Lithium prices have continued to be depressed.
AJM has not yet illustrated it is cash flow positive.
AJMs rights issue was significantly undersubscribed (only raising $9m of proposed $22m)
AJM downgraded sales estimates for the quarter to 40,000dmt.
AJM have an interest payment ($14m) in just a matter of weeks.
It’s hard to imagine based on the above that AJM has any bargaining power - they are no doubt desperate for cash and running on an oily rag, with the quarterly cash flow rpt due in a couple of weeks it’s likely showing insufficient funds to pay next months interest payment. I cant imagine they’ve got the leverage to strike a better deal than they are on but here’s to hoping.
Ann: Trading Halt, page-59
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