Ann: Investor Presentation - Brisbane Mining Conference, page-147

My take from this is the small scale application is the current pilot plant they have. The demo plant will prove that the technology works at scale. Once this is proven then they will start to consider the full-size plant.

FYI is a small-cap trying to make investors think there is less risk in the project than there actually is. As others have pointed out this technology has never been used at the scale they propose so there are still lots of scaling risks that must be overcome. This isn't unique to FYI as other HPA hopefuls have similar issues. Having Alcoa as a real partner and not just a financing partner is a big plus and in my view de-risks the project a lot although by no means makes it certain that the technology will work at scale.

The last news release from Alcoa on the project was 19th March and seemed like everything is still on track. https://news.alcoa.com/alcoa-stories/alcoa-stories-details/default.aspx#id=March-19-2022--HPA_production_trials_generate_encouraging_results
We will find out more in just over two weeks. Hopefully, before then we receive confirmation that stage 1.1 has been signed off. We are also due an update on the EGR/FYI project any day not although this project is only meaningful if the main HPA project proceeds.