further drilling results~!, page-28

I agree that the current suite of projects AJM has does look cheap from a valuation basis. However the reason why the current shareprice is cheap IMO is because the market prefers small exploration companies to focus on 1 commodity.

The fact the they have projects (listed below) spread across such a wide variety of commodities possible gives the market the impression that they dont have a real focus.
- Mt Webber Iron Ore
- Balline Garnett
Tabalong Coal
- Pilgangoora Lithium
- Shoebridge (which says on website has potential for uranium, tantalum, gold, iron and base metal mineralization.
- Coal projects in Indo (which management mentioned in numerous annoucements they are looking for).

IMO, unless AJM can focus on 1 or maybe 2 commodities the market will continue to undervalue the company until its set in stone when production will begin for each of the projects.

It is quite a concern to me that they have yet to pick up a Indo coal project. Many would believe or be of the impression that with the coal experience on the board that coal would be their focus however they are yet to deliver on this. Hopefully tehy can deliver on this before the year is out. If not then I would be concerned!