Well, it says it all: production start late 2024-25, feasibility studies still to be done, no at-site pilot plants built ---> speculative trading
Fun fact is that AGY has already been there, albeit with a different market sentiment. In 2018 the plan was to push to get a big plant financed. As any other start-up in any other industry, conventional lending was a no-go, mainly because construction risk, non-tested management, etc. So AGY embraced to a modular strategy and accordingly, underwent a capital raise it could afford.
I would love to see all other brine juniors in 2025: "Yeah mate, Li prices have chilled from 2021 peaks, our technology is still to be proven at scale, our offtake agreements expired long ago but we still want our $200m to build the plant, can you give us the money?"
Resource size is meaningless if not accompanied with a proven extraction method. The better if it is proprietary technology like AGY's.
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