FYI Resources Ltd (ASX: FYI, OTCQX: FYIRF) ('FYI' or 'the Company') is pleased to announce, in conjunction with project partner, Alcoa of Australia Limited (Alcoa), that the high purity alumina (HPA) project has passed an important milestone following the formal sign-off of Stage One of the joint development.

FYI has developed an innovative and fully integrated process flowsheet and engineering design to efficiently and cost effectively produce high quality HPA. To take the HPA project to commercialisation, FYI formally joined with Alcoa in October 2021 as joint partners to progress the project development under a defined three-stage schedule.

Alcoa is earning into FYI's HPA project under the agreed Terms Sheet via the funding of up to 97% (US$243 million of the estimated US$250 million) of the capital expenditure for the project development as outlined in the FYI's 2021 definitive feasibility study (DFS) which demonstrated a NPV8% of US$1.01 billion. The HPA joint development project's first significant milestone has been completed and signed off by FYI and Alcoa. The sign-off of the Stage One also includes budget allocation to the Stage Two scope of works for the continued project de-risking and demonstration plant development.

Commencement of Stage Two engineering development for the demonstration plant has already commenced. The official joint sign-off of Stage One and commencement of Stage Two works program demonstrates the joint commitment to the HPA project and sets the pathway for the further stages of development and advances the project one step closer to production.

The project development team have been systematically refining and detailing the development schedule incorporating technology and engineering improvements and validating the enhancements through extended pilot plant trials. The Stage One scope of works also included broader project development, planning and scheduling elements as well as ancillary technology development and product marketing.

FYI Managing Director, Mr. Roland Hill, commented 'The completion of the first stage of the HPA demonstration facility development under the joint development with Alcoa is significant in the context of the project. This milestone achievement not only signifies the completion of the first workstreams but demonstrates the joint commitment to progressing the project by advancing the Stage Two workstreams. Pleasingly, we are one step closer to our joint production objective by strictly following the defined development schedule of project de-risking, optimisation and value improvement'.

Contact:

Roland Hill

Tel: +61 414 666 178

Email: roland.hill@fyiresources.com.au

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