Ann: HPA Project - DFS Update, page-54

I hold shares in both FYI and KRR, both of which are pursuing a plan to make HPA.
FYI has been well in front of KRR by, I reckon, two years. Their pilot plant has been successfully producing both 4n and 5n samples, they have an partnership agreement with Alcoa and most likely well advanced in discussions on off takes. While they were producing 4n early last year, the partnership with Alcoa meant that many more runs of the pilot plant were made late last year and early this year using different feed stock. Many expected a decision to build a 1000t per annum plant to manufacture 4n was to be made in March but this has not eventuated. Instead, they are going to continue developing engineering plans with no commitment decision to build the plant until December. The SP has languished since this anticipated decision to build has been postponed.

My biggest fear about KRR is that they would be left in the dust in the HPA race and struggle to find off take agreements and funding with the market being cornered by those in front of us like A4N and FYI. With FYI 's additional pilot plant runs and delayed decision on whether to build a plant, I am now a little more confident that KRR can catch up and eagerly await the release of news in May.

Not sure of where A4N is in the HPA race.