If people are willing to hold long term and if the plant...

If people are willing to hold long term and if the plant commissioning occurs without too much trouble, then any past valuation here should be bargain. JM115 covered some good points of why caution persists. I'll add that once AGY demonstrate the scale up via commissioning which often is notoriously tricky (the fact that AGY have produced tons of carbonate already bodes well here), then that will automatically prove to investors that the company's method/approach works at scale and that the planned scale up to 12kt will be just a matter of copy and paste. Investors being forward thinking will likely induce a big rerate once confirmation occurs. I think all this news will drop near each other in future (licence, offtakes, production etc) with some likely depending on the other. So I agree with you, patience is needed. One of the most valuable lessons I've learnt over the years, is that often the best approach is simply to trade less if you've done your research.