It's probably a bit extreme to say this was never worth 5c. It's definitely too extreme to say that it was never reasonable for shareholders to think it was worth more than 5c.
Management was, of course, extremely misleading in saying the pilot plant had achieved its objectives, but they are legally obliged to be honest in company announcements, and if you took them at their word, or assumed they weren't telling extreme lies, it was fair to assume there was a good chance that the 2,000TPA plant was going to be operating profitably in 2023, and if that had happened, AGY was going to be worth more than 5c per share, multiples of it.
We can now clearly see that they were never anywhere near making either plant work. They clearly are nowhere near it now (if they were, they wouldn't abandon it) and they were obviously never any closer in the past, but exactly when it was that they knew this is difficult to say. It's *possible* (though unlikely) that they still believed it was possible they'd achieve successful production as recently as early this year, but of course, as soon as they admitted that openly the price was going to crash. It's entirely likely that they knew before they even started building the 2,000TPA plant that it was unlikely it was going to work, but saying that would have meant they would have to stop the project and not make any money for themselves.
They probably knew in early 2023 and almost certainly knew by mid 2023 that it was very unlikely they'd be able to make the 2,000TPA plant work.
Knowing what we know now, IMO it's not worth 2c. Sure, if I could buy at 2c today I would, but only to immediately sell. I doubt the share price will be above 2c in two years.
Even just recently I was ridiculed and abused for saying it would never again be 80c, but it should be clear now that it's pretty much guaranteed that it'll never again be 8c. I doubt after near future it'll see 5c again. The market hasn't yet absorbed the reality of how bad things really are.
They just acquired a new tenement for free because no one wanted it. This shows how little their land is worth. What else do they have? An inability to produce even if they miraculously gain some more money, and two failed, abandoned plants built based on a failed dream.
...the cheer squad was telling us that ATL had genius analysts who had secret inside information and knew more than us, etc etc!
High volume today. The selling makes sense, the buying... wow... there are some people dousing themselves in petrol and walking towards a lit candle.
Expand
(20min delay)