Ann: Quarterly Activities Report - December 2023, page-64

It's clear you are intentionally being obtuse because it's clear you're smarter than that, but here goes...

"And?"

Well, the "and" here is of the issues are still not sorted after all of this time, then there's significant potential for the issues to remain unresolved for an indeterminate amount of time.

"My point was that there is nothing announced today that “indicates limited progress” in relation to their planned schedule of works for this filtration issue."

The fact that issues persist inherently means the the progress has been limited. "Issues resolved" would mean scaling on 2ktpa is done and there is no more progress to achieve.

"Where does it say that this work is NOT on track to meet current guidance.
What we know is they expect to sort this issue and “increase production operations during Q1”. That was the guidance.Where does it say or suggest this is NOT still in play? There are 2 months left in this quarter to meet this target.""

Where in the announcement does it say "nameplate continuous production"? It doesn't, and it's often what isn't said that needs to be heard. I'm not saying they won't achieve nameplate, I'm saying I noticed that omission and just said "continuous production".

If you (or anyone else) thinks they'll achieve "nameplate (2ktpa) continuous production" in the next 60 days, then I wouldn't be surprised to hear you sold everything you owned to YOLO into AGY. It's not advice, but that's something I'd do if I had your level of confidence. You know deep down you don't, so you won't.

"My understanding is that this means they expect to START ramping up continuous production this quarter.

Do you interpret this differently? If so, how and why?"

Just to be clear, I don't dispute "continuous production", it's also the rate of production that I find equally important.

"AFAIK they do not have the equipment to do that;

the circuits of the current plant have a capacity of circa 2000tpa. They cannot magically increase the capacity of any circuit (say primary solids filtration) by 6-fold, as you seem to be suggesting, without very significant expenditure and additional equipment.

That will occur with the plant expansion, at considerable cost/effort/time/space/etc."

From what I understand, and I'm happy to stand corrected, but the company need to redesign parts, and then order and change parts of the circuit to support increased flow rates.

I'm saying instead of targeting just 2ktpa, they should put the largest parts (pipes, vats whatever) that they can, and target as high a number as possible - 2k, 2.5k, 5ktpa or whatever they can achieve with upgradeable parts.

"One step at a time."

We kinda don't have a choice, unfortunately.