2022 - General Discussion, page-840

The snippet below is from the Far East Capital weekly commentary http://www.fareastcapital.com.au/imagesDB/newsletter/WeeklyComm3December2022.pdf and although they're talking about A4N you could say it also applies to FYI. I'm not too fussed on the exact makeup of FYI's feedstock as I view it as a trade secret. I think mid-late January is when we'll learn more about the demo plant FID and timing of construction.

The secrecy around Alpha’s feedstock has been bothalluring and a source of uncertainty, at least for those wholike to dig deeply into the science. It is always a red lightwhen companies don’t provide total transparency on thetechnology as there is a risk it could just be promotion. Given the success of Alpha so far, it is probably time to befeeling more comfortable with its “secret input”.That then begs the question; is it necessary to have akaolin mine for HPA? The lack of Kaolin mines beingdeveloped over the decades has been one of the sectorsmost notable features. It was the downstream uses ofkaolin, to produce HPA, that was one of the reasons for therevival of interest in kaolin stocks. It was a doorway toparticipating in battery input activity, but having kaolin is nota condition precedent to joining this game. You just needfeedstock like Alpha’s.That puts Suvo Strategic (SUV) in an interesting position. Italready has an operating kaolin mine so access to thatfeedstock source is procedural. Yet, is is pursuing adifferent route. See its ASX releases where it says it isinvesting in new technology that will use recycledaluminium feedstock. Will this be comparable to Alpha’smethodology? What does it say about all the otherprospective kaolin producers that want to go down adifferent path? Who has the greatest commercial benefit?We watch the sector with keen interest.