Ann: High Purity Alumina Prefeasibility Study, page-64

The PFS is very similar to the other HPA hopefuls, and the issues are the same. FYI, Altech, PUA all got sold down on the release of the PFS (Altech after the real capex numbers were released) and the reasons were about their ability to get finance. FYI's saviour was the deal with Alcoa but so far there hasn't been any detail on what it means for FYI. A4N started with a much higher market cap and so the financing wasn't as much of an issue for them.
Getting an offtake is key for the financing process and to date there hasn't been any deals signed by any Australian HPA project. Altech's deal with Mitsubishi was a marketing agreement only not an offtake. Hopefully KRR can get one done, but until there is one in place, financing will be their biggest hurdle.