General Comments & Banter, page-12492

The Puna JV happened before I bought into AGY, so happy for any of the below to be corrected or elaborated upon by those who were here at the time...

July 2016:
https://www.asx.com.au/asxpdf/20160701/pdf/4388r0lps5php9.pdf
AGY executes a HoA with Mr Francisco Menendez and Mr Pablo Alurralde (the vendors) to establish an Argentinian JV entity (AKA Puna Mining) to own the Rincon Project. AGY will have the right to earn up to 90% of the JV upon achieving certain milestones.
AGY and the vendors will each appoint two nominees to the board, with Pablo in charge of day to day operations.

Apr 2017 Qtr Report:
https://www.asx.com.au/asxpdf/20170428/pdf/43htlsstghjnlf.pdf
AGY advise they've finalised the legal and administrative works to fully incorporate and establish the Argentinian joint venture company – Puna Mining S.A.

So in summary, AGY has a 77.5% interest (the next milestone will see that increase to 90%) in Puna Mining.

However, Puna Mining doesn't hold any interests in AGY.... other then anything that Pablo and/or Francisco Menendez have acquired personally.