Ann: Rincon Lithium Project Update, page-363

Unfortunately, there will never be a Stage 3 without Stage 2. Without the traditional DFS/BFS studies, the unorthodox AGY approach was to garner investment by demonstrating a plant in action. Having failed that so far, no one will fund Stage 3 (nor will funding come anyhow in this low-priced lithium environment).

With lithium prices still coming down, 190 staff on the books, and a plant that wasn't anywhere near nameplate, this announcement was inevitable, with the alternative being an express to insolvency. I also suspect that the probability of a Stage 3 funding deal deteriorated with the spot price and Stage 2 difficulties. It's even likely that had they got Stage 2 to work perfectly, such low output would put the operation in the red at current prices.

The only way forward I see right now for an independent AGY is to quietly get Stage 2 working via a skeleton staff + experts (assuming there isn't some immovable roadblock in the processing workflow...which one would hope AGY would have communicated by now). At 3c, I'll hang around and either watch Jerko/Pablo lose their potential millions or see AGY pull itself out of the sh*t yet again.