2025 Charts, page-13

That's exactly the problem, AGY never managed to evolve from a speculative punt to a serious, full-fledged developer because it’s been tripping over its own feet for years. Fast forward to today, and it’s still languishing among the junior wannabes—a humiliating fate for a company that once flirted with legitimacy as a producer.

For context, back in early 2018, AGY boasted a market cap nearing $600m. At the same time, PLS, GXY, and ORE had market caps only 100-185% larger ($1.2 billion, $1.5 billion, and $1.7 billion, respectively). Fast forward seven years, and here’s the kicker: PLS now has a market cap 145 times larger than AGY. I won’t even bother calculating how much further GXY and ORE (now LTM, soon to be RIO) have surged after all the M&A activity, but suffice it to say, they’ve left AGY in the dust.

It’s pure delusion to keep lumping AGY in with speccy juniors that are still cutting their teeth after a couple of years on the ASX, and are still only early in their development timelines. That’s not AGY. This is a company that once rubbed shoulders with what are now industry giants—sitting comfortably within 30-50% of their market cap. Yet here we are, watching AGY flounder while those same peers now dominate the lithium space, despite sector wide falls. Some long-termers have conveniently forgotten about this point, while some newbies seem to have missed it altogether.

It’s not just disappointing—it’s downright embarrassing.