I did say I think we don't get the process sorted out and we get to this time next year is a 20% prospect - from my perspective.
12 months ago, if I would have said:
"There is no way the 2ktpa plant will be working, we won't have the resource upgrade and the 10ktpa expansion won't be approved by 2024", everyone would have said that was wild speculation, but here we are.
The "Italian experts" didn't work out - if what was shared in these threads was true, and we don't currently have confidence the process is going to work at the required throughput rates to hit nameplate.
Admittedly "we have produced tonnes", but those tonnes were produced over months, AND they are about 1/3 of the required tonnage we need each month. Hardly enough to celebrate or keep the lights on.
"The plant works its just we have a few bottlenecks that management is resolving as per their announcements."
The plant has been built, but it doesn't work as required. They are working to resolve the issues, but they have yet to confirm the bottlenecks have been addresses.
They needed to order more equipment and, and we don't know if it has been delivered, and perhaps a re-architecture of the process may be required (ie there was a fatal flaw in the design).
I want out of this company, and I will be gone and never to return once / if it hits $0.25c.
If the next update isn't good, I will likely take the L and move on.
AGY Price at posting:
12.5¢ Sentiment: None Disclosure: Held
