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FYI Resources director supports high purity alumina strategy with on-market purchases

Non-executive director David Sargent has acquired shares with a total value of almost $52,000.
High purity alumina from Cadoux project
The company aims to export HPA for the tech and battery-related markets

FYI Resources Ltd (ASX:FYI) director David Sargent has shown his faith in the company’s high purity alumina (HPA) strategy by acquiring more than 964,000 shares in on-market trades this month.

The non-executive director’s purchases for an indirect interest, Kirkdale Holdings Pty Ltd, have a total value of almost $52,000.

He now holds more than 1.319 million shares in that indirect interest, while another indirect interest holds 850,000 ordinary shares and a third holds 7 million.

READ: FYI Resources managing director Roland Hill acquires more shares

These purchases follow those of managing director Roland Hill, who recently bought more than 176,000 shares on-market for total consideration of $10,000.

This brought his total direct and indirect holding in FYI to more than 11.631 million shares.

READ: FYI Resources welcomes start to GR Engineering-led DFS due mid-2019

FYI’s strategy is to mine and beneficiate kaolin on-site at its Cadoux project in WA and transport the beneficiated aluminous clay to Kwinana for refining, before being exported to expanding tech and battery-related markets.

READ: FYI Resources investigates HPA markets in East Asia, advances offtake negotiations

The company has recently progressed the commercialisation of its product through a follow-up marketing trip to HPA consumers in Asia.

Meetings with industry participants in China, Japan and South Korea and FYI confirmed that its Cadoux HPA aligns with a market supported by a premium price and strong demand for new supply sources.

Along with investigating Asian regional HPA markets, the trip aimed to broaden awareness of FYI’s Cadoux project’s potential high-grade product and strategic 52-year mine life.

FYI also used the visit to explore commercial opportunities with selected parties including offtake and strategic financing for Cadoux.

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