Ann: 2019 Half Year Results Presentation, page-134

Generalizations without showing your figures do not really explain anything.

Maybe visit the speeding ticket announcement, you may find more info there.

Btw, GXY having cash vs no regular sales + big outlay that has had no returns yet (even historically), is a bigger risk in my view. I suppose we all have our risk profiles.

Once again, AJM had 4 recent dd by different entities: 3x offtake partners + 1x cornerstone investor, so I trust their dd a lot more, than the esoteric concept of debt