General Discussion AGY, page-21262

I completely agree. I like where the share price is headed, but the company-specific fundamentals haven't changed. We're nowhere near continuous production and there's only a couple of quarters of cash left, so JZ needs a funding solution ASAP. I could see it playing out something like this:

1. 10 ktpa EIA approval first (needed for a share price bump prior to CR, don't want to raise down here).

2. CR at a 10-20% discount following a quick SP run post-EIA approval.

3. JZ doesn't sign a strategic funding deal immediately, he waits for sentiment to continue to improve in the second half of the year so we can get a better deal, and buys time to sort out the filtration issues and ramp-up. I think the recent investor presentation hinted at this with the introduction of the "3-6 months to implement funding" comment.



Obviously there's some risk here, because if we don't get the EIA approval soon and this recent run peters out, then we're cap raising around here rather than after the share price gets a bump from the EIA approval. If JZ has to go cap in hand to the market without the EIA approval, I can't see it going down well.