Ann: Argosy Firms Up Rincon Lithium Project Development Strategy, page-51

With all the talk of de-risking you've gone on about @GCar, I’m surprised there’s anything left to cover. This company has been on a never-ending but fruitless journey of "de-risking," yet it still carries as much, if not more, risk than nearly every other lithium developer on the ASX.

You might view a funding deal as "just a matter of time," and that’s fine. I, on the other hand, see multiple cap raises or even voluntary administration as inevitable, and that’s fine too. But we can’t keep going on about all this "upside potential" without acknowledging you’ve been saying the same thing since the share price was about 1000% higher than it is now.

Consider what happens if AGY once again fails to secure a funding deal, and we continue watching cash flow out the door to Pablo’s family and friends in Salta and Pete’s convenient contracts with his other two companies. There's a good chance the cash on hand will have an 8—or even a 7—in front of it when the quarterly report comes out next week. If that happens, count the days until the next dilutive capital raise, then the one after that, and the one after that.

Try focusing on the "risk" part of the risk/reward equation for once, instead of just seeing dollar signs.

Tick-tock
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