General Discussion AGY, page-293

I believe it will be important to realise the inferred JORC resource estimate of approximately double the existing 300,000-odd tons of lithium carbonate in order attract more investors. It would still only put our resource at around 10% of the 6.4 million ton estimate of big brother Orocobre, but we have a better product, a future 90% ownership versus ORE’s 66%, and a large and promising piece of dirt in Nevada. I am sure GCAR can rattle off many more reasons why comparisons between AGY and others can be unhelpful.

It’s also not the size that counts, it’s what you can do with it. ORE produced less than 7,000 tons of product last six months. Imagine our fair value if we could produce 10,000 tons per annum. ORE’s share price is today $5.23 with a market cap of $1.7 billion. The mind boggles. After two years I am changing my sentiment to buy.