Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-539

A really good summary breakdown.

I think it's important to clarify that phase 2 comprises construction of the 1ktpa demo facility in parallel with engineering design studies for the 8ktpa commercial facility. Knowledge gleaned from the demo plant will allow tweaks to be made and guide design development of the full scale plant. Construction of the commercial facility will only commence post FID for phase 3. I'm sure that's what you meant, but just wanted to clarify that construction of both phases, as I have seen stated a few times, will not occur simultaneously.

As you alluded to, the 1ktpa demo plant is somewhat of a compromise - lesser financial commitment, serves as a dummy run or learning exercise and still allows for production of significant volumes of HPA in a relatively short time period.