Ann: Company Update - Key Developments, page-27

Key takeaways from my POV:

1. AGY have progressed from batch trial production to semi-continuous production and now to 24-hour trial continuous operations, yet production is lower than during batch trial production (3.3 tonnes in April versus 2.5 tonnes in June). Notably, it's almost half of the production during semi-continuous operations in the prior month (4 tonnes in May versus 2.5 tonnes in June). Average grade was the same in April as it is now (99.79%), so it's not a purity issue. That's not a good indicator for scaling; this needs to pick up in the next monthly update or something is very wrong.

2. Everyone kept blaming the Salta Provincial Government for the EIA approval delay, but JZ has now acknowledged that the ball is still in AGY's court. As per the release, AGY are yet to clarify hydrogeological queries from the Salta Government, so AGY itself is the cause for the EIA approval delay, which is subsequently delaying the offtake and expansion funding. I hope we can now all stop sh*tting on Romy and redirect some of that frustration back towards JZ.

Otherwise, same old-same old with more spin about imminent news. Any day now....