Ann: Offtake, Marketing and Financing MOU with Traxys, page-37

Not a problem.

I'd love to know why FYI holders think FYI is ahead of A4N to production when FYI is still developing their process and/or product while A4N finished that process months ago.
FYI has made great progress with their MOU but states the following in the announcement regarding that MOU;
"The conditions precedent cover further HPA pilot plant variability trials being successful"
"FYI is developing an innovative process for the production of high quality, high purity alumina. FYI has been very successful in its development strategy and continues to advance the HPA refining process" Those statements make it clear that they are still developing their process which implies process risk remains for now.
It may not take long to finish their developing phase and there might not be much left to do to to succeed with their variability trials (I have no idea) but A4N perfected their product months ago as shown in their extensive data released on their product throughout the pilot plant runs. It should follow that A4N has very little process risk remaining until it gets to commercial production (zero pre-commercial plant risk if there are no hiccups with the expanded pilot plant) and the success of the pilot plant greatly reduces any operational risk for the commercial plant. Anyone worried about potential commercial plant risk should be able to sell the bulk of their holdings at multiples of the current sp by then, just ahead of commissioning to avoid that risk.
We could potentially see finance deals announced at any time now although guidance is by the end of this quarter, while FYI is still working on developing their process. A4N had fully developed its process almost from day one of the pilot plant production with only some fine tuning since then to increase average grades from above 4N at the start to just below 5N. So I remain puzzled how FYI holders think FYI is ahead of A4N.
Below is just one of several tables released by A4N showing full details of their products. Importantly investors can see the levels of deleterious elements such as sodium (circled). This is why I see much less risk here. I know the product has already reached very high standards. I included the Boehmite specs as well as the Alpha HPA specs because the Boehmite is believed to be superior to anything on the market and the same applies to the company's gamma HPA.


The following shows grades of ALL samples produced from the start of the pilot plant operation, not just select samples, again giving investors all the information that we need. No other HPA developer has provided this much detail from the start or to date.