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FYI Resources now trading in the US
2 minute read
FYI Resources (ASX:FYI) has begun trading on the US-based OTC market.
FYI commenced trading on the OTC on 4 May, 2021 in the US under the stock code OTCQB: FYIRF.
FYI’s 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.
Its 100% owned Cadoux Kaolin Project is located 220 kilometres north-east of Perth.
The move to the OTC and a dual listing comes just a month after the company updated its Definitive Feasibility Study (DFS) announcing that the project’s Net Present Value (NPV) has almost doubled from $543M to now over US$1BN.
FYI is now looking to build its North American shareholder base in response to increased US investor interest in its fully integrated and innovative flowsheet design which delivers high quality, high purity alumina (HPA) coupled with excellent project financial metrics (as seen above), a positive ESG impact and increasing investment exposure into electric vehicle and strategic battery minerals supply chain opportunities.
The EV sector is a major market stream for HPA producers. Its application in lithium-ion batteries for the burgeoning electric vehicle and static energy storage markets is growing significantly as it is used as a separator material between the anode and cathode in batteries to increase power, functionality and safety of the battery cells.
HPA is also used in “traditional” markets such as LEDs and other sapphire glass products, substrates, electronics and specialty abrasives.
The US market (as is the Australian market) would also be looking closely at FYI’s Memorandum of Understanding with Alcoa of Australia Ltd. The companies are looking to formalise a joint venture on the development of FYI’s HPA project.
This could be the precursor to an offtake agreement, with a very real prospect of offtake agreements being forged with other global HPA users.