Dont get fooled by Hype, page-106

I very much doubt that AGY will get stage three funding and these are the reasons why:

• a vague 36 page PEA provides insufficient geoscientific or economic/financial evidence for ANY entity to bank a large scale commercial operation
• AGY will need to deliver a ROBUST definitive feasibility study for bankers/financiers and large scale off-takers to conduct rigorous due diligence prior to any committment
• AGY's underlying lithium brine resource as it is currently defined (245k indicated), is too small to support a lithium reserve of sufficient size to support a long term, large-scale operation.

I am not surprised by the 100 tonne offtake agreement - it is much akin to a 'glorified tyre-kick', but it does buy AGY time to put in place what it needs to take the necessary steps to achieve its potential long-term goals.

Take the emotion out of the resource development debate and be objective, there is currently way too many unknowns and way too much risk for ANY entity to go big at Rincon at this point in time.