FYI Presentations next week, page-29

Yes, it's a good sign when Alcoa is paying to refit the pilot plant and the European partner as announced recently paid for all the milling and further work etc too.
In my view, it means they are super keen and also it is further great capital management from Roly. Less dilution for all of us - our 'cash at bank' lasts longer.

We should see an updated FYI presentation for the NWR presentation today.

I am expecting our timelines to FID, finance and further product qualification etc to now flow into 2021. I'm also expecting the Alcoa JV to now be finalised in early 2021. No issues at all here we are well advanced and there will be plenty of newsflow from now on leading through to Xmas and into the new year.

What I am hoping today though is that Roly really sells the Alcoa JV and the fact it is happening it's just a case of finalising the detail.

I still think the market looks at the previous Alcoa MOU update and thinks, 'oh this is just another fluffy MOU announcement like we've seen many times before elsewhere' doesn't mean much....
It's a bit of an elephant and mouse situation. How can the elephant (Alcoa) and this little mouse (FYI) partner up on the mouse's terms?
Odd analogy I know but I hope you get my point.

But this is our way forward.

Again, hopefully, Roly really drills in on this and if I was him I'd be incorporating Alcoa into the presentation slides as our pathway forward (provided they let us).
If it is in our presentation slides... well you wouldn't do that unless you were confident of it going ahead. So it would be a big message to the market.

Anyway, that's just me but what would I know!

The biggest question market from non-holders has always been funding but with an Alcoa JV, the funding is a given, IMO, and significantly de-risks
our pathway to production.

Let's see if Roly shows our future as FYI/Alcoa moving forward in his presentation.