Ann: Appointment of Engineering Services Provider to HPA Project, page-13

all the HPA players must be coming to the realisation that the market for 4n/5n HPA isn't that deep. even A4N hasn't got a HPA offtake away yet and they are much further along. Instead A4N did the right thing early based on market feedback and moved to produce other specialty chemicals (and now also sapphire glass), whereas FYI/Alcoa went and did their homework (took too much time) and figured out there is no market for 10,000tpa HPA. Alcoa walked away and FYI now also pivoting to rare earths instead while plodding along with this. probably the key issue is our CEO is a bit inept but it's not unusual in the smallcap space i guess.