kat on a hot tin roof, page-15

AGY got into litigation with Norilsk some years ago after their management broke a contract with AGY. AGY sued and won about US$7.5 million which funds have kept them alive to this day, i think about 2.5 million are still in the kitty.

There may be a possibility that AGY will not sign a JV right away. They could re-list the stock in North America and raise enough money to fast track a BSF on both the ni and PGM's. They would need to redrill to confirm ni grades and also to re-examine the PGM potential which IMHO may be massive. This would throw AGY into "play" as a takeover stock and the vaulation and share price could go thru the roof from its current level, assuming the Government re-affirms its commitment to their relationship with AGY.