AGY Shorts, page-485

Hi Bert,

My opinion about those facts, which are just delays, is that they have hurt the share price significantly. Timing and communication matters in this game, and we've been let down on both fronts by AGY management. There's not much I can do about that now, so I'm holding to see if they get their act together before the end of the year.

I still see AGY getting things going in the very near future, and I'm still holding out hope that we'll see at least one of the key milestones hit this quarter.

The first three are my smallest concerns, as I see commissioning getting sorted before Xmas, and I think the EIA approval will also be sorted in the very near future (in the next few months). I believe as soon as the EIA is sorted, we'll see the offtake and strategic funding deal announced almost immediately.

The only one I'm genuinely concerned about is the resource expansion. We know that the majors are looking for large scale resources, and AGY have taken a ridiculously long time to announce anything at all. And really, is a plant worth anything if the resource isn't there? For me, the resource expansion is a very important de-risking event.

Good luck, hopefully we all do well here.