General Discussion AGY, page-193

I think fair value is a difficult number to nail down for us at the moment and I expect that if we polled 10 people, we will get 15 answers.

For me, based on where we are actually up to at this point in time, and not factoring in things like Nevada, because it is a complete unknown, my view is low 30s. My view is primarily based on the 2,000t production at Rincon and there being a very very low risk that it we won't see that production at the right grade within the time set out in the announcement.

For me, when we prove 2,000t production, that is, when we are cranking our 40t a week and demonstrate to the market that the process is scalable, then that will move us into a completely different valuation, moving forward towards 10-15,000t.

Of course, fair value and what the market is happy to price in are two different things. Increased resource, binding sales agreement, drilling in Nevada and so on have the potential to send the price much much higher.

It also pays to keep in mind that big money just funded our expansion. If you think big money invests on a whim, you are very very wrong. Those sorts of crews assess hundreds of proposals a year and may invest in a couple. And even if they are in it for a quick return, they won't line themselves up with substantial risk, that is just not how they operate. So I have high confidence that we are worth at least 30c at the moment, with plenty of blue sky beyond that if AGY keeps on delivering, which I expect it will.