2022 - General Discussion, page-836

The way I look at it is right now FYI is a much better investment decision than A4N.

FYI project NPV @35% of the first facility is ~260M, or roughly 5x from here.

A4N, while ahead in terms of pilot plant, luckily could finance easier with their high MC. But still need to fund their full plant somehow at FID next year sometime. Lets say they need to add 30% to fund it, that means at best a 3x from here. Without certainty of funding (at least for now).

If I had any A4N, I'd be taking a bit off the top and putting it into FYI.