Ann: Company Update, page-37

I'm late to the party but very informative update. Much of this we knew already and hopefully again reinforces the fact that management have everyones interests firmly in hand.

Imo the strategic funding for stage 2 is agreed upon as well as offtake agreement etc.. The hold up will be in the stage 3 funding agreement with wording like "high level" this could mean a number of things - Government involvement, legal requirements or simply the large capital involved. We have calculated stage 3 CAPEX will be circa $80M so you could well imagine the level of DD and detail any deal would involve. The fact that they are even mentioning Stage 3 discussions should show investors the quality of AGY.. now if they actually strike a deal for stage 3 you can bring the fast track timeline forward by two years.. as well as the expected Market Cap

Looking forward to seeing progress on our pilot plant, JORC and drilling results, Pond progress

Glta