Ann: Mutual Extension to Potential HPA JV Exclusivity Agreement, page-99

Well, I'm happy to admit when I was wrong - I was confident we'd see terms this week.

Short-term investors/traders selling today. The smart ones with a longer-term view are taking advantage of the drop and accumulating.

My take on it after listening to Roly's interview is this.

Seems they were pretty much there with the terms of the JV.
FYI have a number of other things going on that we aren't aware of as yet however they weren't going to be factored into the original JV. This appears to have taken a turn at the final hurdle. Alcoa has possibly said we want more of it in the JV and this is what we are prepared to pay for it.

As a result, they now need to refine the terms etc however it appears worth FYI's while to take the time to do this.

In Roly's interview, he keeps talking about downstream opportunities and broader value add opportunities that FYI is working on.
He also stated we will hear more about these opportunities in the coming weeks.

There's won't be radio silence during this one-month extension. We will start getting an indication as to what FYI has been working on behind the scenes that Alcoa wants a part of.

Today's sell-off is an overreaction by some however is completely normal after a build-up of expectation and then a minor extension like this.
We'll be back into the 80's next week and we'll all move forward.

I would say Roly's plan was to get the JV over the line then release info on these downstream opportunities.
Not it appears we will get the latter first with the JV to follow.

It will be interesting to see what these downstream opportunities are. I am looking forwards to hearing about them.

GLTAH.