2021 - General Discussion, page-5877

Quoting yesterday's announcement:
"Whilst the pilot plant operations are not a conditional item to the joint development Term Sheet, the positive results contribute to the further improvement of the process flowsheet and potential increase in the overall project economics."

It is apparent that phase 1 was a refining step before building a phase 2 plant. It wasn't a deciding factor to transition to phase 2.
Unlike how some feared Alcoa could pull the plug at any step of the way, Alcoa is clearly committed to this venture.

I can only see positive going forward so if SP falls to 20's level, I'll load up more.