Ann: Joint Extended HPA Trial Progress, page-9

The GDMS analysis by EAG Laboratories is the, dare I say it, definitive analysis technique and laboratory for independent umpire assaying of HPA and alumina. It's $3,000 a sample, roughly, to get this work done, and the results certify your product purity to a high enough degree of precision and accuracy that it is considered by many participants to be the definitive test.

That FYI has taken this long to, firstly, enter into the downstream product qualification and coatings segment, and to start this research, and that it has taken this long to get GDMS undertaken, is really kind of an indictment of the whole process. Sure, you have a DFS done showing (like everyone else) if you chuck $20K/t in as a price, you can make money. But without defensible assays and a downstream product qualification process undertaken, it's doubtful that you're close to cashflow.

FYI is lagging both ATC and A4N in this work by a good 1-2 years, IMO, and is going to have to play catch-up. It also lacks offtakes, because it lacks the definitive assays and hasn't investigated dowstreaming.

No doubt the nard polish is getting warmed up for later in 22 to promote FYI's HPA applicability for various downstream applications.