Ann: Commencement of Third Joint HPA Extended Pilot Plant Trial, page-18

At the moment we're operating under the binding term sheet for the development of a HPA refining project. The initial plan was to then enter into a formal development agreement during phase 1 followed by the unincorporated JV at phase 2 and then finally the incorporated JV at phase 3.

It is possible they have decided to skip the formal development agreement and instead work on the unincorporated JV agreement which they would sign when they agree to move to phase 2. We'll find out more either tomorrow at the Alco'a Q4 results conference or the quarterly update from FYI in just over a week from now.