FYI begins trading on the US-based OTCQX

By Jonathan Jackson. Published at Apr 15, 2021, in Mining

FYI Resources Limited’s (ASX:FYI) application to join the US-based OTCQX market has been accepted, with the company trading under the stock code OTCQX: FYIRF from today, 15 April 2021.

FYI is positioning itself to be a significant producer of 4N (99.99%) and 5N (99.999%) high quality, high purity alumina (HPA), through low carbon and environmental footprint production and adhering to high ESG standards.

“We are delighted to now be part of the North American financial community and be trading on the OTCQX” FYI’s Managing Director, Mr Roland Hill said.

“With our Tier One support and US aspirations, we believe it is a perfect time to increase our exposure to one of the largest and most sophisticated markets in the world. In light of the growing US interest in E-mobility and battery related investments, as a participant in the electric vehicle revolution, FYI believes it is an important step in our future to become a participant in the OTCQX.”

The listing comes just as Foster Stockbroking has put an increased price target on FYI, rising from 68 cents to $1.52.

It is also follows the company’s highly promising Definitive Feasibility Study update.

FYI’s project’s Net Present Value (NPV) has almost doubled - from $543M to now over US$1BN.

As you can see in the table below, this is a step change in the economics of FYI’s project, and continues to demonstrate that FYI’s market cap of $181.4M appears undervalued.

The DFS is based on the material assumptions outlined in the announcement made 8th April and the appended summary of the DFS. These include assumptions about the availability of funding. While the Company considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by this DFS will be achieved.

Read: FYI’s Net Present Value Almost Doubles - Now Over US$1 Billion

FYI expects that trading on the OTCQX will enhance the visibility and accessibility of FYI to the growing market of North American retail, high net worth and institutional investors.

The primary advantages to North American investors include:

  • Allows trading of FYI in local time zone
  • Trades and settlements are in US Dollars (no exchange rate risk or additional fees)
  • The OTCQX is a common share (same class) as the FYI shares traded on the ASX (ASX:FYI)
  • All shares are maintained through our current share registry services is Automic Group

“OTCQX promotes both high financial standards and ‘best practice’ corporate governance and statutory compliance,” Hill said. “Home Exchange reporting-being FYI’s ASX obligations, satisfies the OTCQX requirements and disseminates throughout the US without additional compliance requirements.

“This major step for the Company into the US markets is a direct response to the increase in US investor interest in FYI’s fully integrated and innovative flowsheet design which delivers high quality, high purity alumina (HPA) coupled with the excellent project financial metrics, a positive ESG impact and increasing investment exposure into electric vehicle (EV) and strategic battery minerals supply chain opportunities.”

With its listing out of the way, FYI has now turned its attention to seeking DTC eligibility from The Depository Trust and Clearing Corporation (DTC). This is independent of trading on the OTCQX.

DTC manages electronic clearing and settlement of publicly traded companies across the United States and in over 130 other countries, thereby giving investors around the world the opportunity to trade in the securities of member companies electronically from their online accounts. It provides for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades. Eligibility will ensure a more liquid and transparent market for FYI’s common shares within the United States as is the case with daily on-market trading on the ASX.

FYI is expected to complete the process in May.

In the interim OTCQX trading will be conducted through OTC market Maker, BRiley

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