Ann: HPA First Project Update, page-66

roly clearly states about bringing down stream opportunity into the JV. what he is really saying, alcoa need to see a binding buyer in order to proceed with JV discussions. when the pilot plant isnt running and you have no market outreach, you have no buyer for your product. the hot air and optionality of FYI is just that, Alcoa arent stupid nor does alcoa management want to take risk and be the dumb dumb if they do a deal and cannot sell the product. roly has 1 month to secure binding buyers for his product, good luck, its good as over. then i can finally not have to talk about this ever again.