I mean no disrespect and these sorts of outcomes are very painful for holders. But in this situation if a broker is trying to tell you that HNW are buying big (and inferring that they know what they're doing), he's either clueless or lying. Down another 20% today, and probably much more to go considering it's still capped at almost $60M.
The Rincon project is unfeasible, they've been trying to ramp up for years and never got anywhere near 2ktpa, so the whole 10ktpa narrative is a really bad joke. The evidence is the spin put in this announcement, and the recent "look, we sold some product" the other day. Unfortunately with the way the lithium market is looking, operations like this one are essentially worthless, it's far too small and marginal to be of any interest. I will be amazed if this stock is even still listed in a few years' time (harsh but my honest opinion). In the meantime HotCopper forums will continue to have people hold out hope for secret Chinese buyouts etc. It is a shame if more people get trapped in a stock like this - have seen it happen all the way down with CXO.
AGY Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
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