Alcoa Presentation 18th January, page-2

IMO this will be a very important conference for FYI as Alcoa should provide an update to the market on their development projects. Given the recent Alcoa job ad, I think it's pretty much a certainty that the unincorporated JV and small-scale facility will proceed. What we don't know is the revised cost (while I think there will be significant savings from $50m this is less important to FYI's SP) and the revised construction timelines of this facility as well as the larger plant if it were to proceed (this will have a larger impact to the SP).

FYI is very much under the radar at the moment so a positive announcement could put it back in the spotlight or alternatively a "No" to the FID or a multi-year delay in the larger plant could cause the SP to sink even further. I'm comfortable Alcoa is proceeding to the next stage (which is why I've accumulated more over the last few months) and I'm anticipating a 12-18 month delay from the plans they announced last year in January. We have already lived through a good chunk of this delay but there could be further delays to come.

Time to sit back and relax for the next few weeks until we know more.