also take into account that is one years income and 10,000 TPa...

also take into account that is one years income and 10,000 TPa plant , from memory , was an 18 month contruction. So theoretically the 2000Tpa plant could fund the expansion . Also there is / will be a few million in the bank through option sales and if the majority of options taken up by Oct 2022 then this could have an additional USD 15-20 million in bank.

ALSO AGY could opt , as the plant is modular , to expand in modules. Ie 2000 to 8000 to 12000 etc etc

So 2000 TPA could make it 126Mill but extra 6000 TPA expansion may only cost USD 60 -80 mill.

Then you have 8000Tpa , profit of possible several hundred million and do the last 4000 TPA or more if they have permits to go higher.

CASH IS KING ... once you are self sufficient the options are greater. NO DILUTION

What AGY require is to prove production at scale and by then, ie end of this year, have permits for expansion and resource size increase.

Offtake now is not important - they will sell everything they make, without issue.

Do current management have the stomach to take this over next 3-5 years self funded or do they get everything lined up for 12,000 Tpa by end of this year , getting SP to around 90+ cents and sell up?