Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-263

You're right gradual organic growth for any company is much better than the original FYI proposition of an 8,000 tpa plant. The deal with Alcoa is good for FYI because it will give FYI customer credibility and somewhat derisks the project. The problem for FYI is that they didn't dampen investor enthusiasm so the market cap until Friday became unrealistic (same applies to Alpha HPA). Realistically the 8,000 tpa plant won't be built until 2025 at the earliest. It may not be built at all or it may be scaled down to fit demand. I would assume the share price will need to drop further to justify the new equity split and timescales. It may be a long haul for anyone who bought in at this price or higher but at least, unlike Altech, FYI now has a credible partner with huge reach.