For fun, you could compare it against the sector in terms of % down from 2018 highs.
AJM is down about 78% from its highs. Where does this sit amongst peers?
KDR 24% (buyout boost)
MIN 34% (producer, partial lithium)
PLS 46% (producer)
NMT 54% (producer)
ORE 58% (producer)
GXY 67% (producer)
A40 69% (producer)
AJM 78% (producer)
AVZ 78% (unfunded explorer)
BGS 82% (unfunded explorer)
AGY 85% (unfunded explorer..brine, tiny experimental output)
SYA 91% (unfunded explorer)
So AJM is at the bottom of the producer list and significantly at the bottom. Why? JRO mostly IMO. The average producer % is 55% down. If AJM was sitting at that average, it would be at 23c.
Looking at some production cost figures from my spreadsheet in USD (some could be dated but you'll get the idea),
AJM $291/t (assuming 48kt production for A$20 mil)
AVZ $297/t (study only)
BGS $293/t (study only)
GXY $453/t
A40 $553/t
PLS $713/t (still ramp up figures)
If AJM can delivery the $20 mil cost for the quarter, its easy to view the JRO situation as a big top up opportunity.
