Although brokers reports are to be taken with a grain of salt...

Although brokers reports are to be taken with a grain of salt this has offered an excellent template to plug ones own assumptions in and come up with a result.

By and large I like their assumptions, factoring in realistic increases for the construction and production costs. They have an increase in shares on issue ,on top of the options, of 100 million at 35c raising $35m I've factored in nearer 200 million and possible ( hopefully)at a higher price leaving the balance of funding a little less of a burden.

Given they are looking at the balance of funding through some sort of offtake arrangement its really hard to work out how that would be done, and there is also cashflow from operations during the construction of the expansion project that could come into play. Ideally if funding can be accessed as required then cashflow could reduce funding considerably funding , I can't imagine them doing much spending at Tonopah untill the expansion is completed.

Anyway any arrangement similar to the above that gets offtakes and finance sorted would be a very good outcome for AGY IMO...

Cheers Whisky