AJM Numbers

I am a numbers guy, to me if stage 1 can't wash it's own face how would it support stage 2?
In an ideal world stage 1 should at the very least be able to cover the interest payments on additional debt taken out to fund stage 2. If that can't happen then clearly it is a loss making exercise.
Money would be better spent getting recoveries to 70-75% and lowering costs untill stage 1 is self sufficient. As it stands the operation is still reliant on equity being injected.

So much wishy washy stuff being posted at the moment. At what debt size, interest rate and sales price could ajm repay the existing facility on pls equivalent terms. 5 year legal tenor with c.30% balloon. If people want to say yes ajm will get 5%, work through the exercise and see how realistic that assumption is.

As far as lending goes, funding costs for every commercial lender in USD have gone up materially in the past 6 months so your argument doesn't hold water. Look up liquidity premiums.

Aimo