Ann: Quarterly Cashflow Report - June 2023, page-150

Hey mate,

Good points and I agree that on a risk/reward basis, AGY is compelling value. That being said, if a cap raise is required as part of the funding package, I'd rather see that happen at 60c rather than 30c, for obvious reasons.

I can't see why SQM, Livent/Allkem or Posco would bother with AGY. Each of them already have established successful chemical processes and they each also have huge brine resources. These companies also seem far more interested in expanding their portfolio of spodumene operations and hydroxide conversion facilities.

So the closest croc to the boat appears to be Rio Tinto. We know they're re-thinking their approach after realising they're going to have massive a CAPEX blowout, and they already own 90% of the Rincon Salar. At AGY's current market cap, I could see them considering an acquisition.

If not Rio, look out for the usual opportunistic Chinese groups. Let's hope it doesn't come to that though.