Ann: Production Update, page-92

If you review the current position and issues as against the original 2016 DFS , you will find that it's not so much about the OPEX as you say - because there is only so much you can do with that . And whilst you have suggested that the CAPEX is ' sunk ' due to the mere fact that it has been spent .....it becomes more the point that at what cost has the CAPEX come at via the cost of finance. Clearly the DFS uses or assumed a 10% discount rate ( $AUD ) when in actual fact it is more like 20 - 22 % which is simply ridiculous.

With this sort of number , the project's originally forecast IRR of 58% quickly evaporates to ' uneconomic ' levels with a clear inability to repay the Interest never mind the principal ( or capital ) which has also run over.

So almost everything going against AJM at the present moment. They are in desperate need of flexible Loan Arrangements which in my opinion can only be obtained at this point by the linking and merger of entities like NAL ( North American Lithium ) and even Nemaska Lithium . The reason's become much clearer when you consider how much the Quebec Government ihas at stake in this industry together with the obvious benefits of ' Bigger is certainly Better ' from a global perspective when you consider the access to multiple Downstream markets from multiple global operations. And because If Altura doesn't do it ....someone else most certainly will IMO.....