FYI Resources Ltd (ASX:FYI) non-executive director David Sargeant has indirectly acquired 205,791 ordinary shares worth more than $13,000.
The purchase brings Sargeant’s total shareholding to 9.375 million ordinary shares, worth $562,500 at today’s share price of 6 cents, as well as 500,000 unlisted options.
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 high-purity alumina (HPA) 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.