General Discussion AGY, page-16214

"A DFS is not superior to an actual functioning modular plant. The primary aim of a DFS is to sell a theoretical plan to investors to get funded (which AGY didn't need for 2kt/y)."

AGY didn't need for 2ktpa because they couldn't get funding for it and had to resort to a raise. Perhaps a DFS at the time would have gotten them the funding deal required, along with an off-take and who knows the 10ktpa could have already been sorted with the same partner. But they chose to go down the 'we'll do it ourselves' route and the market doesn't like that as displayed in todays share price.

A DFS still has a high degree of accuracy, whether or not it sticks to every single dollar printed in the report, and IMO it's a prerequisite that a partner would have to check off the list, as this kind of guidance is better than no guidance. I'm sure the big wigs know how it works and understand that the costs/time may blow out and would account for that.

"That's completely illogical. A properly functioning 2kt/y plant is absolutely necessary to illustrate to potential 10kt/y funders that the tech/plant functions as advertised at commercial scale since Stage 2 isn't funded like Stage 1."

I agree... I was only replying to your initial post which I interpreted as that an operational 2ktpa means no one will care about Stage 2 risks, therefore DFS not needed for funding (stage 2)... apologies if I misinterpreted what you meant.

"Additionally, if funding partners required a DFS like you suggest, they wouldn't be talking to AGY in the first place which is contrary to what AGY has been stating for some time."

Who knows who AGY have been talking to mate. The company has stated a lot of things, for a long time, and majority have yet come to fruition. Constantly using the terminology 'finalising', 'imminent' and other definitive descriptors which imply the deal is just about done for 5 years straight doesn't make any sense. We can come to our own conclusions there.

I agree RE permits before funding, which is why I suggested a DFS would only make up a part of the requirement.