Lots to look forward to. Tonopah is in play to infer a resource....

Lots to look forward to.

• Tonopah is in play to infer a resource. Can probably expect this to turn into at least a ~USD$200m NPV project once a PFS/DFS is proven.
• Rincon resource extension is in play and will extend mine life. Having a longer mine life than 20yrs is extremely important for institutional investors (evidently). This will be a strong catalyst for a rerate and will bring 12,000tpa into play sooner than holders here may expect.
• Following the Rincon resource extension an updated DFS for 12,000tpa will be performed. I expect the DFS will inform the market of the facts that AGY holders know about brine production versus spodumene. That is AGY's 12,000tpa of LiCO3 is equivalent to 360,000tpa spodumene based on the latest $1200dmt price from PLS' auctions and $36,000t price for LiCO3. For reference, this is double the tonnage per annum of CXO which I am currently holding (and loving) and has a MC of ~$700m following its re-rate today.

Anything else on top of this will be nice, but not essential. The market is sleeping on AGY because it doesn't understand brine. See you all at $0.50 imminently and then $1.00 upon 10,000tpa expansion FID.