Ann: PLS: Conditional Agreement to Acq. Altura Lithium Operations, page-241

Correct. I agree with this analysis.

When you are paying 14 to 15% interest rates, you are really paying junk rates.

And when the Big Players decided to flood the market, the prudent and logical thing to do, was to merge with PLS (nearest neighbour) to benefit from the synergies and cut down on costs.

And yes, the merger would NOT have been of equals, but it was better to save what was left, than face extinction - especially after what was happening to A40.

For whatever reasons, AJM continued on its own path.

Now, it faces the abyss.

To survive and see through this: it will need to raise $250M to see off creditors, and probably another $50M to $100M for future operating costs, for the next 12 to 18 months.

IMHO, the total raising will need to be $300M to $350M.

Otherwise, this will be repeated in 6 months time.