Well, I have been obviously wrong with my previous financing...

Well, I have been obviously wrong with my previous financing prediction for AJM and it leaves me somewhat puzzled.

Hint from the commissioning update (Ann 22.05.2018) page 2:
“The Board intends to make a Final Investment Decision on the Stage 2 expansion project work before the end of the financial year which, if approved, will provide a continuous workfront for the Stage 1 project team to transition to.”

Today’s Ann contains a full reverse on that:
“Our focus now is to ramp-up production to full capacity over coming 6 months and then we can turn our attention to the expansion project. …..”

Why not go ahead with the expansion as planned initially:
No interest in product?  Seems unlikely
No financing available?
Takeover issues?
Does anybody have ideas?

On the financial side:
According to Q2 Cash flow report from July 24^th 2018, there would be AUD 10m left at the end of Q3 without any sales.

There should be sales though.  In today’s Ann there is a reference to first shipment in August and the forecast a full ramp up in 6 months. My assumption to make numbers here is that this is a linear process:
Full capacity 220.000t per year. That is 18.000t per month
Linear in 6 months:

Month 0 (July): 0t
Month 1 (Aug): 3.000t
Month 2 (Sep): 6.000t
Total Q3: 9.000t

Production cost AUD 400/t
Selling price AUD 1.150 (USD 850)
Q3 Margin: 9.000t x AUD 750/t = AUD 6.750.000

Month 3 (Oct): 9.000t
Month 4 (Nov) 12.000t
Month 5 (Dec) 15.000t

Q4 Margin: 36.000t x AUD 750/t = AUD 27.000.000

That should be enough to not need a further capital raise. If any principal payment on the financing would come due then it might get tight though.