AJM has been in official refinancing negotiations with plural...

AJM has been in official refinancing negotiations with plural potential investors since December 2

https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD5gm1zhGZof10ke92GA==

“Altura Mining Limited (ASX:AJM) has commenced discussions with potential investors with an aim to
refinance its current loan note debt.
One of the options for the proposed refinancing is a potential issue of senior secured notes, subject to
market and other conditions.
In connection with the proposed refinancing, the Company proposes to provide certain investors with a
confidential offering memorandum describing the Company and its business.
The Company is releasing to the market a copy of the offering memorandum ........​

The memorandum at the link is more than 300 pages long and gives a good summary of all the negatives you have raised along with clearly explaining the overall situation at Altura.
I gather the reason it is not cash flow positive is financing costs.
It realistically deals with the matter of production rates and future plant upgrades to continue to improve production rates

It also says the shortfall shares were expected to be placed in a timeframe of weeks

....we will look to place these shares in coming weeks..​

At the end if September 2019 Altura had;

...accumulated tax losses of approximately A$89 million that we expect to be available to offset future profits from the Altura Lithium Mine.​

regards Stage Two:

At the request of our offtake partners, we have completed a definitive feasibility study for Stage 2 of our project, which would involve duplicating the existing processing plant, thereby doubling the nameplate capacity of the project to 440,000 tonnes of concentrate. The DFS calculated that Stage 2 would generate an additional A$311 million of discounted pre-tax cash flow at a capital cost of approximately A$119 million and result in a net present value for the entire project of A$835 million. These estimates are based on a series of important assumptions that are discussed in more detail under ‘‘Stage 2 definitive feasibility study.’’ A final investment decision to proceed with Stage 2 depends on, among other things, obtaining financing and securing offtake agreements with customers.​

plus much more ...

Cheers