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Back to your old tricks of putting the panic in that one option, inferring that there are no other available avenues that AJM are looking at.

To be fair, as non-insiders, we can only speculate as to what the management are thinking.
So one big indicator is what management does with its cash. Particularly when it's their own cash.

Let's do a contrasting case study:

AJM: Not much history with company cash since only becoming cash positive this current quarter. These are due to constant sales and lowering production costs.
However, Management sunk in their own cash ($m/s or $100k/s), yet again. Cornerstone Investor took in $ms at higher than current sp.
All these indicate a lot more upside to come.

GXY: Lately, one director bought $42k, With company cash, management elected to sink $63m into another company. Both the attempted TO and 2/3 of the cash have now fallen apart. Couple that with sales that have been slowed down to a crawl.
These indicate that the management (insiders) deemed gxy's own current assets risk:reward profile is such that gambling on another company was more acceptable than just spending it all on the development.

You should really concentrate on your own holdings, sjl.
The more you do these tactics, the more you make me think