Ann: FYI & ALCOA SIGN BINDING JV TERM SHEET FOR FYI HPA PROJECT, page-62

More a signal of disappointment over the timeline/staged approach than anything else in my view. No reason not to stage production as the demand will be ramping up over the next few years progressively, so the "problem" is that both parties can withdraw at these stages.

Aloca has clearly chosen FYI as the path into HPA. So it is likely dependent on the underlying commodity price going forward and the quality of the resource/flowsheet continuing to hold up. Both of which look the goods from where I sit.

Very happy to see Alcoa release their own press release on the project. Hopefully will attract American investor interest.

Don't mind the split either. Let Aloca drive they have been there and done that. Great opportunity to sell to existing Aloca customers as well.

Need to further digest, but at a glance a little over-reaction from the market. Though it was clear from some of the giddy posting here over the past few days expectations were sky high.

IMO, DYOR

MJ