Ann: Scheme Booklet registered with ASIC, page-79

.. “just like when PLS took out AJM it was absolutely oppertunistic and happened at the bottom of the cycle when no one wanted to finance lithium mines! fast forward 6 months and what would of happened if AJM didn't have debt or could of weathered the storm like we can …”

Rookie, AJM had breached financial covenant agreements over and over.
Yes spodumene prices were down but it was forced to continue mining to meet offtake obligations.
It was in debt to dodgy financiers - charging cruel interest rates - to the tune of more than $180m and the debt was due with no more extensions to be offered.
Price had fallen to around 7c level, (from 38c highs?) funds had exited at loss, people’s money was frozen for months because it had stopped trading and then there was a ‘lifeline ‘ from its cornerstone investor whose average price was something under 11c a share that a quarter of all its production had to be sold to it for more than five years at rock bottom prices.
The independent expert said that was not fair but it was ‘reasonable’ as it was the only way forward and AJM needed the money to pay the debt.
The company was broke, the plant needed work and the price dropped to around 2c I think .

There is no way that Pilbara Minerals’ takeover was “absolutely opportunistic” - it was a coup de grace in my books and it kept the project in Australian hands as well as opening up ground it would have never otherwise been able to had access.

And every single person who bucked the ‘hate trend’ that existed in the ‘banter’ about the next door neighbour and invested in PLS at its prices back then (as low as 17c) made money.
Altura changed its name to 1MC and is still trundling along out there.

I agree with you that the G abjnjntha deposit has been reported as tier one but for you to say ‘we don’t have debt’ is adding a temporary situation to your picture.
And it may be - if this proposal falls over - that we don’t have a management either.
And where are the good people this asset needs going to come from?
The executive pool out there right now is completely fished out.


It’s all very well to play up the goodies vs baddies chat but that never helped anyone at Altura!

The situation here is extremely ‘delicate’ to say the least and I think deserves more thoughtful debate than a continuation of the emotional outcries that have been a feature of the last ten weeks.


Cheers