Tiny resource: the easy bit is buying tenements and have a...

• Tiny resource: the easy bit is buying tenements and have a consultant gloating the amount of Li you could theoretically extract (if you knew how). This is what every explorer does, doesn't it? Easy.
• Low grade: only relevant if making opex comparatively higher than competitors. Have asked you a number of times if you have the operational cost build up so as to flag this as an issue.
• No DFS: well, you just saw an industrial partner chipping in $7.5m without one. Is that relevant to make an investment? Answer: No.
• No offtake: Its coming. Both for Stage 2 and 3.
• No funding for expansion: linked with the above. It will be 2 for 1 type of agreement.
• Poor communication: AGY averages 20 announcements per year. Is it poor communication or poor comprehension from readers?
• Other projects paralyzed: This is linked to the fund management point. AGY is an startup, they must prioritize as part of a good cash management strategy
• Low funds on hand: with the recent raise, it looks more than a year is now covered. You don't have a liquidity analysis underpinning you "low cash" statement though. That statement is just a guess.
• High spending relative to output: same as above. You don't know the cash flows, so you don't know how much is spent in production (vs other ramp up activities). Pure guessing / uninformed opinion.
• High capex: $100m for resource exploration, process validation (including the build up of a pilot plant), ponds construction and operation, 8 years of overheads, construction of the 2ktpa plant, environmental approvals, resource confirmation, pre-development of the 10ktpa expansion ... $100m is a bargain compared to other developers. Again, pure speculation. Just look to what Rio Tinto is expending next door to get to the same position as AGY. 10 times more.
• Argentina is a third world country: No words for that. I'll others to judge your statement on this.

But, obviously, seeing value is not for everyone. You only get multiple returns when you are able to see it at an early stage and have the risk appetite needed.

Go and invest in blue chips. Better suited for you. No financial advice though.