Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-230

All HPA related projects are included in the term sheet.

As shown by the Alcoa approach to the first 8000 tpa plant I don't believe there will be a 2nd or 3rd plant until they have demonstrated that the first 8000 tpa plant works and there's enough customer demand. Once the first one is working there is a higher probability that the 2nd & 3rd (most likely replicates of the 1st 8000 tpa plant) will be built at the same time however we're probably talking 2025/2026 for these plants. FYI will have to fund 35% of the cost of these plants however they will have income from the demonstration & 1st production plant so they will be able to fund their share by traditional low-cost debt.

If they can achieve 80M EBITDA (FYI portion) then by the time they're at full production I see the MC at somewhere between 640M-800M USD (8-10x EBITDA). If I allow for a further 10% dilution then this puts the SP at between $2.18-$2.72 AUD. Even without additional plants that's a 4x-5x increase of the current SP however, this won't happen overnight and is not without risks so the short-term investors will leave (if they didn't already leave on Friday) and the longer-term investors will move in.

I may be wrong but that's my current thinking. Happy to hear alternative views.