An unholy Trinity: USD 125m < 10 mths to resolve....., page-354

At the risk of stating the obvious, when the loan notes were negotiatied the coupon reflected an immature market and construction risks involved.
No-one at the time expected spod prices to come off as quickly or as much as they have, the company certainly didn't expect to have to rely on the offtake floor prices during ramp up. This is evident in the leverage covenant.
The fact ajm managed to negotiate new offtake contracts on the same terms as those set when spod prices were much higher for earlier offtakes is a job well done by management.
Locking in contracts ahead of actual production is always frought with risk for both the producer and buyer.
Now as far as the 10% dilution goes, think of it this way, risk 10% dilution or face potential insolvency. Which one would you rather, knowing a market recovery may be 6months away.
Give credit where credit is due. Ajm has brought down costs, quicker than any other new spodumene producer.