Clearly they haven't. Over double that value (>$1m) has gone...

Clearly they haven't. Over double that value (>$1m) has gone into WR1 today on no news and with a smaller market cap. The only ones interested in AGY's environmental approval saga are some rusted on retail longs who have built it up in their minds to be bigger than it is, expecting the SP to triple the moment it drops. The unfortunate reality is that the market is far more interested in how AGY is going to come up with ~A$450-480m to fund the expansion, rather than the approval itself. Despite today's release signalling that approval is just days or weeks away, the market has collectively shrugged its shoulders. That's not a good omen for when the actual approval drops.

Go and have a look at what happened to GLN when they got their permit. It resulted in an 8% rise that day, followed by an 18% fall just a week later. Buy the rumour, sell the news and all that.