HI Tobiasroy,Your calculation from converting Euro to AUD is...

HI Tobiasroy,

Your calculation from converting Euro to AUD is wrong.

on the German exchange (Tradegate - 3.74mil volume) closed at 34.2 Euro cents which is 54.64c AUD,
https://www.ariva.de/fyi_resources_ltd-aktie

There is a high chance FYI will continue to see its fall, the media is already reporting FYI won't start construction of the commercial production facility until 2024. Knowing the long delays it has taken GR engineering to complete the development and engineering work for Ecograf for their project in WA, 2024 appears to be very optimistic.
https://www.australianmining.com.au/news/alcoa-takes-another-step-into-alumina-market/



It will be interesting to see if investors will move their funds into other HPA stocks, ATC is already under construction and well advanced with its HPA graphite coating technology, I know @Tcb007 is already looking at ATC. He recently provided a table showing how advanced they are to their peers.

Anyway, One has to wonder why FYI didn't get the upper hand and raise the funds required for the 2 pilot plants themselves rather than giving away 65% of the project so early.

When you consider FYI could have used GEM funds ($80mil) to build both pilot plants or raise the funds directly from shareholders. EGR (FYI's MOU partner) managed to raise $54mil from investors in 3 days when they had a similar MC to FYI.
If FYI went with either of these options FYI would still own 100% of the HPA project and be able to increase their negotiating power in any funding when they have completed the phase 2 plant which would generate US$25mil+ in revenue.
It would be simple for the company to then expand production with additional modules or obtain funding with for the larger production facility.