http://smallcapir.com/wp-content/uploads/2014/05/ARGEF-CFA-REPORT.pdf

SUMMARY/CONCLUSION

ARGEX is currently underappreciated and potentially misunderstood as an evolving play away from commodity mining into value added specialty chemicals processing. Rather than being subject to normal risks associated with commodity mining, essentially hit or miss undifferentiated recovery of commodities, Argex now has an opportunity to emerge as a specialized value added processor with intellectual property protection and a substantial partnership already established before the first plant is constructed. The greatest remaining risk now appears to be arranging financing for production facilities and we expect the stock to trade with substantial news/event driven influences. Argex is likely to garner increasing attention and potentially enterprise value as milestones are hit and the company nears commercial production. Although this is still a pre-revenue situation and there are significant positive mitigating factors in this case that we believe put this company somewhere lower on the risk spectrum than rank startups or other highly leveraged speculative situations.