Ann: Ceasing to be a substantial holder, page-43

There's pilot plants....and there's pilot plants that produce 250kg++ for product qualification trials. Which one does FYI have? It's some buckets in a sea container. Has it shipped them to LED manufacturers? To technical glass manfuacturers? What's the throughput? Lab scale, or semi-commercial? Is FYI paying for the qualification testwork it's doing? Show your working.

I think you can agree that kaolin, shipped for ceramics, et al., is substantially different from HPA. Sure, SUV has allegedly produced 99.99% from their White Knight stuff, but who hasn't? To date, SUV hasn't been daft enough to start a PFS on turning a smidge of their clay into LED's. FYI, however, sure it has kaolin but the endgame is HPA, and they have perhaps a handful of years of kaolin reserves (if they bothered) and as much kaolin feedstock as heir HPA ambitions require forever. Materially different beasts, and materially different volumes, capex, and risk profiles.