In a presentation at the NWR Virtual Resources Conference this month, Hill said the company was spending time examining options to finance its future activities and development costs which include offtake, joint venture, cornerstone investor, project debt, equity and strategic investor.
“Market angle is absolutely critical. It is exciting – the fact that we are close to the end of our development journey and now heading into our marketing journey.
“We are very happy at this stage of our development.”
Proposed project delivery
“We are looking forward to a very busy next couple of years and to a fairly rapid development program commencing from now.”
From market close on March 24 to close on May 6, 2020, FYI traded from 3.3 cents to 6.4 cents and today the company is trading at 5.1 cents, slightly higher than the previous close.
Hill said the company spent two years working on a definitive feasibility study (DFS), which was delivered in March along with securing $80 million in strategic financing from Luxemburg-based private equity group GEM Global Yield LLC SCS.
Construction at the HPA Cadoux Kaolin Project in Western Australia is targeted for 2021 with commissioning targeted for 2021-2023.
The DFS confirmed Cadoux as a world-class high purity alumina (HPA) project with a long project mine life (+25 years).
FYI’s strategy is to re-engineer the HPA processing route by producing 99.99% alumina directly from an ore source – not from already refined aluminium metal.
This will be done at a proposed processing plant in Kwinana.
In achieving this, the company will utilise a standard flowsheet and proven off-the-shelf equipment in its process design to optimise production efficiencies and to reduce production risk.
FYI intends to utilise the low-cost, low-impurity, high-grade aluminous clay, sourced from the Cadoux deposit as the feedstock in a hydrochloric acid leach (HCL) process which will be efficient and effective in the production of HPA.