Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-97

Constant visitors to A4N brought me to FYI, and I researched the company and have a few thoughts for holders.

FYI ran their pilot plant three times before the Alcoa MOU - none of the results were that great, a mix of 3N and 4N. They might have been able to cobble together enough 4N for some samples, but they didn't have enough to do a coordinated marketing campaign, they may have had enough to service one or two customers. So there is no offtake around the corner.

The SP since the MOU, a rise from 10c to around 80c has seen only one technical achievement announced to the market regarding HPA. They were the results produced when Alcoa showed up and turbocharged the pilot plant at their own cost.

The narrative that has played out on these threads is that FYI has offtake in the bag and that their HPA process is impressive and innovative - they have an edge, and Alcoa are jumping on the FYI train.
IMO, when Alcoa showed up FYI were still in a development phase with mixed results - their process was yet to be determined, and it looks as if Alcoa has moved them aside and said, "thanks, we'll take it from here". Alcoa is the company with the edge, and FYI will ride on that from here for their 35%. It's an intelligent move from Roly as before then, FYI wasn't up to much, remember they were at 10c and fluffing around with the pilot plant.

I feel for the guys who listened to the pumpers on these threads, the three plants around the world and imminent offtake crap - just BS. If I were a holder, I would be asking myself what it is that FYI is bringing to this Alcoa party; it's not a great deal hence the 35%; and how is that going to play out for shareholders going forward, especially those that didn't buy in at less than 10c. And there are still a series of development milestones to be achieved before anything substantial happens anyway. They need to deisgn a plant, get it approved, build a plant, then start a marketing campaign, talk to customers about HPA specs, make the product to spec, customers will then go into a testing phase that will take months if not years for the battery guys, then they can start applying for the high value offtake contracts, it's 2 years away IMO.

Good luck all.