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FYI Resources Ltd

FYI Resources director adds to his holding with on-market share purchases

Non-executive director David Sargeant has this week acquired a total of 1.15 million securities and now holds 3.525 million shares.

Increasingly high stacks of coins
The company aims to use kaolin from its Cadoux project to produce high purity alumina

FYI Resources Ltd (ASX:FYI) non-executive director David Sargeant has this week boosted his holdings in the company through on-market share purchases.

On Monday he acquired 150,000 shares with a further 1 million valued at almost $60,000 purchased on-market on Tuesday and Wednesday.

Sargeant now holds a total of 3.525 million shares in direct and indirect interests.

READ: FYI Resources works toward a September quarter BFS for kaolin project

The company aims to use high-quality aluminous clay, or kaolin, from its Cadoux deposit in WA as feedstock for high-purity alumina (HPA) production using its process.

FYI says the clay is a model feedstock and has ideal metallurgical characteristics.

The kaolin is also an inexpensive low-impurity feedstock with certainty of supply and a grade of 24.4% aluminium oxide.

Cadoux's reserve, prepared by CSA Global and announced in late October 2018, could effectively support a 52-year mine producing 8,000 tonnes a year of HPA.

READ: FYI Resources to commence drilling for BFS this week at kaolin project

Late last month the company was set to begin a 1,200-metre reverse circulation (RC) and diamond drilling program at Cadoux.

This program will serve multiple purposes, most of which progress a bankable feasibility study (BFS) due for completion in September 2019.

Data will be collected to increase the technical and metallurgical understanding of the kaolin feedstock to assist in refining the processing flowsheet.

READ: FYI Resources receives first $300,000 of $1.1 million R&D rebate for HPA work

Drilling will also generate kaolin feedstock for FYI’s planned pilot plant and also define the first phase of feedstock material for specific grade and mineralogy.

Groundwater data will also be collected for environmental studies.

HPA demand increasing

Global HPA demand is expected to increase from about 35,000 tonnes in 2017 to 125,000 tonnes in 2025, driven primarily by strong growth in demand for lithium-ion battery (LIB) separator coating.

Electric vehicle (EV) market growth is expected to contribute to HPA demand, with some researchers tipping year-on-year HPA demand growth of about 17%.

Quick facts: FYI Resources Ltd

Price: $0.05

Market: ASX
Market Cap: $9.57 m
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FYI Resources commissioning high purity alumina pilot plant

FYI Resources Limited (ASX:FYI) managing director Roland Hill updates Proactive Investors on the commissioning of the high purity alumina (HPA) pilot plant at Kewdale, Western Australia. Hills says the plant is crucial in the development of the Cadoux Kaolin Project and he is happy with...

on 27/6/19

2 min read