I absolutely agree. This company now has an effective value of...

I absolutely agree. This company now has an effective value of below zero. In some shape or form there may be some value to recover, such as if they were to fully abandon everything, sell up whatever little product they have in the warehouse, and sell up as a shell company, but this is hypothetical only and I don't believe it will happen. As an FPO listing, it can't be worth less than zero to shareholders, but other than all of this, the company is worth less than zero.

In this sense, sure, it was never worth 5c. But, say, in 2021 and 2022, it was reasonable to guess that the probability of the project being successful was greater than zero, and if they had managed to hit nameplate before now, if they actually were capable of producing, it would have been worth much more than 5c. It's reasonable to take a risk:reward approach to speculative investments.

What AGY serves as now is a fantastic case study of where people realise the inevitable. Unfortunately for me, I realised it too late to walk away with a multibagger (I actually knew it was a good time to sell before I did, but I was only a few months away from having held long enough to avoid a lot of tax, so I held, and unfortunately it crashed during that time... I walk away from this planning not to worry about tax so much in future, and just focus on making money even if I have to pay tax on it - better to have taxable profits than no profits), but I acted early enough to avoid a significant loss. Others didn't realise until today that they needed to dump, and many still haven't woken up. Probably tonight Australian time many will get home from work and see the news they are still oblivious to, and we'll probably see another selloff tomorrow.

You may be right, the share price may go to zero over the next few years, or they may clean up the mess and sell as a shell company, with remaining shareholders owning shares in whatever startup buys it, obviously at a tiny fraction of the current market value of their holdings. But sure, the writing is now on the wall, the dream of AGY becoming a successful producer is over other than in the minds of those yet to accept it.