Long term sentiment seems fine with deals like LTR are making....

Long term sentiment seems fine with deals like LTR are making. Both parties (LG and LTR) are making the most of the suppressed prices by working together on expansion. Sentiment also hasn't stopped liontown from securing other offtakes. This isn't the issue here. It's that AGY are unable to scale their operation, at all. With no light at the end of the tunnel at the moment as it seems, it definitely isn't a good look for any prospective partners.

We've also noted they were unable to secure an offtake when lithium were at all time highs (and we quite possibly won't see those highly inflated prices again). This was at a time when AGY were highly regarded as the 'next commercial producer'. Obviously if they couldn't secure any interest at all (funding wise and offtake wise), it's clear nobody liked what they saw internally or perhaps weren't confident with the process/road these guys have taken. Turns out, good move on their behalf...

Also regarding raising the capital for future expansion (10ktpa), as it has been mentioned previously, it's very rare (or in fact, a non-occurrence) to be able to secure funding that of multiple times the market cap. So whether or not the lithium sentiment/prices are sky rocketing, they will still have to tap into multiple sources (as mentioned, cap raise, more strategic investments, pre-paid offtakes etc) to get that funding.

Hard road ahead, and see no other way other than huge dilution coming within the next few years. AGY is still highly speculative stock, and as such does not have the same luxuries as the actual large producers - where they can raise hundreds of millions and it be worth a fraction of the company.