Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-560

Agree, for a fortune 500 company to mention the HPA JV in their 3Q presentation is huge.

It is mentioned twice, on P5 under "key takeaways" and again on P15 under "Other recent major activities".
https://investors.alcoa.com/events-and-presentations/presentations/default.aspx

I think this shows how important this is to Alcoa, they had revenue of US$3.2b for the 3rd Q, yet consider the JV to be a key takeaway & a major activity. Think about that - they are very serious about this JV.

Unfortunately a big company like Alcoa moves in a very conservative way which doesn't seem to fit in with the market's perceived timeline expectations. This is probably compounded by the extended wait we had from MOU to Term Sheet signing. But the wheels are turning, this will happen, the other would be HPA aspirants will still be trying to organise finance as we progress our project.

I think it'll just take one major offtake to be re-rated by the market. Battery manufacturers are locking in their supply chains, even companies like PLL were years away from production when they locked in an offtake with Tesla.