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FYI Resources Ltd (FYI)

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Company Deep Dive

FYI Resources is focused on developing an innovative and vertically integrated high quality, high-purity alumina for use in various high growth tech applications.

FYI has invested over 3 years and many millions of dollars in detailed research and development  in refining and perfecting an innovative eco-friendly purification process for HPA utilising conventional process technologies and equipment selection.

Project development is progressing, culminating in the outstanding definitive feasibility study (DFS) result.  FYI continues to proceed to production.

The Western Australian Government is providing strong support and has allocated FYI land in Kwinana near Perth. Financing discussions are well underway for debt and equity with both Government and industry groups. Project funding will be underpinned by offtake support from major industry groups in the sector.

The opportunity to commercially produce a superior HPA for growing applications and market demand is becoming a reality.

Key Details
Sector
Resources
Strategic Partners
Alcoa, EcoGraf
Commodities
HPA
Estimated Reserves
3.2Mt
HPA Cash Cost
US$6.22/kg
Updated: 13 Sep 2021

Why Invest In FYI?

Developed and piloted innovative eco-friendly purification process

Feasibility study delivered outstanding results, proceeding to production

Strong support from West Australian Government with FYI allocated land in Kwinana, WA

People

Directors

Edmund Babington

Non-Executive Chairman
Jun 2014 - Present

Mr Babington is a Director of the Western Australian commercial law firm, Lyons Babington Lawyers. He is also a member of AMPLA (the Australian resources and energy law association), the Franchise Council of Australia and is a Western Australian committee member of the Australian Institute of Business Brokers.

Profile

Edmund Babington

Non-Executive Chairman

Jun 2014 - Present

Mr Babington is a Director of the Western Australian commercial law firm, Lyons Babington Lawyers. He is also a member of AMPLA (the Australian resources and energy law association), the Franchise Council of Australia and is a Western Australian committee member of the Australian Institute of Business Brokers. Mr Babington is a specialist in mining and resources law and the law relating to capital raisings, stock exchange requirements, corporate governance and compliance for public companies. Mr Babington is Chair of the Nomination and the Remuneration committees and a member of the Audit and Risk committee.

Roland Hill

Managing Director
Jan 2011 - Present

Mr Hill holds a Bachelor of Science and Bachelor of Commerce from Curtin University. Mr Hill was appointed to the position of chief executive officer on 4 February 2011 and to the position of Managing Director on 1 July 2014.

Profile

Roland Hill

Managing Director

Jan 2011 - Present

Mr Hill holds a Bachelor of Science and Bachelor of Commerce from Curtin University. Mr Hill was appointed to the position of chief executive officer on 4 February 2011 and to the position of Managing Director on 1 July 2014. Mr Hill has extensive resource industry and investment, finance and funds management experience. He has been directly associated with the mining and exploration sector for over 20 years in contracting roles and with Western Mining Corporation and Normandy Poseidon and a 7 year role as Managing Director and Chairman of Crescent Gold Limited – an ASX listed gold producer with production of ~100,000oz pa. Prior to Crescent Gold, Mr Hill was employed by several Australian national and international stockbroking firms and investment banks in ECM and as a senior mining analyst before taking a senior role as a Portfolio Manager with Deutsche Bank in their Australian and International resources equity Fund. Mr Hill is a member of the Nomination and the Remuneration committees.

David Sargeant

Non-Executive Director
Sep 2021 - Present

Mr Sargeant holds a Bachelor of Science degree in economic geology from the University of Sydney. He has more than 40 years of experience as a geologist, consultant and Company director. As such, he has been involved in numerous mineral exploration, ore deposit evaluation and mining development projects in Australia and internationally. He is a member of AusIMM and the Geological Society of Australia.

Profile

David Sargeant

Non-Executive Director

Sep 2021 - Present

Mr Sargeant holds a Bachelor of Science degree in economic geology from the University of Sydney. He has more than 40 years of experience as a geologist, consultant and Company director. As such, he has been involved in numerous mineral exploration, ore deposit evaluation and mining development projects in Australia and internationally. He is a member of AusIMM and the Geological Society of Australia. During his career, Mr Sargeant has held a range of senior positions, including that of senior geologist with Newmont Pty Ltd and senior supervisory geologist with Esso Australia Ltd at the time of the Harbour Lights Gold Mine discovery and development. Further, Mr Sargeant was the first chief geologist at Telfer Gold Mine during exploration, development and production at that project. In addition, he was exploration manager for the Adelaide Petroleum NL group of companies, manager of resources development for Sabminco NL and a technical director of Western Reefs Limited during the period in which that Company became a successful producer at the Dalgaranga Gold Project. Mr Sargeant successfully managed an exploration and geological consulting business for 18 years, which included the formation and management of platinum and copper-gold companies in Botswana until they were taken over during the 2005 to 2007 period by United Kingdom listed public companies. He was the principal promoter in forming Empire Resources Limited. Mr Sargeant is Chair of the Audit and Risk committee and a member of the Nomination and the Remuneration committees.

Adrian Jessup

Non-Executive Director

Mr Jessup also holds a Bachelor of Science degree (with honours) in economic geology from the University of Sydney and has more than 40 years continuous experience as a geologist, Company director and consultant involved in mineral exploration, ore deposit evaluation and mining. He is a member of AusIMM, the Geological Society of Australia and the Australian Institute of Geoscientists.

Profile

Adrian Jessup

Non-Executive Director

Mr Jessup also holds a Bachelor of Science degree (with honours) in economic geology from the University of Sydney and has more than 40 years continuous experience as a geologist, Company director and consultant involved in mineral exploration, ore deposit evaluation and mining. He is a member of AusIMM, the Geological Society of Australia and the Australian Institute of Geoscientists. For the last 15 years, Mr Jessup has operated a geological consulting company. During that time, he was a founding director of publicly listed companies Empire Resources Limited and Sylvania Resources Limited. He was also a director of two mineral exploration companies based in southern Africa that were subsequently acquired by United Kingdom listed public companies. Prior to commencing consulting, Mr Jessup was managing director of Giralia Resources NL for eight years, from the Company's inception in 1987. Previously, he had worked for AMAX Exploration Inc., as a senior geologist and as regional manager in charge of that Company's mineral exploration in Western Australia. Mr Jessup is a member of the Nomination, the Remuneration and the Audit and Risk committees.

Dr Sandy Chong

Non-Executive Director - ESG
Aug 2021 - Present

Dr Chong’s career experience includes being a Harvard Alumna, winner of the 2020 Executive of the Year for the US Stevie® International Business Awards, and 2016 Singapore Management Consultant of the Year. Dr Sandy Chong brings significant experience in leadership roles to the ESG domain. Having founded and chaired the United Nations Association Sustainable Development Goals forums series in WA, serving on industry councils, non-profit boards and is an Adjunct Professor for Curtin University of Technology, Dr Chong has advised government trade agencies in Australia and Singapore, corporations and businesses in international market and communication strategies.

Profile

Dr Sandy Chong

Non-Executive Director - ESG

Aug 2021 - Present

Dr Chong’s career experience includes being a Harvard Alumna, winner of the 2020 Executive of the Year for the US Stevie® International Business Awards, and 2016 Singapore Management Consultant of the Year. Dr Sandy Chong brings significant experience in leadership roles to the ESG domain. Having founded and chaired the United Nations Association Sustainable Development Goals forums series in WA, serving on industry councils, non-profit boards and is an Adjunct Professor for Curtin University of Technology, Dr Chong has advised government trade agencies in Australia and Singapore, corporations and businesses in international market and communication strategies. Dr Chong has published peer-reviewed journals in Sustainability and Corporate Social Responsibility (CSR) since 2005 and is an active contributor in international trade and economic empowerment for women and youth. Dr Chong was awarded Australia Community Citizen of the Year in 2020 and was named Asia's Top Sustainability Women of the Year award in 2019 for her contributions both in Australia and abroad.

Projects

Project

High Purity Alumina

FYI is positioned to be a solution provider in the HPA industry by developing a fully integrated HPA processing facility. 

Demand for high purity alumina has gained incredible acceptance and traction globally owing to growing technological advancements and increasing demand from applications such as LED lighting, electronic displays, automotive and medical products. This trend is expected to continue with growing adoption of HPA by end users and emerging technological advancements and subsequent demand.

The market for high purity alumina has witnessed tremendous growth during the past few years and is expected to grow at a CAGR of 20.5%* in terms of volume, during the analysis period. Increasing penetration of LEDs in the lighting market, newer applications of high purity alumina in smartphones, smartwatches and tablets, are significant factors driving the growth of the high purity alumina market. However, higher cost of production is expected to impede the high purity alumina market growth.

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project

Cadoux Kaolin Mine

The Cadoux aluminous clay (kaolin) deposit’s high quality and ideal metallurgical characteristic is model feedstock for HPA process production. This high-quality alumina product will provide a competitive advantage in the global HPA market.

The Cadoux Project area boasts excellent infrastructure and is host to shallow, flat lying deposit with geology that is ideal for HPA processing. A detailed Definitive Feasibility Study has been completed, reserves calculated, and the first 3 years of grade control has also been completed.

The project area is 100% owned with permitting completed and no native title. The resource supports over 100 years of production with a reserve of 3.2 million tonnes grading 24.8% Al2O3 supporting a DFS mine life of over 25 years.

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project

Kwinana Refinery

FYI has secured a premium location in the highly sought-after Kwinana Industrial Area (KIA). The KIA is a strategic zone and a key contributor to the WA economy where it is widely recognised as a first-class manufacturing, engineering, chemical and resource processing and refining hub.

The KIA is home to several major companies including BHP and provides FYI with a high-quality processing site where kaolin feedstock from Cadoux will be refined into HPA, with FYI aiming to become an integrated proponent within the Kwinana Area and can contribute to, and leverage off, the leading technologies and services providers.

The Western Australian Government support for battery minerals value-adding industries has resulted in FYI qualifying for a priority location for its HPA production facility.

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Key Milestones

Historical Milestones

Signed Alcoa JV MOU to jointly develop new products and markets
Developed an innovative, cost competitive, environmentally advantageous approach to HPA production from kaolin
Definitive Feasibility Study confirmed Cadoux as a world-class HPA project
Mining Lease granted and permitting completed
Kwinana “Battery Alley” refinery site approved
Major strategic financing arranged. Negotiations for balance of project funding is underway

Future Milestones

Develop an integrated HPA business in Kwinana, Western Australia
Progress project development into production stage
Secure HPA offtake partners and customers

Investors

Major Shareholders

Roland Hill

BACKGROUND

Managing Director of FYI Resources

Andrew Spinks

BACKGROUND

Managing Director of EcoGraf Limited

Merrill Lynch (Australia) Nominees Pty Limited

BACKGROUND

American investment management and wealth management division of Bank of America

Capital Raises

FYI Raises $6m To Progress HPA Project
|Nov 2020

Received firm commitments to raise up to $6 million through a placement to sophisticated and professional investors. FYI issued up to a total of 30.0 million fully paid ordinary shares at $0.20 per share

Raised $6m
Offer Price $0.20
Notes Foster Stockbroking were Lead Manager to the Placement
FYI Raises $2.7m To Progress HPA Project
|Aug 2021

Received firm commitments to raise up to $2.7 million through a two-tranche placement to sophisticated and professional investors

Raised $2.7m
Offer Price $0.06
Notes
FYI Resources Finalises Capital Raising
|Jun 2019

Received firm commitments to raise approximately $811,000 (before costs) through the issue of approximately 16.22 million shares at 5 cents per share.

Raised $811,000
Offer Price $0.05
Notes 1 attaching unlisted option for every 2 shares issued. Supported by Regal Funds Management for their full pro rata of 12.9%. Foster Stockbroking lead manager to the issue.

Documents

HPA Enhanced Anode Coatings for Lithium-ion Battery Market

07 Sep 2021 | Announcement
PDF (385.8 KB)

FYI HPA Presentation- Benchmark Minerals EV BATTERY FEST

01 Jun 2021 | Presentation
PDF (1638.8 KB)

Annual Report 2020

28 Oct 2020 | Annual Report
PDF (1195.1 KB)

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