"Part of the market is happy to look forward to what may be in the future, and invest for that 10-bag opportunity."
10x bag opportunity? - are we talking about the same stock in Agy?
At 8c to 10c (around $100mil MC) - Agy already represents fair value for its yet to be built & 24 months away 2000t pa production.
ORE is currently valued at an EV of $500mil based on 13000t pa production on margins of 60% or AUD$85mil pa cash earnings.
Agy in 24 months time may possibly be producing up to 2000t pa which is 15% the scale of ORE and on similar margins are only earnings of $12mil p.a
15% the size of ORE's $500mil EV is just a $75mil market cap for Agy or 8c per share pre dilution - what 10x bag opportunity are you talking about?
So then you allude to Agy's 10000t pa plans which is unfunded and not even the medium term target for Agy - market should value Agy on that yes?
Even in 5 years time when Agy maybe on a 10000t pa production Agy's isn't even a 5x bag opportunity from current sp going by ORE's real world valuations
(20min delay)