Ann: Trading Halt, page-146

I think you hit the nail on the head Billy in the fact the evaluation right now should be based on stage 2 equivalent value. Almost always it's priced with a forward look.

Besides that the counter to valuing AGY as a stage 1 project is the risk profile to progressing to the next stage, to be frank about it I don't see any risk of AGY progressing from stage 1 to stage 2 apart from funding, which this CR will neutralise.

AGY is about to become explosive so hang on to your hats punters and hang on even tighter to your shares.