWHG([FHSWIRU
ODUJHUVDIHW\IDFWRUVWKHUHVXOWVREWDLQHGZLWKODUJHUGLVNVZHUHYHU\VLPLODU
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
5$7,1*0(7+2'
$Q\SURGXFWPXVWLQFRUSRUDWHDVDIHW\IDFWRU$JRRGVDIHW\IDFWRULVDFRPSURPLVH
EHWZHHQVDIHRSHUDWLRQDQGDUHDVRQDEOHFRVW2QFHDVDIHW\IDFWRULVVHOHFWHGWKH
UDWLQJVRIDFRQWRXUHGGLDSKUDJPFRXSOLQJFDQEHHVWDEOLVKHGE\WUDFLQJDFXUYHURXJKO\
SDUDOOHOWRWKHIDLOXUHFXUYHDWDGLVWDQFHUHSUHVHQWLQJWKHVDIHW\IDFWRUVHHILJXUHQR
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
6XFKDUDWLQJKDVWZRGLVDGYDQWDJHVD,WFDQFDXVHVHULRXVPLVDSSOLFDWLRQVDWERWK
H[WUHPHVDQGE,WLVUHODWLYHO\DZNZDUGWRXVH/HWXVDQDO\]HWKHVHGLVDGYDQWDJHVD
6KRUWRIODERUDWRU\FRQGLWLRQVLQVWDOODWLRQVKDYLQJHLWKHUQRD[LDOGLVSODFHPHQWRUQR
DQJXODUPLVDOLJQPHQWDUHKLJKO\LPSUREDEOH7RVDIHJXDUGERWKWKHPDQXIDFWXUHUDQGWKH
XVHULWLVEHWWHUWROLPLWWKHPD[LPXPD[LDOGLVSODFHPHQWDQGWKHDQJXODUPLVDOLJQPHQWDV
VKRZQLQ)LJXUH1RE6XFKDUDWLQJFXUYHLVDZNZDUGWRXVHEHFDXVHLWUHTXLUHVD
JUDSK$VLPSOHUPHWKRGLVWRVSHFLI\DPD[LPXPD[LDOGLVSODFHPHQWDQGPD[LPXP
DQJXODUPLVDOLJQPHQWDVVKRZQLQ)LJXUH1R7KHGUDZEDFNRIWKDWUDWLQJPHWKRGLV
WKDWWKHVDIHW\IDFWRUYDULHVZLGHO\DQGLQH[WUHPHFRQGLWLRQVFDQEHVPDOOHUWKDQWKHRQH
RULJLQDOO\VHOHFWHG
$QRWKHUPHWKRGZKLFKLVDFRPSURPLVHRIWKHSUHYLRXVWZRLVWRUHSODFHWKHFRQVWDQW
VDIHW\IDFWRUSRUWLRQRIWKHUDWLQJZLWKDVWUDLJKWOLQHDVVKRZQLQ)LJXUH1R
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
:KLOHLQWKHFDVHRIUHYHUVLQJVWUHVVHVDQ\SDUWLFOHRIDGLVNLVVXEMHFWHGDOWHUQDWHO\WR
FRPSUHVVLRQDQGWHQVLRQLQWKHFDVHRIKLJKFRQVWDQWVWUHVVHVDQ\SDUWLFOHLVVXEMHFWHG
RQO\WRYDULRXVGHJUHHVRIWHQVLRQ,WLVWREHH[SHFWHGWKDWWKHIDLOXUHPRGHRIDGLVNZLOO
EHLQIOXHQFHGE\WKHDPRXQWRIVWUHVVUHYHUVDO7ZRGLVWLQFWPRGHVRIIDLOXUHVZHUHIRXQG
RQHDW]HURD[LDOGLVSODFHPHQWDQGWKHRWKHUDWODUJHD[LDOGLVSODFHPHQW
)LJXUH1RLOOXVWUDWHVWKHIDLOXUHRIDGLVNWKDWKDG]HURD[LDOGLVSODFHPHQW7KUHH
DVSHFWVFKDUDFWHUL]HWKLVW\SHRIIDLOXUHD7KHFUDFNOLQHLVFLUFXODUDQGJRHVWKURXJKWKH
WKLQQHVWSRUWLRQRIWKHGLVNE7KHFUDFNLVUHODWLYHO\VPRRWKDQGF7KHUHLVQRRUYHU\
OLWWOHEXFNOLQJLQWKHGLVN
)LJXUH1RVDQGLOOXVWUDWHWKHIDLOXUHRIDGLVNWKDWKDGDODUJHDPRXQWRID[LDO
GLVSODFHPHQW7KHWKUHHDVSHFWVWKDWFKDUDFWHULVHWKLVW\SHRIIDLOXUHDUHWKHRSSRVLWHRI
WKHSUHYLRXVRQHVD7KHFUDFNOLQHKDVDUDQGRPSDWKJRLQJIURPWKHWKLQQHVWWRWKH
WKLFNHVWSRUWLRQVRIWKHGLVNE7KHFUDFNOLQHLVYHU\LUUHJXODUDQGF7KHUHLVVHYHUH
EXFNOLQJRIWKHXQIDLOHGSDUWRIWKHGLVN
7KHWUDQVLWLRQRIWKHVHFKDUDFWHULVWLFVIURP]HURD[LDOGLVSODFHPHQWWRODUJHD[LDO
GLVSODFHPHQWLVJUDGXDORQO\IRUDVSHFWVDDQGFDVPRRWKFUDFNOLQHLVREWDLQHGRQO\
ZKHQWKHD[LDOGLVSODFHPHQWLV]HUR
$QRWKHUDVSHFWRIWKHIDLOXUHPRGHLVVLJQLILFDQW$VVKRZQLQ)LJXUH1RWKHFUDFNOLQH
SURSDJDWHVPRUHWKDQqEHIRUHEXFNOLQJRIWKHGLVNWDNHVSODFH$VLWZDVDQWLFLSDWHG
WKHRUHWLFDOO\WKLVFRQGLWLRQLQGLFDWHVWKDWWKHWRUTXHORDGPDNHVRQO\DVPDOOFRQWULEXWLRQWR
WKHWRWDOVWUHVVLQWKHGLVN
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
&21&/86,216
7KH9HULILFDWLRQRI0HWDO'LDSKUDJP&RXSOLQJSHUIRUPDQFHLQWKHODERUDWRU\SURYHGWKDW
WKHSURGXFWVDUHUHOLDEOHSLHFHVRIPDFKLQHU\ZKHQRSHUDWHGZLWKLQWKHLUUDWHGFRQGLWLRQV
$QJXODUPLVDOLJQPHQWVKDGWREHLQFUHDVHGDWOHDVWWKUHHWLPHVEH\RQGUDWLQJVEHIRUH
IDLOXUHFRXOGEHLQGXFHG
,QLWVDELOLW\WRUHWUDQVPLWWRUTXHWKHFRXSOLQJLVHYHQVDIHU«DGLVNFDQWUDQVPLWWKHUDWHG
WRUTXHHYHQDIWHUPRUHWKDQKDOIRILWLVEURNHQ
,WLVLQWHUHVWLQJWRQRWHWKDWILHOGH[SHULHQFHDORQHZRXOGQRWKDYHEHHQDVXVHIXODVRQH
PLJKWWKLQN7KHSHUIRUPDQFHRIWKHGLDSKUDJPW\SHFRXSOLQJLVJUHDWO\LQIOXHQFHGE\WKH
DQJXODUPLVDOLJQPHQWDQGE\WKHD[LDOVSDFLQJEHWZHHQVKDIWV%RWKWKHVHFRQGLWLRQVDUH
QRWRQO\GLIILFXOWWRFRQWUROLQWKHILHOGEXWDOVRFKDQJLQJZLWKWLPHHTXLSPHQWDQGDPELHQW
WHPSHUDWXUHHWF6LQFHWKHLQWURGXFWLRQRI.RSSHUV0HWDO'LDSKUDJP&RXSOLQJPDQ\
KRXUVRIVXFFHVVIXORSHUDWLRQLQWKHILHOGKDYHEHHQDFFXPXODWHG
5()(5(1&(6
:ROII3+:³7KH'HVLJQRI)OH[LEOH'LVN0LVDOLJQPHQW&RXSOLQJV´
3URFHHGLQJVRI,QVWLWXWHRI0HFKDQLFDO(QJLQHHULQJ/RQGRQUHYLVHG
7LPRVKHQNR6³6WUHQJWKRI0DWHULDOV´3DUW,,SDJH9DQ1RVWUDQG&R
%DWWHOOH0HPRULDO,QVWLWXWH³3UHYHQWLRQRIWKH)DLOXUHRI0HWDOVXQGHU5HSHDWHG
6WUHVV´SDJH:LOH\
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
'LVFXVVLRQRQ'LVF&RXSOLQJV''
',6&866,216800$5<E\%-:RRGOH\
7KLVGLVFXVVLRQVWDUWHGE\FRQVLGHULQJWKHYLEUDWLRQFKDUDFWHULVWLFVRIDFRQWRXUHGGLVF
FRXSOLQJDVDXVHUZLVKHGWRNQRZWKHW\SLFDOUDWLREHWZHHQWKHWUDQVYHUVHFULWLFDO
VSHHGRIWKHFRXSOLQJLWVHOIDQGWKHWUDQVYHUVHFULWLFDOVSHHGRIWKHFRPSOHWHVKDIW
V\VWHP,WZDVVWDWHGWKDWWKHPDQXIDFWXUHUVKDYHWRFDOFXODWHWKHWUDQVYHUVHFULWLFDO
VSHHGRIWKHFRXSOLQJDVVXPLQJSLQMRLQWVZLWKLQILQLWHO\ULJLGVSULQJUDWHDVWKH\XVXDOO\
KDYHQRNQRZOHGJHRIWKHPDFKLQHVKDIWFKDUDFWHULVWLFVDQGRQWKLVEDVLVWKH\OLNHWR
KDYHWKHFULWLFDOVSHHGRIWKHFRXSOLQJDWOHDVWWZLFHWKHPD[LPXPRSHUDWLQJVSHHG,I
WKHFRXSOLQJFULWLFDOVSHHGLVOHVVWKDQWKLVWKHFRXSOLQJXVHULVZDUQHGDQG
UHFRPPHQGHGWRGRDFRPSOHWHV\VWHPODWHUDOFULWLFDOVSHHGDQDO\VLV,WZDVHVWLPDWHG
WKDWDURXQGRIDSSOLFDWLRQVDUHEHORZWKLVUDWLRDQGPXFKHPSKDVLVZDV
SODFHGRQGRLQJDQDQDO\VLVRIWKHFRPSOHWHVKDIWV\VWHPLIWKLVLVWKHFDVH7KHUHZDV
JHQHUDODJUHHPHQWRQWKHQHHGWRVWXG\WKHZKROHV\VWHPDQGLWZDVVXJJHVWHGWKDWLI
WKHFULWLFDOVSHHGRIWKHV\VWHPZDVFDOFXODWHGDFFXUDWHO\YDOXHVRQO\DERXW
DERYHWKHPD[LPXPRSHUDWLQJVSHHGFRXOGEHDFFHSWDEOH
,WZDVDOVRDVNHGZKHWKHUWKHWZLQSDFNGHVLJQVRIFRQWRXUHGGLVFFRXSOLQJVXVHGWR
JLYHODUJHUD[LDOGLVSODFHPHQWFDSDFLW\FDQFDXVHYLEUDWLRQSUREOHPV7KHUHSO\QRWHG
WKDWWKHPXOWLSOHSDFNVRIGLDSKUDJPVDUHLQVHULHVOLNHFRLOVRIDVSULQJDQGWKDWWKHVH
GLDSKUDJPVKDYHVSHFLILFSUHGLFWDEOHEHQGLQJVSULQJUDWHVDQGVRWKHLQVWDELOLW\RIWKH
SDFNFDQEHFDOFXODWHGDVDFFXUDWHO\DVWKHLQVWDELOLW\RIDKHOLFDOFRLOVSULQJ
7KHUHIRUHWKHUDGLDOPRYHPHQWWKHVNHZEHQGLQJDQGLWVWRUVLRQDOLQVWDELOLW\FDQEH
SUHGLFWHGDQGVXFKFDOFXODWLRQVDUHDQHFHVVDU\SDUWRIWKHGHVLJQRIWKLVW\SHRI
FRXSOLQJ,WZDVVWDWHGWKDWWKHUHLVDERXW\HDUVH[SHULHQFHRIVXFKFDOFXODWLRQVDQG
WKDWDVPDQ\DVGLDSKUDJPVSHUSDFNKDYHEHHQDSSOLHGLQVSHFLDOGHVLJQV,WZDV
DJUHHGWKDWPXOWLSOHGLDSKUDJPSDFNVDUHVRIWHUUDGLDOO\WKDQVLQJOHGLDSKUDJPSDFNV
DQGVRYHU\FORVHDWWHQWLRQPXVWEHSDLGWRWKHYDOXHVRIODWHUDOFULWLFDOVSHHGIRUWKH
FRXSOLQJDQGWKHV\VWHPZKHQWKH\DUHXVHG,WZDVSRLQWHGRXWWKDWDJHDUFRXSOLQJ
UDWKHUWKDQDPXOWLSOHSDFNFRQWRXUHGGLVFFRXSOLQJPD\KRZHYHUEHXVHGZKHQODUJH
D[LDOGLVSODFHPHQWFDSDFLW\LVUHTXLUHG
7KHUHZDVDOVRVRPHGLVFXVVLRQRQWKHSRVVLELOLW\RID[LDOYLEUDWLRQRFFXUULQJZKHQD
FRXSOLQJLVXVHGWRORFDWHWKHURWRURIDPDFKLQHZKLFKKDVQRVHSDUDWHWKUXVWEHDULQJ
7KHH[SHULHQFHRIRQHPDQXIDFWXUHULQGLFDWHGWKDWIURPWKHSRLQWRIYLHZRID[LDO
UHVRQDQFHWKHURWRUVWHQVWREHVRKHDY\DQGWKHVSULQJUDWHRIWKHGLDSKUDJPVVROLJKW
WKDWWKHILUVWD[LDOUHVRQDQFHRIWKHV\VWHPWHQGVWREHIDUEHORZRSHUDWLQJVSHHG±
W\SLFDOO\RUOHVV,QHOHFWULFPRWRURUJHQHUDWRUDSSOLFDWLRQVKRZHYHUWKH
GLDSKUDJPVZHUHVDLGWREHVXIILFLHQWO\VWLIIWRJLYHLQKHUHQWO\OLPLWHGHQGIORDWDQG
VLQFHWKHD[LDOORDGVDUHUHODWLYHO\ORZWKHGLDSKUDJPVZLOOQRWEHRYHUVWUHVVHGDVWKH
URWRUWHQGVWRSXOOLQLILWLVLQLWLDOO\DOLJQHGRXWRIPDJQHWLFFHQWUH
2QWKHTXHVWLRQRIZKHWKHUWRXVHVSLJRWVRUILWWHGEROWVWRORFDWHWKHFRXSOLQJGLVFVWR
WKHKXEVRQHPDQXIDFWXUHURXWOLQHGDQLQJHQLRXVZD\RIRYHUFRPLQJWKHSUREOHPWKDW
WKHOHQJWKRILQWHUQDOVSLJRWVPXVWQRWEHPRUHWKDQWKHD[LDOFRPSUHVVLRQRIWKH
FRXSOLQJLIWKHFRXSOLQJLVWREHILWWHGDVRQHSLHFH7KHVROXWLRQLQYROYHGWKHXVHRID
GLDSKUDJPSURWHFWLYHFRYHUZKLFKVHUYHVDGRXEOHSXUSRVHDVDFRYHUDQGDOVRDVDQ
H[WHUQDOVSLJRWRUUDEEHWIRUWKHGLDSKUDJPDQGWKHKXEDVVKRZQLQWKHGLDJUDP
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
7RLQVWDOOWKHFRXSOLQJWKHFRYHULVSXOOHGEDFNOLJKWO\WRFOHDUWKHKXEDQGLVODWHUSXOOHG
EDFNRYHULWDVWKHEROWVDUHWLJKWHQHG)RUUHPRYDO±SXOOHUKROHVDUHVXSSOLHGWRSXOO
WKHJXDUGRIIDVDQLQWHUIHUHQFHILWLVXVHG7KHGHVLJQDOVRKDVWKHIXUWKHUDGYDQWDJH
WKDWLWDOORZVVKLPVWREHXVHGWRREWDLQWKHFRUUHFWD[LDOSRVLWLRQRIWKHGLDSKUDJP
ZLWKRXWKDYLQJWRPRYHWKHFRXSOHGPDFKLQHV
7KHUHZDVDOVRVRPHGLVFXVVLRQRQKRZPXFKZDUQLQJRIIDLOXUHZDVREWDLQHGIURPD
FRQWRXUHGGLVFFRXSOLQJDQGDXVHUDVNHGZKDWKDGEHHQWKHH[SHULHQFHRI
PDQXIDFWXUHUVZKHQWKH\WHVWFRXSOLQJVWRGHVWUXFWLRQ2QHPDQXIDFWXUHUVWDWHGWKDWLQ
WKHODERUDWRU\ZRUNLWKDGEHHQIRXQGWKDWDERXWRQHPLOOLRQF\FOHVRIRSHUDWLRQRFFXU
EHWZHHQWKHVWDUWRIIDLOXUHDQGZKHQWKHPDFKLQHLVVWRSSHGE\H[FHVVLYHYLEUDWLRQVR
WKHDPRXQWRIZDUQLQJLQWHUPVRIRSHUDWLQJWLPHGHSHQGVRQWKHVSHHGRIWKHFRXSOLQJ
$OWKRXJKLWZDVGRXEWHGZKHWKHUWKHUHZRXOGEHVXIILFLHQWWLPHIRUDQHQJLQHHUWRPDNH
DGHFLVLRQHYHQLQWKHEHVWRUJDQLVHGILHOGVLWXDWLRQLWZDVFODLPHGWKDWWKLVLVQRWD
UHDOSUREOHPEHFDXVHFRQWRXUHGGLVFFRXSOLQJVWHQGWRIDLOLQWKHILUVWGD\RIRSHUDWLRQLI
WKH\DUHH[FHVVLYHO\PLVDOLJQHGRUD[LDOO\LPSURSHUO\VSDFHGEXWLIWKHFRXSOLQJZRUNV
IRUWKDWGD\LWLVOLNHO\WRZRUNIRUWHQ\HDUVSURYLGHGWKHUHDUHQRSUREOHPVVXFKDV
IRXQGDWLRQSUREOHPVQRWGLUHFWO\UHODWHGWRWKHFRXSOLQJ7KHEHVWLQGLFDWLRQRIIDLOXUH
LQWKHWHVWULJVKDGEHHQIRXQGWREHSUR[LPLW\SUREHVPHDVXULQJWKHD[LDOVKDIWRIWKH
WXEHDQGRQHPDQXIDFWXUHUFODLPHGWKDWYLEUDWLRQSUREHVFDQGHWHFWDFUDFNLQDGLVF
OHVVWKDQLQFKORQJDQGWKDWWKLVVLWXDWLRQJLYHVDRQFHSHUUHYROXWLRQH[FLWDWLRQ,W
ZDVDOVRPHQWLRQHGWKDWWKHUDWHRISURSRJDWLRQRIIDLOXUHGHSHQGVRQWKHGHJUHHRI
FRXSOLQJPLVDOLJQPHQW±KLJKPLVDOLJQPHQWVPD\RQO\JLYHDPLOOLRQF\FOHVEXWWKH
SURSRJDWLRQPD\HYHQWDNHWZR\HDUVDWORZPLVDOLJQPHQWOHYHOV,WZDVQRWHGWKDWWKH
QH[WJHQHUDWLRQRIFRXSOLQJVZLOOKDYHKRWDOLJQPHQWPHWHUVZKLFKQRWRQO\GHWHFW
PDFKLQHPLVDOLJQPHQWEXWDOVRPHDVXUHPLVDOLJQPHQWLQWKHFRXSOLQJEXWDVWKHVHDUH
RQO\MXVWEHLQJEXLOWLQWRFRXSOLQJVWKH\ZLOOSUREDEO\QRWEHLQILHOGVHUYLFHIRUD\HDURU
PRUH,WZDVDOVRSRLQWHGRXWWKDWFRQWRXUHGGLVFFRXSOLQJDUHGHVLJQHGIRUDVDIHOLIH
UDWKHUWKDQWR³IDLOVDIH´EXWLQYHU\FULWLFDODSSOLFDWLRQVUHGXQGDQWJHDUGULYHVFDQEH
VXSSOLHG
2QHGHOHJDWHVWDWHGWKDW%HQGL[FRXSOLQJVDUHGHVLJQHGWRDVDIHW\IDFWRURIZKHUHDV
.RSSHUVXVHDVDIHW\IDFWRURIDQGGRXEWHGLIWKHVHIDFWRUVZHUHHQRXJKZKHQXVLQJ
WHVWGDWDIURPSROLVKHGVSHFLPHQV+HDOVRQRWHGWKDWDQHOHPHQWRIUHGXQGDQF\H[LVWV
LQWKHPXOWLSOHPHPEUDQHW\SHVRIFRXSOLQJGXHWRWKHQXPEHURIGLDSKUDJPVZKHUHDV
WKHVLQJOHFRQWRXUHGGLVFKDVQRVXFKIHDWXUH7KHPDQXIDFWXUHUVH[SODLQHGWKDWWKH\
DFWXDOO\WHVWHGGLDSKUDJPVPDQXIDFWXUHGE\VWDQGDUGPHWKRGVZKLFKKDG
UHSUHVHQWDWLYHVWUHVVFRQFHQWUDWLRQVDQGVXUIDFHILQLVKHVDQGGLIIHUHQFHVLQVDIHW\
IDFWRUVDULVHGHSHQGLQJRQZKHWKHU\RXZRUNHGIURPDIDLOXUHOLQHRUDQRQIDLOXUHOLQH
,QSUDFWLFHWKHUHIRUHWKHUHZDVSUREDEO\OLWWOHUHDOGLIIHUHQFH,WZDVDOVRDVNHGZKDW
SUHFDXWLRQVDJDLQVWFRUURVLRQDUHWDNHQDVDXVWHQLWLFVWDLQOHVVVWHHOVDUHQRWXVHGDQG
WKHUHSO\VWDWHGWKDW$,6,LVXVHGEHFDXVHLWLVDJRRGUHOLDEOHSUHGLFWDEOHVWHHO
ZKLFKJLYHVPD[LPXPIDWLJXHVWUHQJWK,WLVSURWHFWHGE\DQDOXPLQLXPULFKVDFULILFLDO
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
W\SHSDLQWZKLFKSURWHFWVWKHEDVHPHWDOIRUVRPHWLPHHYHQLILWLVVFUDWFKHG7KHSDLQW
LVRYHUFRDWHGZLWKWZRFRDWVRIHSR[\DQGLWZDVQRWHGWKDWWKLVV\VWHPKDVSURWHFWHG
DJDLQVWDOOILHOGHQYLURQPHQWVH[FHSWZHWFKORULQHDWPRVSKHUHVZKHUHSXUJHGJXDUGV
DUHUHFRPPHQGHG
6HYHUDOFRPPHQWVZHUHDOVRPDGHRQWKHVWUHVVLQJRIWKHGLVFZKLFKLVK\SHUEROLFDOO\
FRQWRXUHGWRJLYHFRQVWDQWVKHDUVWUHVVDQGUHIHUHQFHZDVPDGHWRWKHDQDO\WLFDOVWXG\
E\:ROIIRIZKLFKVXPPDULVHVPRVWRIWKHDQVZHUVWRWKLVSUREOHP+RZHYHULW
ZDVQRWHGWKDWPRUHUHFHQWILQLWHHOHPHQWDQDO\VLVPHWKRGVDUHDQLPSURYHPHQWRQWKLV
HDUOLHUPHWKRGDQGFDQEHXVHGWRGHVLJQDGLVFZLWKXQLIRUPVWUHVVLQEHQGLQJDVZHOO
DVXQLIRUPVKHDUVWUHVV
1HDOH&RQVXOWLQJ(QJLQHHUV
ZZZWULERORJ\FRXN
© Copyright 2026 Paperzz