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.
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.
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.
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.