Short Term Trading Week Starting: 15 Jan, page-323

Sure, but be realistic about the quantity of product from Stage 1. They're only aiming for 500 tpa from Stage 1 ponds and pilot plant. That's only 125 tonnes per quarter at full rate. It's not huge amount of product to deliver to customers. Compare that to ORE which produced 3937 tonnes in the December quarter.

Also, keep in mind how ORE struggled to bed in their production systems and were pilloried by the market for that. AGY will encounter its own problems at Rincon so it's not unreasonable to expect that the initial production rate will fall short of 125 tonnes per quarter until the process is tuned in.

Another point to think about is that AGY are in a JV and own only a part share of the Rincon project. This was supposed to go to 50% at completion of Stage 1. But they are negotiating an early move up to 77.5% in recognition of accelerated commencement of Stage 2 works. This could be a nice catalyst for the SP if it goes ahead.