If you want to know the value of AGY's tenement, AGY recently...

If you want to know the value of AGY's tenement, AGY recently picked up more land for free because no one wanted it.

If you want to know the value of AGY's project, they spent years trying to make it work then gave up even trying on their own plant.

Why would someone else want to take on a failed project?

Obviously AGY shareholders would be thrilled if someone was stupid enough to buy them out, but why would someone want to do that?

Management doesn't much want it to happen (well, of course if someone was insane enough to pay 90c they'd be thrilled to take it) because management is being paid a handsome wage for doing three quarters of f&*$ all for however many years they can keep milking this puppy, and if shareholders are bought out their gravy train stops.

In reality, they wouldn't need to pay anything like 9c per share, let alone 90c (if they want to wait long enough they can probably just take the ponds for free). But, why on Earth would they want it? About the only thing of value is the ponds, and I think RIO can build their own ponds.

80c was based on the assumption that the technology was viable and lithium prices were going to be sustained at a much higher level.

RIO will build their own plant, yes. It will likely work, they'll have all the engineering going into it money can possibly buy. They have no interest in picking up someone else's plant which didn't work. It's much easier to build something which works from scratch than to try to fix a design someone else came up with which is likely fundamentally flawed. Toyota isn't going to buy a half-baked car design from a startup which couldn't get their model to function, they'd much rather just build their next design in house from scratch. NASA isn't going to pay for some Chinese company which is on the brink of death because they have a failed rocket prototype. RIO isn't interested in AGY's failed prototype either.

Some people still seem to be living in the past where we didn't yet have confirmation of how bad things were at AGY.