By - Team Kalkine Media
Highlights
- FYI Resources (ASX:FYI) remains fully committed to advancing its Western Australia-located high purity alumina (HPA) project.
- The company intends to become a major player catering to the rapidly developing high-tech product markets with its 4N and 5N HPA products.
- For a small-scale HPA demonstration plant, the company has shortlisted a location near Kwinana.
- FYI remains well funded with over AU$10.1 million cash at end of H1 FY23.
FYI Resources Limited (ASX:FYI) continued to advance its fully integrated and innovative high purity alumina (HPA) project in Western Australia during the half year ended 31 December 2022.
The recently released interim report reflects the progress made with the development of the Stage Two small-scale production / demonstration plant. It uncovers development on activities targeting a final investment decision (FID) and commencement of a small-scale production facility. Also, the report gives details related to the company’s innovative HPA battery coating program.
Furthermore, the company ended the first half with over AU$10.1 million cash.
A site in Kwinana, Western Australia, for the small-scale production facility / demonstration plant has been identified as a preferred location.
This facility will be designed to produce suitable volumes of high quality HPA for market engagement and customer qualification purposes. The company expects the facility to meet other purposes such as R&D of HPA materials and product finishing along with observation of operating parameters and scale-up factors for commercial production.
FYI Resources is also engaged in reviewing the engineering and design workstreams finalised for the plant by Hatch Engineering.
The company is also progressing with other activities including statutory and permitting go ahead for the plant, development schedule, technology development, and product finishing and HPA product assessments directed by clients.
FYI has wrapped up a definitive feasibility study in April 2021, outlining the key economic metrics for the project as follows:
Image source: company H1 report
FYI is targeting specific market segment opportunities for HPA offtake. HPA has emerged as an important and desirable product in the critical minerals sector, with vast opportunities in sapphire glass, LEDs / micro-LEDs and electric vehicle (battery components) as well as other emerging markets.
FYI is working with EcoGraf Limited (ASX: EGR) to develop an innovative HPA enhanced, high density anode coating for use in lithium-ion batteries (LiBs).
Data source: company H1 report
Backed by earlier testwork undertaken, the partners have covered over 110 continuous cycles under an extended, LiB electrochemical performance testwork.
The positive testwork results, FYI Resources says, has boosted the assessment of the suitability for long-term cycling performance characteristics of its product in enhanced battery technologies. The company highlights that latest outcomes have confirmed suitability of FYI’s HPA coating as a hydrophobic reductant encouraging Li-ion chemistry with the carbon anode.
Further battery development work has been undertaken focusing on high-quality HPA coating and doping on graphite anodes, along with HPA specialty coated lithium battery separators. The results for this work are pending.
FYI Resources has joined the United Nations Global Compact in Australia, a network of 16,000 businesses from over 60 countries. The company plans to implement the UN SDG goals into its ESG framework.
Also, the company has reported an improvement in its ESG rating from 23.8 to 21.4.
Data source: company H1 report
In essence, FYI Resources is an emerging critical mineral company, advancing with full gusto to progress its HPA project.
FYI shares were trading at AU$0.068 midday on 17 March 2023.