Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-546

Hi jatkins 72. To a large extent, of course we are “ hanging our hat” on Alcoa. They are an industry leader, a Fortune 500 entity and quite possibly no, most likely, part of a new and synergistic JV that has enormous potential and high likelihood of succeeding. Maybe some investors had different expectations and that’s fine however, I didn’t expect Alcoa to “hang their hat” on FYI. As illustrated by the falling SP in the first few days post Ann., there were many short term holders that expected so much more and, instantly. I guess time will tell.
With regards to FYIs IP, I believe that there are significant protections in place that give FYI security over the early R and D.
As to a “major setback to commercial timelines”, perhaps some retail investors maintained overly simplistic expectations with regards to the machinations of such a complex and commercially significant partnership. Further, this is a potentially huge/ global venture centred on new tech and emerging markets. We are not walking a well worn path of more traditional products, say gold or petrochemicals. Thus, everything that Alcoa and FYI do from now on and have done for the past 18 months is somewhat ground breaking. Consequently, some may have been a little naive if their expectations were that full production would ramp up in a few months. I think the 3 stage timeline explained in the JV Ann. is relatively fast.
For long term investors, the fundamentals of this partnership; de-risking, funding in place and complimentary expertise from an industry leader, AND OUR PARTNER, just gets better. At the risk of sounding like one of those motivational types....I’m super excited.
Good luck all
Cheers
Ant