Rio didn't even want to bother trying to get AGY's land...

Rio didn't even want to bother trying to get AGY's land acquisition for free. AGY paid nothing for it which shows how keen others including RIO are for rights to that land/resource.

Of course, RIO has their current operation (which they probably now regret getting into), but are clearly not desperate to expand. The land/resource expansion is clearly not a priority, the technology is worth zero to them, the scrap materials are likely worth less than nothing and trivial at best, and the production permits are of some value but nothing like the current market cap.

Yes, of course RIO has chosen to have an operation in the area, but that doesn't mean if I open a little cafe outside a Starbucks they will want what I have. Imagine Starbucks isn't making any money because local conditions don't make their operation favourable, and my new design coffee machine chews up $100 for every cup I make, and after I could no longer afford producing one cup for $100 and selling it for $10 each day day, so I closed up with plans to buy a bigger coffee machine with no hope of it happening. Is Starbucks going to buy me out just because they chose to operate on the same street?

RIO can organise its own permits, it has its own resource and obviously has no interest in AGY tech. What does AGY have that RIO is going to be willing to pay for? The hassle of the purchase would be a bigger issue than anything AGY has of value.