Ann: US$5M Strategic Investment by ATL, page-201

Upset? Why? Many of us anticipated a capital raise around this time, and that's exactly what happened. Those who claimed a cap raise wasn't necessary were clearly incorrect, or were attempting to mislead inexperienced investors. The people who misread the quarterly financial statement and insisted AGY had 26 quarters of funding left for Rincon were wrong, as was JZ when he said Rincon was fully funded to 2000 tpa production.

As some of us have repeatedly pointed out, AGY/Puna were running out of cash and needed a cap raise to keep the lights on, which they have now done. So what's not to like? Money comes in, equity goes out, and the AGY SP barely moves. The saga continues until at least the end of the year, by which time AGY will either be a raging success or will need to raise more funds, leading to further dilution.

Maybe it will go well, and maybe it won't. But the current trajectory isn't great, as they've recently reduced daily production by 27% from a rate of ~692 kg per day in mid-May, to ~500 kg per day now. I'm no expert, but I believe the "up" in ramp-up suggests that production should be increasing, rather than decreasing.