Following the success of the first trial (Phase 1) (see ASX announcement of November 23, 2021), minor refinements to the normal design criteria will be made in the second week to further optimize the process and explore variability in results. Two more test runs, each one week in length, are planned before the four-part test series is completed.
The HPA samples from the first week of testing have been submitted for independent, high-resolution analysis and results are expected shortly. In April 2021, FYI released an updated feasibility study (DFS). Following the signing of a letter of intent with Alcoa in August 2020, the companies signed a binding term sheet in October 2021 for the joint development of the HPA project, including the provision of up to $243 million of the anticipated $250 million capital expenditure. Alcoa acquires 65% of the project capital through this investment.
Summary: As revealed last Friday by a mandatory announcement from the Australian Stock Exchange, Australian ESG fund Perennial Value Management has sold off a larger portion of its FYI shares since October, which it had previously purchased in the market. The fund's shareholding has now fallen below the threshold of a "substantial holder" (see Friday, Dec. 3, 2021 Mandatory Notice). The fund thus holds less than 5 percent of the shares in FYI Resources. The background to the sales appears to be a market-driven outflow of funds from the Fund. Continued sales by a major shareholder are likely to have contributed significantly to the share price decline over the past eight weeks. At the end of September, FYI Resources had been trading at A$0.825, but today the share price reached A$0.305, after closing as low as A$0.275 the previous day. Despite all this volatility, FYI Resources remains fundamentally on track.
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