Well HPA (High Purity Alumina) is not my area of specialty currently and there may be others here that are better qualified to comment.
But my initial opinion would be to look a the grade of the bauxite that it is being derived from. But FYI have defined a process to extract it from Kaolin. To my knowledge they are the only outfit on the ASX that are doing this. Market is generally skeptical of any new process like this until full scale testing is done and proves economics. I cite the recent and new process announced by the likes of LIT:ASX where they can extract Lithium economically from Mica. Market is still fairly skeptical of this new process until commercial scale economic production can be proven. I expect the same will be true for FYI. This will drag on the share price regardless of what the directors say and how they market it.
FYI:ASX are still at feasibility stage (very early). If it were me I would not invest in this unless I were committed to go the distance for several years. Too High risk and there are better investment options out there.
