Mostly valid although I think your understanding of ability to...

Mostly valid although I think your understanding of ability to raise is mis-informed. You need to consider securing a transaction is harder when the lithium price is high as just like you or I, no-one wants to pay at the top of the market. Conversely, deals are much easier to make now but would be on much worse terms for the vendor. I suspect AGY has been fielding lots of potential transactions none of which would be considered favourable for shareholders. Therefore, the plan will be to progress the engineering of the 12,000 tpa plant as frugally as possible and tread water until the broader market turns, engineering outcomes show a feasible plant and perhaps rectification of the existing plant can recommence if the price exceed AISC. At this point, a more favourable transaction can be negotiated after which, we're back in business.