An overlooked possibility is that ATL may be positioning itself...

An overlooked possibility is that ATL may be positioning itself to manipulate the share price in the future, perhaps for M&A. With 51m shares, they could easily depress the price to acquire a larger stake.

Another perspective is that nobody really knows how long ATL will hold their shares or if they even still do. Although ATL "agreed" to a 12-month standstill period, the specific conditions of that agreement remain unclear, and may have been voided by AGY's recent decision to place Stage 2 into C&M.

@asxDragonslayer's focus on "full development" is misguided, as this is yet another of JZ's ambitions or "targets". The ATL investment was explicitly contingent on good-faith negotiations for an offtake from the 2 ktpa plant, but the 2 ktpa plant has now gone into C&M:






Approximately 57m shares changed hands on Wednesday, with ATL having previously acquired around 51m shares. It's possible they've already sold their shares, or may in the near future. Since they're not a substantial holder, they aren't required to report any disposals, and it would be beneficial for both ATL and AGY not to disclose any sales at a loss, as it would reflect poorly on both parties.

I'm not saying that ATL have sold their shares, but it is a possibility, and we wouldn't know if they did since there's no requirement to report it.