Certainly risks with both companies as otherwise share price would be higher in both cases.
AGY might be a good story however I cant easily tell what the cost of production is there and so it's difficult to value the project. The feasibility study later this year will be helpful though the sequencing of these things is a bit odd for me.
LPI isn't a producer and therefore the risk there should be obvious. Grade is a risk. DFS is credible and provides some confidence.
for me it's all LPI at this time. I see much greater reward/risk ratio here. Upside potential is huge.
