HPA from Kaolin in WA Massively undervalued...potential multi bagger!, page-683

Here are a few more arguments

Compared to its competitors ATC (800 million) and A4N (630 million), FYI has much fewer stocks outside (212 million). In Canadian terms, 212 million shares are actually more comparable to 21 million shares. You only have to - psychologically - delete a zero. Then FYI is trading at 0.70 cents.

The comparatively small number of shares combined with a high insider ratio has the disadvantage that FYI acts relatively illiquid.

It is important for the comparison with the competitors that FYI has only been active in the HPA area since the end of 2017. That From the start (acquisition of the kaolin project) to the feasbility, just over two years have passed. In total, FYI is likely to have raised around AUD 5 million during this period (however, tax refunds for research purposes have also been added, estimated at AUD 2 million). Compare these numbers with ATC!

The low burn rate or one can also say that the economy of FYI (which unfortunately does not stop at the homepage) is not easy to understand for the market: how can it be that FYI can do something for which others spend a lot more money ? In this sense, the low market value is more of a hindrance. In view of an expected investment requirement of US $ 178 million (according to pre-feasibility), equity financing is ruled out. But you should ask yourself what if FYI were not listed at all (that might not have been a bad idea). The company would look great as pure private equity. With the Feasbility, FYI will shortly present a business plan that has been tested for water resistance in all important points: mining license granted, 50-year lifespan, environmental permit granted, property in Kwinana secured, pilot plant (real costs) successfully operated, end customers can produce the material produced be tested in real applications (tests are currently running). If it is the case that the HPA demand increases strongly and that above all the demand for higher quality HPA increases (due to applications in battery separators), then the pressure in future off-take negotiations is definitely also on the end customer. They probably only want one thing: long-term security of supply with guaranteed high quality. Nothing is worse for companies than if they have to buy HPA from many different sources with constantly different qualities (below the specification). FYI offers end customers an all-round carefree package. Off-take and financial commitment have to go hand in hand.

How long does that take?

Summer would be nice (but that's wishful thinking now).