Independent Investment Research Report, page-15

Great to see goldinvest supporting FYI - another great write up.
Further to the link provided to their latest update, I clicked on the company link and they have a fantastic profile page on FYI Resources.
It has links to their previous FYI articles, a heap of FYI videos you can click on and watch (nothing we haven't already seen but a good one-stop hub to access them) etc

Here's the link to their FYI profile page - https://goldinvest.de/fyi-resources

Regarding their comment on the 70/30 split to fund the project it's an interesting one. Roly has been steadfast in saying that for this current project there will be a MAXIMUM 30% equity funding component. We have the GEM option with investors lined up via that facility ready to go if we need it.
I'm not sure in the article if they mean they don't think we will need the 30% equity funding, or if it's the other way around. If they are saying they think we will need more than 30%, they are completely wrong, IMO.

No doubt there are many funding scenarios being thrown around.

One option I have heard is that Alcoa fund all of the CAPEX... and we get the majority of the profit in the first few years. That would be their ticket to the JV. If that happens we effectively free carry, still have the GEM facility up our sleeve to fund future growth on other HPA opportunities with the JV (to pay for future funding on our part of the JV) all at a far higher share price than we are today.
Alcoa will want 40% - 60% of a JV, IMO, so this scenario would get them to this position.

Now of course there would be many scenarios being considered but think of the types of numbers involved in the above scenario. These are the types of numbers being discussed at the moment.
The market doesn't see it coming. I honestly think many people think Alcoa just tip in 40m or 50m and they are in. That is absolutely not the case.
When the JV happens it's a big re-rate from our current market cap of 70m and we're not far away from this happening according to the timeline announced to the market.

Then throw in off-takers with some wanting not only product, but equity in the project and we couldn't be in a better position to be fully funded in the early part of 2021.