For what it's worth, I passed on similar sentiments to the...

For what it's worth, I passed on similar sentiments to the company yesterday.

I thought it showed the measure of the man that JB would take the time to respond to my enquiries over past months. I did not approach under false pretences, and frankly did not expect responses given my history of what I felt was balanced opinion but understand many here saw as maliciously motivated downramping.

Perhaps I myself need to reflect on how I can convey analysis without rubbing those with different opinions the wrong way in the future. I understand it got to the point that many did not know who to believe. I imagine those that I butted heads with were just as frustrated as I.

As you pointed out the financials spelled out the situation quite clearly, and my observation was that individual faith in management allowed many to overlook some of the fundamentals. Still that is not to say that management did not present a view through rose coloured glasses at times. I suppose it was a catch 22 in that too dire an outlook would have hampered attempts to find a solution.

In recent months more clarity in communication of the state of affairs would have been beneficial to holders hurting right now and I found it questionable that bad news like the last reported quarterly released on a Friday was buried by a subsequent announcement about gold the following Monday. I understand there may be potential for an econimc gold find at that location, however felt that news could have been conveyed in the quarterly 3 days prior.

There was also a lot of disinformation being posted on social media that may have given some cause for optimism. The ongoing assertions regarding product pricing comes to mind strongly. Many ran with versions of the line that only genuine holders should be trusted while those attempting to help were branded seagulls. They too shoulder some responsibility.

I hold in high regard those that remained undettered in the face of strong opposition to attempt to bring clarity. Those posters know who they are.

What AJM management accomplished in commissioning the operation and achieving a consistent quality product that they were able to get reluctant offtakers to take deserves respect. Nobody can take that achievement away from the team and employees have acquired skills that are in demand for an industry I expect to have a bright future.

AJM were caught in a debt trap and had little choice but to accept customer demands to pay below floor. They did not have the luxury of moderating output. AJM became unwitting price takers with customers aware they were on a tight leash.

Some insiders really stood up and put their own money on the line in an attempt to keep going until the inevitable cyclical upturn. It didn't work out, but it was brave and they had the interests of all holders at heart by making those commitments.

Yes some questions remain, particularly the decision not to utilize the LDA facility from the beginning of it's availability. It could have been handled differently and I write that without taking advantage of hindsight.

Keep in mind there is credit due for even accomplishing that brutal refi earlier in the year. Noteholders took everything on the table and then some. Don't underestimate what a feat it was for Management to pull that off.

Sadly I imagine the secured creditors will again take an aggressive approach and push fast to dispose of the assets. I do hope though, particularly for the staff that remained loyal I am wrong about the demeanor of the noteholders.

I will finish this post with a now well worn observation... AJM have been the victim of unfortunate timing.