FYI Resources (ASX:FYI) makes significant strides at HPA project

Highlights

• Eyeing opportunities in rapidly developing high-tech product markets, FYI Resources (ASX:FYI) is forging ahead to become a producer of high purity alumina (HPA)
• The company is developing its project in partnership with Alcoa of Australia
• Under its collaboration with EcoGraf, FYI is developing an innovative HPA-enhanced, high-density anode coating.
• Under a government program, the company has secured a research & development tax incentive rebate payment

High purity alumina (HPA) holds extreme importance in the electric vehicle (EV) industry owing to its application in lithium-ion batteries. The material is used as a separator between the battery's cathode and anode, enhancing its power, functionality, and safety.

Besides the EV battery sector, HPA finds applications in high-tech products. With unique properties, characteristics, and chemical properties, the material acts as a sought-after primary input for LEDs and other sapphire glass products.

HPA has been classified as a critical material by the Australian government. It made to the country’s critical minerals list in 2022.

FYI Resources makes headway in HPA space  

Amid these upbeat opportunities, FYI Resources Limited (ASX:FYI) is leaving no stone unturned to become a significant producer of high-quality HPA. The ASX-listed company is focused on developing its innovative HPA project. The company’s strategy is focused on fully integrated, low-risk, low-cost production of high purity 4N (99.99%) and 5N (99.999%) alumina products.

The company highlights to have developed an innovative process design jointly with Alcoa of Australia Ltd (A Tier 1 HPA partner and project manager). As per the company, this process design is for the integrated production of high-quality HPA, principally for EV Li-ion batteries, sapphire glass, and other wider tech applications.

The company has also appointed Hatch Engineering to assist Stage Two works for the HPA joint development project (JDP) demonstration plant. The collaboration will use FYI's innovative flowsheet design and engineering as its foundation.  

Downstream HPA application developments

In addition to the HPA project, the company is also developing downstream HPA applications to tap additional value-add market applications for HPA.

One such development is an innovative HPA-enhanced, high-density anode coating for Li-ion batteries. For this development, FYI is working in collaboration with EcoGraf Limited (ASX:EGR), which is an ASX-listed graphite company.

The objectives of the anode development are:

(Source: © 2022 Kalkine Media®, data source: company update, 31 October 2022)  

Australian Government’s R&D tax incentive fuels HPA strategy

The company's solid developments in the R&D sector have drawn the attention of the Australian Government, which granted an R&D tax incentive rebate payment of AU$0.89 million for FY2021-2022.

Data source: company update

FYI Resources plans to deploy these R&D funds towards the ongoing development of its HPA strategy.

Stock price information - FYI shares were trading at AU$0.145 each in the early hours of 29 November 2022, up nearly 4% from the last close. Its market capitalisation stood at AU$51.22 million.