PTQ Q2 2026 Issue

Equilibrium catalyst characterisation

E-cat samples were collected regularly and analysed using standardised procedures: • Physical properties: Appar- ent bulk density (ABD), par- ticle size distribution (laser diffraction), attrition index.

• Surface area: Total surface area (TSA) and matrix surface area (MSA) by Brunauer- Emmett-Teller (BET) nitrogen adsorption. • KAI: Proprietary Ketjen method using standardised gas oil feed. • Rare Earth content (RE₂O₃): X-ray fluorescence (XRF) spectroscopy. • Metals analysis: Fe, Ni, V, Ca, Na by XRF; reported as weight per cent or ppm on E-cat. • Fluidised-bed stimulation test (FST): Conversion meas - ured at standard operating conditions. • Selected samples analysed using field emission SEM with EDS capability. • ACE: Conversion measured at standard operating conditions. SEM analysis of iron-poisoned catalyst particles reveals characteristic surface features (see Figure 2 ): high surface roughness with sharp nodules covering significant portions of the particle surface and potentially bridging the macro- pores that would normally facilitate hydrocarbon diffusion into the catalyst interior. It further revealed stark differences in surface morphol - ogy between the two catalyst samples. Upgrader particles exhibited extensive coverage with rough nodules. In con - trast, SaFeGuard particles showed some surface roughness with significantly reduced nodule formation. This morpho - logical evidence provides direct microscopic validation of the KAI measurements: SaFeGuard’s formulation inhibits eutectic coalescence and spreading, preserving catalyst accessibility at the particle level. Table 1 and Figure 3 present the E-cat properties meas- ured during the baseline period (column 2) versus the trial period (column 3). The results demonstrate the fundamen- tal advantage of SaFeGuard technology: maintenance of

Figure 2 SEM images of Upgrader and SaFeGuard E-cats

Catalyst accessibility performance during commercial trial C ustomer Z - 50% inventory changeout

6 7 8

77% improvement in accessibility

6.2

Critical threshold (KA = 4)

3.5

1 2

Upgrader (1/14-4/8)

Sa F eGuard (6/30-7/15)

Catalyst type ( o perating period)

Figure 3 KAI comparison

high accessibility despite elevated iron levels (0.48 wt%). The most striking result is the dramatic increase in KAI from 3.5 (Upgrader period) to 6.2 (SaFeGuard period), representing a 77% improvement in accessibility. This occurred despite a 14% increase in iron loading on E-cat (0.42 wt% Fe → 0.48 wt% Fe), directly demonstrating SaFeGuard’s superior iron tolerance. The KAI value of 6.2 places the catalyst firmly in the moderate-to-good acces - sibility range at 50% changeover, well above the critical threshold of KAI = 4 that defines severe performance degradation. Surface area measurements (TSA, MSA) showed similar

Equilibrium catalyst properties comparison

Property

Upgrader period

SaFeGuard period

Change

Significance

KAI

3.5

6.2

+77%

Major improvement

TSA, m2/g MSA, m²/g ABD, g/cc

142

148

+4% +5% +2%

Maintained surface area Maintained surface area

0.82 0.42

0.84 0.48

Higher ABD

Fe on E-cat, wt%

+14%

Higher Fe loading

Re2 O 3, wt%

1.2

Same

FST activity, wt%

62.1

64.3

3.5%

Increased activity

Table 1

PTQ Q2 2026