Ann: FYI Presents at Metals & Mining Virtual Investor Conference, page-25

The NPV of $1b that takes up a full page with huge lettering shouldn't be used no more.
With Alcoa feedstock, that is no longer the case.

All 3 tests were done with Alcoa feedstock so one can only make a sound judgement that the plant will proceed with Alcoa feedstock.
Given that Alcoa doesn't do a runner (highly unlikely as this will give them a bad rep and fight over legal IPs), getting feedstock from Alcoa will remove risks with FYI mining own feedstock.
Any issues in procuring feedstock will directly translate to increase in plant running costs and decrease in output.

All I wish for FYI is to announce
1. Engineering phase means Phase 2 has officially commenced. -if not, say what is holding up the deal.

2. Just say Alcoa feedstock will be used for the sake of transparency and any longer term view with FYI feedstock.

The longer SP lacks in this unwarranted region, the harder the barrier will be to breakthrough.