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FYI Resources receives R&D tax incentive rebate to progress HPA strategy

The company is positioning itself to be a substantial producer of high purity alumina in a rapidly developing LED, electric vehicle, smartphone and high-tech product market.

FYI Resources Ltd - FYI Resources receives $777,631 R&D tax incentive rebate to progress HPA strategy
The foundation of FYI's HPA strategy is the aluminous clay deposit at the Cadoux project

FYI Resources Ltd (ASX:FYI) has received a research and development (R&D) tax incentive rebate payment of $777,631 for the 2018/2019 financial year.  

The R&D Tax Incentive rebate is an Australian Federal Government initiative jointly administered by AusIndustry and the Australian Taxation Office under which eligible companies can receive cash refunds of up to 43.5% of all eligible expenditure on designated research and development projects.

R&D rebate to progress HPA strategy

The rebate received relates to FYI’s expenditure on development of an innovative process design to refine high purity alumina (HPA) from aluminous clay (kaolin) sourced from the Cadoux Project in Western Australia.

As a component of eligible expenditure, FYI’s pilot plant test work program was recently concluded with positive outcomes.

The R&D rebate will be directed towards the continued development of the company’s HPA strategy and the fully integrated, low-risk, low-cost production of high purity 4N (99.99%) and 5N (99.999%) alumina products.

Strategy centred on Cadoux project

FYI’s is positioning itself to be a significant producer of HPA in a rapidly developing LED, electric vehicle, smartphone and television screen as well as other associated high-tech product markets.

The foundation of this strategy is the superior quality aluminous clay deposit at Cadoux and positive response that the feedstock has to the company’s moderate temperature, atmospheric pressure HCl flowsheet.

These quality attributes combine to result in world-class HPA project potential.

Quick facts: FYI Resources Ltd

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Market: ASX
Market Cap: $11.06 m

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