Lets try to think this through. It's the middle of 2019 and consensus is we will be in shortage in 2023 (if not before). It takes at least 2 years to build the expansion (1 year) and get it up to speed (1 year if we go by AJM being around 90% currently). That means you would have to start building in late 2020 which is less than 18 months away. That isn't very far if you think big picture. If AJM was to struggle to get financing for stage 2 then they obviously just sit at stage 1 and make money while SP6 prices go up which eventually fixes the financing problem.
Management have previously said they dont want to take on more debt so I see it being unlikely if they were to do so.
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