The resource upgrade was slightly smaller than expected, and the...

The resource upgrade was slightly smaller than expected, and the 10,000TPA permit was already assumed to be coming. A year ago most of us assumed that by now the 2,000TPA plant would be operational but we now know there are severe problems with it which have prevented any tangible progress with no clear time when the problem(s) will be resolved.

Given the lack of funds remaining for expansion, plus the lack of progress at the plant meaning there won't be income to fund it, there is a need for external funds which will dilute shareholders.

Even ignoring the lower lithium price, the company-specific fundamentals are now much worse than a year ago.

Put it this way, if you asked yourself a year ago where AGY would be today, would you have predicted it to be better or worse than what you're seeing? There's your answer.