Was a final wrap up post for AJM on my behalf.I attempted to...

Was a final wrap up post for AJM on my behalf.

I attempted to paint a picture of what occured and match it with psychology of holders and supporters.

I would like to point out there was an unintentional error where I wrote August instead of July at one point in that post, but I endeavoured to leave a fairly comprehensive rundown of AJM in 2020 in particular for those that may want to understand what occurred and possibly pick up on some aspects that may improve people's future investments.

My posts from mid 19 onwards may not have been perfect and errors were made in some of my own assessments that I will learn from and apply in future.

In particular I tended to give the company too much benefit of the doubt. I know some may find that laughable, but it turns out despite my quarterly COH projections being quite accurate, the real financial position was worse than even I assumed as overdues to trade creditors increased.

I also slightly overestimated the strength of the company after it was refinanced. I was generally of the opinion that while cutting out nearly all unnecessary spending, including a bafflingly low sustaining capex level, AJM may have been keeping on top of trade creditors. I was wrong on that.

I do still stand by my previous stated opinions that management did do an excellent job of getting the plant operating consistently much faster than others. Consistency is rarely discussed in the hardrock space, but to me it is the single most important factor seperating current SC6 producers.

I also stand by comments that AJM was able to move product and gain new offtakers in an impressive manner. I believe they typically had similar or slightly higher pricing than peers during a period that converters were reluctant to take much product at all.

While the decision to keep operating at capacity was likely a major contributor in lowering pricing to the sub US$400 levels seen by the industry at some points in 2020, they weren't undercutting / gaining sales on price alone.

So there were areas of exceptional performance.

Feel free to counter any points you disagreed with, but I believe I have left a decent overview of the company from my point of view. It was not an unresearched post.

Finally, you asked what the point of all that was. Quite simply to share what I believe to be a comprehensive and generally accurate depiction of AJMs demise after I continued to read some statements that do not appear to have been born out in fact.

There remains much speculation and some pessimism that no one will ever find out what really went down, so I posted to fill in some gaps.