I agree with your first paragraph, but I can’t agree that the fundamentals have never been better. This time last year, AGY was well into the commissioning process, things were looking good, and the lithium carbonate price was almost double what it is right now, despite experiencing a huge fall in the weeks prior. AGY had over $30m in the bank, and they were advancing talks with a strategic partner.
Literally the only fundamental things that have changed in the last year have been the MRE expansion, which was years overdue anyway, and a piece of paper from the Salta Government, which is worthless without access to the capital to execute the expansion.
While waiting for it, the market got worse and AGY burned over $20m trying to get the plant sorted, with little to show for it.
I really can’t see how anyone could claim that the fundamentals have improved.
AGY Price at posting:
12.8¢ Sentiment: None Disclosure: Not Held
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