Ann: Quarterly Cashflow Report - June 2023, page-146

G'day @elpassive,

Just a few points:

"They would not use all of that up in a quarter."

What are you basing that statement on? There was $6.4m "loaned" last quarter, $5.1m the quarter before that, and $4.7m the quarter before that. It seems like fairly consistent expenditure to me, so I wouldn't assume that a similar amount won't be "loaned" again in the next quarterly cashflow report.

"Once they announce offtake partner, it would be easier to raise more capital as the share price would appreciate and not dilute existing shareholders.

You're assuming that the cap raise comes after the offtake partner agreement. IMHO, it's likely that the offtake partner/strategic investor will contribute some, but not all funding. I still think it's likely that some dilution will occur, as do some others. It would be calculated at a discount or premium to VWAP, so the share price doesn't get the chance to run first. With the SP as low as it is right now, this is a significant risk for an overall funding package.

"I don't get why people are scared lol, there is literally not a lot of companies at the same stage as Argosy"

Not a lot of companies have cried wolf as often, or have taken as long to coordinate strategic investment, or have taken as long to release drilling results, or have missed as many self-initiated targets as AGY. Management have missed guidance more often than not and communication has frequently been inaccurate. Accordingly, the effect on the share price has been catastrophic. Investors were right to have been "scared", and those who took action to preserve capital were shown to have acted prudently.

Final point - AGY's current market cap is AUD$435m, not $300m.

Either way, I think you'll do well buying at these levels, so good luck!