RE risk-reward, AGY is a very good buy around 6-7c IMO.
Should the key milestones not be achieved during Q1, we'll feel another ~30-40% drop and to those prices I believe.
Still too many unknowns on the table at this point in time. Punters can have a dig at current levels, but need to be prepared to experience that additional ~30-40% drawdown. Experience and history tells us they'll struggle with the deliverables currently on the table, as they've gotten the market expecting a lot, in a short period of time.
I told myself I'll never invest anymore into AGY, there are plenty of better-run companies by more experienced people (in other budding sectors too), however there does come a point where it becomes a no-brainer. That for me is in the 6's, risk/reward will then be palatable, even at their current state/progress.
IMO only, GL.
(20min delay)