AGY LOM Equivalent, page-63

I know very well what the orthodox procedure is for getting funding for a new operation regarding the hierarchy of feasibility studies.

However, insinuating that theoretical studies (DFS, BFS, etc) somehow supersedes a real functioning commercial operation in proving feasibility is absolute nonsense. ORE (now AKE) did its studies and they still struggled in getting battery-grade carbonate for a long time once things were built. Many spodumene miners have gone through the entire study line and then took over a year to reach nameplate with major plant corrections unforeseen in the studies. 'Feasibility' studies are theoretical best estimates of the outcome of a project and by definition, always come short compared to a real plant.

So, I'll repeat myself. While AGY likely doesn’t even need further funding, a successful modular 1/6th scale commercial operation is vastly more convincing to investors than any theoretical study.

Now, concerning your investment, I can understand your insistence on a DFS as you will need every bit of your feasibility study to try to convince someone to fork over 3X the capex that AGY will pay for the same amount of future production.