Hi allIt’s been a while since I have commented on this forum. I...

Hi all

It’s been a while since I have commented on this forum. I noticed there hasn’t been much activity going on here for a while which naturally coincides with a lack of activity on the company front. For starters, I’ve actually welcomed this. AGY became a stock with a fair bit of unwanted attention and expectations that many thought the company were not meeting. I think it’s been good for the company that they have stayed out of the limelight for a bit of time. Hopefully refresh perception of the company which will hopefully pave the way for positive sentiment once we start announcing progress that I expect in the near term.

Firstly,I haven’t sold a single share over the tumultuous last 6 months. To my detriment? Maybe, but in any case, I took the opportunity to average down afair bit around the 3-5 cent range and did so again today. Key points I feel are relevant upon reflection:

1. We’ve experienced severe market conditions when COVID-19 first hit, from a market sentiment perspective but also from a direct impact on Salta operations when the pilot plant was shut down. Have we seen the worst of it? Who knows, but I think it has shown that this company is capable of navigating through these times which has given me confidence in the business to self-preserve and insulate where required. The plant is now back up and running and we know samples are being sent to potential OT partners which includes the notable 5T cargo to M. Don’t forget we have 2 years or so worth of cash to survive, so we aren’t going anywhere if sh*t hits the fan anytime soon.

2. A fortunate by-product of the pandemic is the focus on clean energy and more specifically EVs. I won’t go into too much detail as there is a bit of discussion on this forum and elsewhere if you look,but sentiment on the EV front is most certainly picking up, and I am looking forward to the next lithium wave which I believe is approaching our doorstep. I think 2021 will be a defining year. Lithium ETF has improved a fair bit, almost touching 2017/18 peak levels, yet we dwindle where we are. I will caveat this by saying, ironically, if Lithium ETF did not sell their entire holding of AGY(which coincided with an overall rebalancing), I believe we would be sitting around the 7-9c mark. I strongly feel the market is now just waiting for us to announce OT and funding and we are going to see a significant re-rate IMO.

Now, in relation to the company’s fundamentals. What I can glean from the past 6 months is that what we have suffered is merely a delay in the company’s time frames. Has the company regressed? No. Has it pushed back timing of OT and funding?Absolutely. Are we positioned to re-commence progress? Yes.

What do we know?

1. Further product samples have been sent to additional parties, namely a S.Korean cathode manufacturer

2. 5T is on the way to Japan to be received by M

3. 99.94% purity…say no more

4. Q2/Q3 target for funding (yes I know timelines are not gospel).

I am happy to put myself out there and say that I am fairly confident we will hear news on OT and funding soon. I always expected the series of events to be 5T shipment,OT, then funding. Once the 5T is received, I think we will start to see the story unfolding. This excludes left-field ANNs that we know the company has a knack of releasing here and there.

I’m not going to say things like “good buying at these levels” or “get in before the train leaves” as I think most of us know these are just fluff statements and unless you are an insider, no one has a crystal ball. What I will say, is that I am stoked that I have been able to accumulate as much as I have since the SP dipped to sub 6c over the past 6 months, and I am ready for the SP to start climbing at a sustainable rate. I’m excited for fundamentals and macros to finally align hopefully by the end of this year (barring other black swan events).

Hope all of you guys are staying safe, and I hope the time is close for us all to start discussing new aspects of this company as near term ANN’s hopefully start being made. I’m confident about the future of this company. We are in a rare space with not many near term producers and as JZ always says, we are in a prime position for when lithium sentiment really starts heating up.

Good luck and as always, IMO.

Cheers.