FYI Resources (ASX:FYI) unveils re-scoped HPA project development schedule - Kalkine Media

Highlights

• FYI Resources has revised and re-engineered the development schedule with the objective of scaling up commercial production of its high-quality HPA project.
• The revised schedule combines a small-scale production plant (SSP) with the benefits of a full-scale commercial plant.
• The plan has been designed by incorporating a staged and scalable development approach.
• Now, the SSP has been re-scoped with an optimised sizing of ~1,000tpa production of HPA.

Australia's emerging critical mineral developer FYI Resources Limited (ASX: FYI) has re-scoped and re-engineered its development schedule for a small-scale production / demonstration plant (SSP). The move is aimed at optimising the commercialisation of the company’s flagship high purity alumina (HPA) project development.  

HPA is a critical mineral expected to assist in global electrification and decarbonisation with significant environmental, social and governance (ESG) benefits. FYI aims to be a major participant in the HPA industry.

Image source: company update

Stock price gains 50% in a month

The company’s share price has jumped by over 57% in the past one month. The stock traded at AU$0.110 midday on 02 May 2023, with market cap of over AU$40 million.

Details of the revised plan

The Company has updated the development plan with a combination of a small-scale production plant (SSP) and benefits of a full-scale commercial plant, with a staged and scalable development approach. There has been multiple learnings and technical advances over the last one year which supported the revised plan.

The SSP was rescoped after having reviewed and remodelled the project data and taking qualification material requirements into consideration, with an optimised sizing of ~1,000tpa production HPA.

It has been developed to put forth the value-add, de-risking development step. Alongside, the Company states that the SSP will potentially return crucial project data and HPA product marketing benefits as the product samples will be used by prospective customers for their supply chain qualification.

With a design capacity of >1,000 tpa high quality HPA, the SSP will allow the firm to generate bulk samples for prospective customers’ testing and qualification.

The plant will lead to process optimisation and testing for final product development and also serve as a testing and training facility. The SSP will be located at Kwinana, Western Australia, and have significant engineering design benefits for a possible phased modular production boost.

Source: © 2023 Krish Capital Pty. Ltd.

Path forward

At present, the ASX-listed firm is assessing and selecting a preferred engineering service provider (ESP) for the final engineering work and the SSP facility fabrication, construction and installation activities.

Over the next one year, the company plans to stay focused on the delivery of the SSP and the associated supporting studies and approvals and permitting activities.

Source: © 2023 Krish Capital Pty. Ltd.