20 Bagger. Aspiring Lithium Triangle Producer!!, page-860

As with both companies, we're talking about future earnings right.
You pointed out as well AGYs stage 3 is an unknown, people are talking about 20kt, but even at 10kt the potential is enormous.
I'd presume for AGY there's no point going through the trouble of fast tracking S1, S2 if they're not going ahead with S3, but obviously until it happens no one can bank on it, but also until anyone produces(PLS), all companies are just valued on future earnings(PLS was on it's current mc almost a year ago).

PLS was valued in the hundreds of mils since -last year- and have just stagnated because of some of the reasons you stated plus a bit more, based on future earnings alone.
Now if AGY starts to produce within a year (150t or 1500t either way) (it will mean less dilution, funding, permit problems compared to PLS)plus buying up more land for the only purpose of readying for S3 in a area where resource is proven.

If you use the same thinking you used to value PLS and it's rise last year compared to AGY this year(PLS reached it's current mc last year already with only just a proven resource)
Can you still justify AGYs current mc?

By the way you used a prime example in PLS, if we took in ajm, kdr, and a bunch of others, then it's a very different conversation again.

I'm not trying to have a go at you, just honestly interested to know your reasoning behind what you say.