Ann: FYI Secures A$80M Funding, Delivers DFS & Upgrades Reserves, page-25

What an update!!

Firstly, the DFS is an outstanding result and with the CAPEX and OPEX numbers confirmed (and almost in line with the PFS numbers), this has de-risked the project alone.

Secondly, the biggest question mark from the market has been funding and people saying that there is no chance the project will be funded.

Well here is the first piece of the puzzle. For a company at an 11m market to get a funding deal in place is an outstanding result also. In the bigger scheme of things from a funding perspective this should hopefully provide a domino effect for the remaining pieces to fall into place over time.

The terms of the funding deal may not be comparable to the best funding arrangements ever negotiated but we aren't BHP sitting at the table either negotiating. We are (or were before today) an 11m market cap company looking for funding! It's about risk v reward when lending or financing so in our current position it's no surprise the first piece of financing is a little generous to the counter party.

I'm sure there's other news coming too but well done to all holders who held their nerve.... it's been a frustrating few months.

GLTAH.