Ann: Response to Speculation, page-1432

Lags a bit, small short position as of last week, will be very interesting to see how it changes with the recent high volumes. If one puts aside the oversupply argument for Lithium plays there doesn’t seem to be much obviously concerning about how the company is ramping to production and stage 2 expansion.

Maybe the shorter thinks AJM will be looking for stage to finance from share issuance and cynically have the cash but want a bigger slice in return than can be achieved without stirring the pot. If JRO did have real struggles I doubt we’d struggle to get buyers for the output, the 17% stake and any need to exit would however weigh on the SP greatly.

Maybe one of the banks lending money want JRO to do something with their AJM stake or the bank is squeezing them and forcing them to liquidate some of their holdings in return for debt, the same bank is then sitting pretty to take advantage of the transient weakness in AJM SP.

So easy to speculate and to be honest we’re in a vacuum and sadly unlikely to be in on the required information to make any accurate judgement.