Ann: Commencement of Third Joint HPA Extended Pilot Plant Trial, page-25

As a reminder, this is what Alcoa mentioned last quarter when asked a question by Morgan Stanley:

Question:


Answer:


I'm looking for more positive language on the call tomorrow regarding achieving the "outcomes". Alcoa is conservative by nature so they may not mention timing on the call tomorrow which is okay but it would be good if they provide an update on how they think the project is tracking so far.

As a side note since the JV binding term sheet was signed Morgan Stanley Wealth Management has added 1.7M shares which implies to me that Morgan Stanley has provided positive commentary to their clients on FYI and the project. Morgan Stanley would be in regular contact with Alcoa.