'The Company has continued its commissioning works, which are...

'The Company has continued its commissioning works, which are now in the final stages, and conducted production test-works via batch processing. In addition, preliminary ramp-up phase works have commenced and are progressing toward the integrated continuous production ramp-up phase, which is scheduled for later this quarter.'

Commission almost over and the ramp up is starting which bodes well for proving that AGY can scale from its pilot plant. This was always a critical junction which has tripped up many others in the sector as this will go a long way to de-risking the 12kt/y expansion for potential investors (but..but...no DFS! ). I wouldn't be surprised if Jerko even had some agreement where they would first prove it up first before any capital/offtake commitments, and with current prices, likely on great terms. It's going to be a huge year.