Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price is up 2% to 41.8 cents. This morning, FYI Resources Ltd (ASX: FYI) revealed that it has signed a non-binding co-operation agreement with Arafura to investigate the joint development of the Minhub Mineral Sands Processing facility in Australia's Northern Territory.

Imugene Limited (ASX: IMU)

The Imugene share price is up 6% to 12.2 cents. This is despite there being no news out of the immuno‐oncology company since last week. That announcement was that its onCARlytics technology was featured in an abstract ahead of the American Society of Gene and Cell Therapy's Annual Meeting on 16 May to 20 May. That event is getting closer.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 1.5% to $4.66. Investors have been buying Pilbara Minerals and other ASX lithium shares today amid optimism that prices of the battery making ingredient are rebounding.

Worley Ltd (ASX: WOR)

The Worley share price is up 2% to $16.33. This follows the release of the engineering company's investor day presentation. At the event, Worley revealed that its expectations for FY 2023 remain consistent with the outlook presented with its half-year results. It also advised that its pipeline was up 36% year-to-date at the end of March. Another positive is that sustainability wins were up 115% on the prior corresponding period year-to-date.

The post Why Arafura Rare Earths, Imugene, Pilbara Minerals, and Worley are charging higher appeared first on The Motley Fool Australia.

The small-cap mining stock closed on Friday at 16 cents per share before entering a trading halt pending an announcement.

On making that announcement and exiting the trading halt today, the FYI Resources share price plunged 64%. Shares are currently trading for 5.8 cents apiece.

Here's what's happening.

Why are investors selling off the ASX mining share today?

FYI Resources is under heavy selling pressure after the company reported that Alcoa of Australia Limited (a subsidiary of Alcoa Corporation, the world's eighth-largest producer of aluminium) has withdrawn as a project partner for FYI's high purity alumina (HPA) development strategy.

FYI affirmed its committed to progressing the HPA project development and said it would now resume control of its HPA production plans.

In 2021, Alcoa of Australia executed a binding term sheet with the ASX mining share to jointly develop HPA production. Alcoa pitched in some US$5 million for the stage one development activities.

With Alcoa now stepping aside, FYI will retain joint access to all HPA project IP, data and information, assets, and customer relationships developed during the project.

Commenting on the development sending the ASX mining share plunging today, FYI Resources managing director Roland Hill said:

While this is not the outcome we envisaged, the HPA project has advanced considerably, benefitting from Alcoa's rigour and US$5 million investment. FYI recognises the value proposition of the strategy and views regaining control and management of the project as an opportunity.

Looking ahead, Hill added, "FYI intends to adopt a project schedule with emphasis on an accelerated timelier approach to development. We have a highly experienced team that can move the project forward."

The company said it is "adequately funded" with just over $10 million in treasury to continue its small-scale production and demonstration development work.

FYI Resources share price snapshot

As you can see in the chart below, the FYI Resources share price was solidly in the green for 2023…until today.

With the big intraday fall factored in, the ASX mining share is now down 59% year to date.

The post Why did this ASX mining share just crash 64%? appeared first on The Motley Fool Australia.

At the time of writing, FYI Resources shares are down a sizeable 6.17% to 38 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.18% to 7,781.7 points.

FYI Resources strengthen leadership team

Investors appear unfazed by the company's positive announcement, sending FYI Resources shares to a near 8-month low.

According to its release, FYI Resources advised it has secured the services of Perth-based qualified chemical engineer, Claudio Di Prinzio.

The appointment will see Mr Di Prinzio take up the role of executive manager in the Operations and Technology department. Responsibilities will include representing the company's interest in the joint high-purity alumina (HPA) project development with Alcoa Australia.

In addition, Mr Di Prinzio will be tasked with establishing safety parameters, quality control, and sustainability processes and control procedures.

Mr Di Prinzio brings a wealth of knowledge, having acquired over 30 years of experience in project development management, commissioning and operations management. This relates to a number of different project sizes, commodities and jurisdictions specialising in alumina and battery, as well as critical minerals.

Previously, Mr Di Prinzio's most notable appointments included operations manager for the Kwinana Lithium Hydroxide plant at Tianqi Lithium. Furthermore, he also held the role of acting general manager in Engineering and Asset Management for Rio Tinto Limited (ASX: RIO), and global technology manager at Alcoa Aluminium.

FYI managing director, Roland Hill commented:

The appointment of Claudio to FYI's executive management team, and the HPA joint development team, is key step in the company's goal to guide the HPA project into production. Claudio will play an instrumental role in the project delivery team working in close collaboration with Alcoa. We view Claudio's extensive experience in being invaluable to the project development.

About the FYI Resources share price

Over the past 12 months, FYI Resources have soared more than 120%, with year to date above 50%. The company's share price reached an all-time high of 88.5 cents in early September before some profit-taking occurred.

Based on today's price, FYI Resources presides a market capitalisation of roughly $137.2 million, with approximately 365.87 million shares outstanding.

The post The FYI (ASX:FYI) share price falls 6% despite new exec hire appeared first on The Motley Fool Australia.

FYI Resources has signed a binding terms sheet with Alcoa of Australia for the joint development of the project.

If all goes to plan, the terms sheet will progress into a joint venture between the two companies.

The market hasn't responded well to the news. At the time of writing, the FYI Resources share price has tanked 33.94% to 55 cents.

Let's take a closer look at today's news from the mineral exploration company.

FYI Resources share price dips on JV

FYI Resources' stock has tumbled after the company released news of a planned joint venture.

The company has looped Alcoa into an agreement to create a joint venture of its future HPA project.

Under the agreement, Alcoa will hold 65% of the joint venture with FYI Resources taking the other 35%. The level of control that FYI Resources has in the project might be the reason for the poor reception.

Additionally, investors might not like the fact that either party can pull out at various intervals.

Both companies will have the opportunity to walk away after the design of a demonstration facility and the completion of production trials. The option to leave will be on the table again after the demonstration facility is completed and detailed engineering is undertaken.

The companies plan to make a final investment decision for the project in 2023.

FYI Resources believes the joint venture is the best chance it has to de-risk the project and ensure its future success.

Commentary from management

FYI Resources managing director Roland Hill commented on the news driving the FYI share price lower, saying:

Today's agreement brings the possibility of production closer to reality without further material dilution to our shareholders. FYI considers that a future JV forms a robust structure capable of delivering the high quality HPA strategy, as outlined in the DFS, at a time when the international HPA market is forecast to grow in line with the world's e-mobility uptake and emerging HPA applications.

The post FYI Resources (ASX:FYI) share price plunges 30% on JV news appeared first on The Motley Fool Australia.

Why the FYI Resources share price has surged 13% in a week

Let's start with what FYI Resources actually does. The company describes its focus as "developing an innovative and vertically integrated high quality, high-purity alumina for use in various high growth tech applications".

Essentially, FYI is focused on the exploration and evaluation of potash projects in South East Asia. That exposure to alumina, however, is proving to be a winner in 2021.

The May 2021 agreement with Alcoa Australia to enter an exclusivity agreement to facilitate negotiations of a high purity alumina project joint venture has certainly helped.

FYI subsequently completed its due diligence and extended the agreement by a month. The promising developments have been enough for shareholders to jump on board. Subsequent buying has bid up the FYI Resources share price this year to its current level.

The FYI Resources share price is flying, having surged 198% higher this calendar year. Shares in the ASX resources share were just shy of a 13-year high this morning before settling 0.61% lower to 81.5 cents at the time of writing.

What about commodity prices?

The key here has been recent gains in global alumina prices. According to the London Metals Exchange, LME Alumina (CRU/Fastmarkets MB) is changing hands for US$378.41 per tonne right now.

That represents a more than 25% gain since the August 31 price of US$302.24 per tonne. The FYI Resources share price has been charging higher this year and the underlying commodity price has had a big hand in that.

It's been a similar story for Alumina Limited (ASX: AWC). Alumina shares have gained 47.9% in the past year in line with the strong commodity demand.

Foolish takeaway

The FYI share price has even had some double-digit, single-day increases in 2021. For instance, on 9 August, shares in the ASX resources group jumped 22% higher despite no news.

Shares in the alumina company are trending up today and are now up 12.8% in the past week.

The post Why the FYI Resources (ASX:FYI) share price has surged 13% in a week appeared first on The Motley Fool Australia.

At the time of writing, FYI Resources shares are down a sizeable 9.77% to 79 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.49% to 7,822 points.

Extension disappoints FYI Resources investors

The FYI Resources share price is being driven down today as investor express their frustration over the extended agreement.

In the release, FYI Resources advised the potential joint venture on its high-purity alumina (HPA) project has been pushed back.

The company noted further time is needed to assess HPA opportunities that could enhance the joint venture in the market. This includes value-add initiatives that provide a delivery platform for HPA on a global scale, leveraging both companies' expertise.

FYI Resources stated that the exclusivity agreement will be extended until 5 October 2021. It is expected that final negotiations can lead to a binding term sheet.

FYI Resources managing director, Roland Hill touched on the extended agreement, saying:

Alcoa and FYI have made tremendous headway in negotiating the significant HPA JV opportunity. In our view, both companies share a similar vision for the JV and growth opportunities of the HPA strategy. Both companies have invested a considerable amount of time and resources to progress the JV discussions to this point, it is a mutual decision to extend the negotiations to consider the value-add opportunities.

Hill went on to reassure investors about the company's decision, adding:

We see the extension as positive as it allows both parties further time to assess and implement their intentions in order to achieve a positive outcome. We are simply giving the potential JV discussions all the time and consideration that the strategy deserves.

About the FYI Resources share price

Over the past 12 months, the FYI Resources share price has soared more than 770%, with year-to-date gains above 180%. The share price reached an all-time high of 88.5 cents on Tuesday before some profit-taking occurred.

Based on today's price, FYI Resources has a market capitalisation of roughly $274 million, with approximately 349.1 million shares outstanding.

The post Here's why the FYI Resources (ASX:FYI) share price is down 9% on Friday appeared first on The Motley Fool Australia.

At the closing bell, FYI Resources shares finished the day trading at 77 cents, up 22.22%. In comparison, the All Ordinaries Index (ASX: XAO) is flat at 7,809 points.

What's pushing FYI Resources shares higher?

Investors appear upbeat about the alumina company's prospects, driving up its share price in Monday's session.

In May, FYI Resources and Alcoa Australia entered into an exclusivity agreement to facilitate negotiations of a high purity alumina (HPA) project joint venture. A 3-month term was to allow both parties to conduct due diligence to establish whether a joint venture could be technically and economically feasible.

Fast forward to last week, FYI Resources announced that due diligence has been completed. In addition, the company noted that substantial progress has been made in negotiations for a possible joint venture.

As a result, both FYI Resources and Alcoa Australia have extended the exclusivity agreement for another month. It is expected the extra time will finalise any remaining work and see the beginning of drafting a binding term sheet.

FYI Resources managing director Roland Hill commented:

Alcoa and FYI are negotiating a significant opportunity for a unique Joint Venture to leverage our combined strengths to capture opportunities in the high-growth HPA market. While the requirement for the extension is not ideal, our commitment to successfully negotiating a binding agreement is unwavering and we will continue to work constructively towards its completion.

Alcoa Australia president Michael Gollschewski added:

While not yet conclusive, Alcoa is encouraged by the progress made towards the establishment of a possible joint venture with FYI Resources for the production of HPA.

About the FYI Resources share price

Over the last 12 months, FYI Resources shares have accelerated by more than 978%, reflecting positive investor sentiment. The company's share price is up almost 214% in 2021 so far.

On valuation metrics, FYI Resources has a market capitalisation of roughly $235.3 million, with 336 million shares on issue.

The post FYI Resources (ASX:FYI) share price soars 22% today, up 37% in a week appeared first on The Motley Fool Australia.

FYI Resources (ASX: FYI) share price is performing swimmingly. In 12 months, the company's shares are up 1,300%. In the last 6 months, they're more than 200% higher. And at the market close yesterday, the FYI Resources price was up 9.52% for the day, closing at 69 cents.

Decarbonising the global economy, it's a thing.

According to its own company literature, FYI is positioning itself for high quality, high purity alumina (HPA) through low carbon and environmental footprint production.

FYI Resources says that there are two ways to apply HPA. There is the application in LED screens and other sapphire glass products, substrates, electronics and specialty abrasives. 

The second market — and longer-term driver for HPA — is the application in lithium-ion batteries for the burgeoning electric vehicle and static energy storage markets. HPA in these markets allows better functionality and safety of the battery cells, according to the company.

Decarbonising the global economy is a priority for governments in the United States and Europe, so it is little wonder that FYI Resources has caught the attention of Australian investors.  

Agreement with Alcoa 

Alcoa is a leading global aluminium producer. On 8 September 2020, FYI Resources entered into a Memorandum of Understanding (MoU) with Alcoa to explore the possible joint development of FYI's HPA project. 

In a company release last month, FYI Resources managing director Rolland Hill said:

We believe there is a highly complementary fit between the corporate objectives, cultures and operational expertise of FYI and Alcoa.

Any commercial agreement would also seek to leverage the corporate capabilities of Alcoa, who are globally recognised as a leading producer of alumina, and FYI who have developed and demonstrated an innovative, fully integrated and environmentally conscious HPA refining process.

The future looks bright

With governments pushing to decarbonise the economy, a possible joint venture with Alcoa, and HPA becoming increasingly sought-after for its unique properties, FYI Resources seems well-positioned in the market.

And judging by the upward trend of the past 12 months, the FYI Resources share price appears to be gaining momentum.

The post Why FYI Resources (ASX:FYI) share price is roaring higher appeared first on The Motley Fool Australia.

FYI Resources is an Australia-based company focused on two key businesses and geographical segments. These are exploration and evaluation of potash projects in South East Asia and a high purity alumina (HPA) exploration and evaluation project in Western Australia.

FYI is increasingly aiming at profiting from the shift towards renewable energy through its HPA exploration.

FYI trading on the US OTCQX exchange

News last week the company has commenced trading on the United States OTCQX exchange appears to be continuing to bolster the FYI share price. The OTCQX exchange represents the highest tier of US over-the-counter markets made for small shares, which were formerly known as pink slips.

FYI Resources will trade under the stock code OTCQX: FYIRF. The company says trading on the OTCQX will enhance its visibility and accessibility to the growing market of North American retail, high-net-worth and institutional investors.

It listed the primary advantages to North American investors as follows:

• Allows trading of FYI in their local time zone.
• Trades and settlements are in US Dollars (no exchange rate risk or additional fees).
• The OTCQX is a common share (same class) as the FYI shares traded on the ASX.
• All shares are maintained through the company's current share registry, Automic Group.

FYI managing director Roland Hill commented:

We are delighted to now be part of the North American financial community and be trading on the OTCQX. FYI believes it is a perfect time to increase our exposure to one of the largest and most sophisticated markets in the world. In light of the growing US interest in E-mobility and battery related investments, as a participant in the electric vehicle revolution, FYI believes it is an important step in our future to become a participant in the OTCQX.

FYI's lithium battery aspirations

In other news boosting the FYI share price recently, the company's latest market update noted the potential market for its HPA material. The release noted that HPA is "increasingly becoming a primary sought-after input material for certain high-tech products."

HPA has principally two major market streams. One is a traditional market such as LEDs and other sapphire glass products, substrates, electronics and specialty abrasives. The second market, and longer-term driver for HPA, is its application in lithium-ion batteries.

The primary function of HPA in the burgeoning electric vehicle and static energy storage markets is as a separator material between the anode and cathode in batteries to increase the power, functionality and safety of the battery cells.

FYI share price snapshot

In addition to the near-13% gains for the FYI share price over the past week, the company's shares have soared by around 110% in 2021 so far. FYI shares have also rallied a whopping 1,375% over the past year, beating the basic materials sector by a similar margin.

The post Why has the FYI Resources (ASX:FYI) share price jumped 13% in a week? appeared first on The Motley Fool Australia.

This comes after the company emerged from a trading halt pending today's ASX release. We take a look at the latest announcement from the ASX resource share below.

What update did FYI Resources report?

FYI Resources shares are moving higher after the company released an updated definitive feasibility study (DFS) of its high purity alumina (HPA) project. Today's update replaces the DFS update that FYI Resources released on 31 March, which it said investors should no longer rely upon.

The new DFS estimates the net present value (NPV) of the company's HPA project to be US$1.014 (A$1.334 billion), an increase of 87% from previous estimates. FYI said the DFS took into account "the technical and commercial improvements, market applied metrics relative to its peer group, updated inputs (exchange rate) and discount rate (8%)."

Under the new DFS the company now forecasts annual project revenue of US$261million, with annual project earnings before income, taxes, depreciation and amortisation (EBITDA) of US$186 million. It estimates a project payback period of 3.2 years.

Commenting on the updated DFS, FYI Resources managing director Roland Hill said:

The update to the company's initial DFS was an obvious progression in the development of our HPA project strategy. The quality and robustness of our HPA Project was demonstrated in our initial DFS released in March 2020. Since then, the company has continued the evolution of the Project through further process design improvements, detailed test-work via numerous pilot plant trials and other supporting activities to assist in de-risking the Project…

The updated DFS outcome represents a persuasive economic case and demonstrates the merit of the Project in being developed as potentially one of the HPA sector's highest quality, lowest capital and operating cost projects.

FYI Resources share price snapshot

Over the past 12 months FYI Resources has absolutely shot the lights out, with shares up 1,300%. For comparison the broader All Ordinaries Index (ASX: XAO) has gained 38% in that same time.

Year-to-date the FYI Resources share price is up 100%. At the current price of 56 cents per share, FYI Resources has a market cap of $176 million.

The post Up 1,300% in a year, why the FYI Resources (ASX:FYI) share price is rising today appeared first on The Motley Fool Australia.