I'm not so sure. 1) There is a lot of examples out there of...

I'm not so sure.

1) There is a lot of examples out there of lithium hopefuls, with billion+ valuations and far more risk, that are further away from their first production than AGY is from its 12kt expansion production. Look at VUL at $1.2 billion and I don't believe they've even drilled a single hole yet.

2) AGY still has the 'ramp up to commercial production risk' associated with it. However when AGY demonstrates a sustained output of 1 to 2kt/y at near expected costs, investors will understand that the AGY operation is now demonstrably scalable and there will be far less concern about the next planned 10kt/y. Thus, as investing is forward looking, many people will jump in long before the 10kt expansion is complete.

3) Resource upgrade will do wonders for valuation as it is expected to at least double resource size.

4) If anything is found at Tonopah, especially being in the US, its going to rerate pretty hard upwards.

5) We've touched 56.5c before prior to the Goldman Sachs misinformation. Its only a matter of time before the ever increasing battery grade carbonate prices dispel the unfounded oversupply fear.

Lots of potential catalysts looking favourable for longer term investor.