Amn, page-21

Offtakes helped these companies BEFORE SO4 went under and KLL got into major difficulties. Offtakes mean very little now, look at APC.

Prior to the major problems at SO4 & KLL one could have argued that EPA approval was the greatest de-risking step for AMN (and its peers). Now I think most would view the ability to evaporate the brine and process the salts on a large scale as the biggest risk (some may include brine supply).

Unfortunately history has shown investors that the flotation based processing techniques do not readily scale up in WA conditions (to date). And they have learned this after parting with and losing large sums of money. This is going to be a problem for AMN (and others).

Your choice of AMN was a solid pick but the whole sector is currently suffering. This is why AMN's SP has taken a fall IMO.