FYI Resources Ltd (ASX:FYI) (FRA:SDL) has been granted a trading halt by the ASX pending a further announcement in regard to the updated definitive feasibility study (DFS) for the company's HPA Project.
The halt will be in place until the start of regular trading on Thursday, April 8, or when an announcement is released to the market, whichever occurs earliest.
Updated DFS and increase in NPV
The company recently updated the DFS for its High Purity Alumina (HPA) Project resulting in an increase in forecast net present value (NPV).
Following the release of the company’s initial DFS last year, enhancements to the project include detailed flowsheet advances, process redesign, production optimisation and extensive supporting test-work (including multiple pilot plant trials) to optimise and de-risk the integrated HPA strategy.
The company believes the increased NPV outcome is a more appropriate reflection of the HPA Project's achievable potential and signifies greater confidence in the project given the progress accomplished by the company in the last 12 months.