Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-136

Never want to get too involved in the junk being posted here. But downrampers out in force just as the uprampers were before the Ann.

We have a clear path to commercialisation and financing provided the market and product continue to prove themselves. The clout this gives FYI going to market for off-takes is huge, and in my mind these will be the next set of catalysts to flow through this "phase one". The strength of these will give us a fairly good indication of if phase 2 will kick off. Some talking on here about production being ages away due to the phase 3 2023 comment in the Ann. There is no reason to start to produce until the shortage hits.

Yes, 35%. We are dealing with a ~$9 Billion MC company here. Did people honestly think FYI would be sitting in the driver seat here? Alcoa brings customers, technical expertise and the bulk of the cash. We are now along for the ride.

Looking forward to seeing some sub holder changes coming over the next few days. Volume huge so expect it.

IMO, DYOR

MJ