FYI to secure up to $3M from WA government
Today, our critical minerals development Investment FYI Resources (ASX:FYI) announced that it had been allocated up to $3M to advance its High Purity Alumina (HPA) project in WA.
We’ve been looking for FYI to secure some form of funding for its small scale production plant (SSP) ever since it parted ways with its JV partner Alcoa - and we think the SSP is a quicker more viable option for FYI now that it has 100% ownership of the HPA project.
The funding announced today comes via the WA Government’s Investment Attraction Fund and is subject to an additional agreement between the government and FYI around project milestones - with FYI required to match any funding secured via the government.
Previously, FYI appointed its engineering contractor for its small-scale High Purity Alumina production plant.
The SSP will be a 1,000 tonnes per annum plant.
In an ideal scenario, we want to see FYI become a HPA producer - and re-rate to reflect this.
We note that one point of comparison with FYI is HPA-producer Alpha HPA, which is now capped at ~$1BN.
What’s next for FYI’s HPA project?
The following is FYI’s development schedule for the small scale plant:
