they’re flush with cash but burning through it quickly and not...

they’re flush with cash but burning through it quickly and not selling all their product. Agree that AJM needs to prove financial viability, ie cashflow positive including interest payments and despite low spodumene prices.

If they can just sneak by whilst the sector consolidates and possibly higher cost, lower quality players are weeded out, and until EV volumes spike up taking lithium demand with them - then we’ll be in the box seat.

the best near term hope we have is that the oversupply mantra is overdone and that there really is a parallel reality for high quality qualified spodumene to premium battery producers. Perhaps that will offer us price resilience - it’s clearly a good sign that we’ve got offtakes locked down for most of the output and tentative commitments for stage 2 output.