In my view, if investors can't get past fundability then the end mix of product form doesn't matter. The targeted product form end production depends on what your customers want and FYI doesn't have its customers yet. Why build a granular circuit for sapphire if you only sign up customers that want powder for LIB? My understanding is that this is in the scope but not specified based on not having customers yet. Hopefully clarifying this in the BFS (assuming they are close or have customers by then) doesn't give a "surprise". ATC went the route of building it all out as it seems their off-take partner wants them too, which I don't get as much as I have thought that Mitsu would sell on longer-term deals itself thus confirming fixed granular/powder demand volumes rather than the "flexible" approach ATC built in. A case of overspending for spendings sake to get low cost German finance?
Your questions of "...what FYI likes to do with the sapphire crystal?" doesn't make much sense as FYI wouldn't make synthetic sapphire as its converted from HPA. None of the ASX are looking to make intermediate product forms beyond granular, pellet or powdered HPA, the next step (i..e turn HPA into synthetic sapphire) is what their customers would do.
FYI Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
