FYI Resources to raise up to $2.7 million for the use in advancing HPA production

According to a recent report, FYI Resources Limited has received firm commitments from several professional investors to raise up to $2.7 million through a two-tranche placement at 6 cents per share for the use in advancing high purity alumina (HPA) production at its fully integrated HPA project in Western Australia.

The placement has been strongly supported by local and international investors as well as several existing major shareholders including Regal Funds Management, which has materially increased its 11.5 per cent stake in FYI Resources. 

Besides, FYI has welcomed a new cornerstone investor, Ken Hall, which has subscribed to buy $500,000 worth of shares.

FYI said the funds would be used in marketing activities, ongoing test work, refinement of production process, and further trial production, said the company.

Early this month, FYI completed stage two production trial of high purity alumina from its pilot plant facility in Welshpool, Western Australia, following several positive feedback and multiple requests from various potential offtake groups for additional HPA product.

Some of the key milestones set by FYI for the September quarter are – 

• To advance project partner development discussions
• To progress pilot plant R&D trial operation and HPA production for customer qualification
• R&D on HPA specialty product finishing according to customer specifications
• Continue customer engagement and follow up on product qualification assessment
• Respond to customer feedback enquiries for HPA product development
• Advance the project final engineering decision
• Progress Final Investment Decision