General Discussion AGY, page-18292

Comparing capex in projects with bespoke technology as if they were "off the shelf" is no very smart. But if this is all you have to substantiate your statement... poor form. Heaps of "evidence" you say...

Cannacord (and for the sake any other financial outlet) has no clue about the set up required for the facility and the costs associated. That is why the first thing an investor/bank ask for before chipping in is a tech DD with a chucky "cost estimate" section.

Again, let's assume every cent from the 2020 capital raise went to the plant (unlikely). That was $30m. The company talked a lot about the modular approach hence is reasonable to expect the cost of the expansion to be x times/modules the cost of the 2ktpa facility. Factor in 30% of inflation for the last 5 years.

$30m x 5 modules x 30% inflation = $195m

I'd be generous and add an extra $10m for the ponds and haven't even bargained a rebate for the common facilities (lab, workshop, scale & fencing, etc) that are already built.