FYI Resources announced it will resume control of its high purity alumina (HPA) development strategy following a decision by project partner, Alcoa of Australia Limited, to withdraw from the project. Alcoa of Australia and FYI executed a binding term sheet in 2021 to jointly develop HPA production. Alcoa contributed approximately USD 5 million for stage one development activities.

Alcoa has stated that work completed to date had demonstrated the merit of (FYI's) process to produce high purity alumina, but it had decided not to pursue further HPA development at this time. FYI will retain joint access to all HPA project IP, data and information, assets and customer relationships developed during the project. FYI have been, and continue to be, committed to progressing the HPA project development considering the commercial advantage of FYI's innovative process flowsheet, its high quality HPA, the positive customer response to the product coupled with the strong forecast growth in market demand.