As said above approx. US$ 30m (~AU $40m) required to move...

As said above approx. US$ 30m (~AU $40m) required to move substantially forward.
This is 1/4 of market cap a.t.m., so a serious dilution.
Nevertheless, it would mean a massive re-rate as AGY would reach a point of moving forward on their own (=> 10kt plant could be financed from the 2kt plant returns).
With the plan to increase the resource I doubt they will go for the 10kt plant once the 2k plant is operating. Depending on the outcome of the JORC increase they either should think bigger (~20kt) or look into direct extraction (Lilac, and others). The latter would save US $44m for another 300ha of evaporation ponds (for 10kt) and could qualify AGY for "green BG-Lithium", which will be rewarded by various OEMs.

All speculation and my personal opinion / interpretation - but it smells sweet, doesn't it? Still a lot of reward in this Company