It will be downgraded again. AGY won't have first production...

It will be downgraded again. AGY won't have first production from 10ktpa until a fair bit after 2026.

They won't even start construction until 2024 (mid-late?). We're also assuming AGY have funding at the ready (in the form of an off-take/funding partner), which we all already know may not be the case. This also hinges on expansion approvals, which could very well take another 6-12 months. No one actually knows.

So accounting for the usual and foreseeable delays, I would call 2026 extremely optimistic and far too early to be basing a 70c price target on the back of that. Canaccord will most likely downgrade it again next year, once they get more realistic data and accurate time frames.

But I've also said all along, that's not taking into consideration pump and dumps on hype of major milestones being ticked. I just simply cannot see a $1b valuation being fair value for quite some time yet - not when comparing to other commercial producers.

IMO only.