Ann: Investor Presentation - Brisbane Mining Conference, page-141

8 Oct 21 - corporate presentation, slide 7, "Phase 1 – final engineering (FED) & (final investment decision (FID)"
"Phase 2 – large scale demonstration plant (1,000tpa HPA)"
17 Dec 21 AGM presentation, slide 22, Jan 2022, FEL1 finalises/FEL2 commences
15 Feb 22 Conference presentation, slide 20, March 2022, FEL2 commences

Its not surprising if holders assumed Phase = FEL, and expected some important news in Q3 FY22.
FYI should have clarified but did not.

In any case, the SP of FYI has been on a six month decline. Too many mixed messages and cock-ups in communication.

All IMHO, DYOR