Ann: Quarterly Activities Report - December 2024, page-29

"I'm quite surprised anyone who has been around for a while (eg. pierre) is at all confused by the points (re financial reporting) in my last post."

I'm not confused at all by your last post. You make perfect sense (apart from some points I don't agree with), except it's only a well drawn out version to essentially agree with my last post - AGY are not receiving the funds, AGY will not be reporting any revenue made from the sale of lithium.

You simply don't agree that I stated they're able to hide key financials, which they absolutely can through Puna Mining.

IMO I do not agree with your statement of profits "eventually" flowing to JV partners. They should be receiving their share of the sales immediately, then can get paid back to Puna for development costs per quarter. Essentially what's happening right now is Puna are keeping 100% of any revenue from sales for "development costs", ON TOP OF the multi-millions of dollars being paid out per quarter from AGY to Puna for those exact costs (barring the last quarter when they reduced payments).

And, if indeed that is how it's set up - at exactly what point will AGY start generating revenue? Why have AGY not disclosed this to their shareholders? Is it up to the discretion of Puna Mining when they want to start giving AGY their share? It's a big fat red flag when even the most diehard shareholders have to say "afaik", because they have no absolute definitive answer.

Doesn't add up. And shareholders are severely ill-informed. There's no denying the company is doing a terrible job of transparency, as we're literally all having to "assume" how it's working/going to work re revenue for AGY.

AGY are listed on the ASX, not Puna Mining. AGY need to be doing all they can to show they are bringing in revenue from any sales for their shareholders and future investors. @Rob826 has given a perfect example of LAAC's transparency, so it's absolutely doable. They just don't want to (AGY, or Puna, or both).

"- Until this time (and even afterwards), astute investors/observers need to understand the structure, and understand the context surrounding how and where revenue etc is (or is not) reported."

What structure? AGY have provided no structure at all with regards to where the revenue is going or when AGY will see a cent to report.

There's definitely no structure to the payments to Puna Mining, it's all over the bloody place. And conveniently, we'll never know what it's actually being spent on on Puna's end. With all the secrecy and lack of transparency, IMO the Puna family are on an overly decent wicket.

IMO.