General Comments & Banter, page-7547

I respectfully disagree with the second part of your post. This is a pilot plant, it's all about getting the process right first. Can't expect 1.37 tonnes per day from the get go. The important thing to me is they said it's now consistent and scalable, i.e. process is now sorted and we can make a plant as big as we need to and will still get good results. Huge de-risk.

It is frustrating the SP seems to go back to the pre-announcement levels every time but if you're in this for the long term I do not think it will be an issue at all. The PEA and offtake should get the attention of funds and they won't be going for pips here and there so the SP wont be dropping back a that stage.

Also re: the share price I am guessing stage 3 will be 10kt/pa add to that stage 1 and 2 = 12500 kt/pa. opex $4000, $15000 price per tonne = $11000 profit. 90% for AGY and 30% tax then convert USD to AUD = $124m profit (I haven't added in the new argentinian tax due to USD to AUD and USD to PESO hedges). Gives us 13.5 cps, P/E of 15 = $2.02. There is so much speculation in those sums its almost not worth doing but I sleep better with those speculative sums.

Please DYOR.