Investor Presentation, page-11

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binwood

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27/11/18

09:33

Post #: 36649193
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Originally posted by janeo ↑

Just got home from the Bris investor presentation. I’m happy I attended as it was a small group so lots of opportunities for chat and questions, met some nice shareholders and and the refreshments were great.

Here are some things I found interesting - in no particular order:

- James very proud of his team and safety record - only one significant incident after 940,000 man hours
- James acknowledged the poor share price and said he was disappointed with it. There has been reduction in downstream pricing from $20US to $11US a ton. It’s still a juvenile industry - lots of upside
- said he had been fielding numerous enquires from co.s interested in product
- 18,000 tons a month is steady state for AJM - will be ramping up for next few months - currently about 70% capacity.
- AJM have been sharing cargo on ships as they ship in either 8,000 or 16.000 lots
- Gangfeng has a different pricing formula to the two others - ie linked to both carbonate and hydroxide. He seemed happy with the Gangfeng outcome - ie didn’t alienate JRO and Altura got a good outcome and still honoured JRO relationship.
- downstream processing has been discussed but AJM are miners and processing a whole other industry with huge huge power requirements, waste, cost (not so competitive in Aus as China) etc
- The 2nd shipment went to an undisclosed company who are interested in offtakes. There are others. Lots of interest.
- current price somewhere between $700-800USD
- there are 40-60 metre thick spodumene intersections near AJM PLS border
- should be easy to restructure debt when AJM is at steady state - mentioned bonds eg Nordic and
Israeli returning well for investors.

Of most interest to me was learning of big increase in interest in AJM after MIN/ALB deal. James mentioned FOMO kicking in. He suggested there might be a possible « transaction » and if it were to happen could be in the coming months. The whole lithium sector had been buoyed by the ALB transaction. Let’s see! One way or another interesting times ahead I think.

There was a lot more covered. I’m sure others who attended will add more.

GLTA

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Possible transaction in the coming months.

Coupled with @noobtwd saying stage 2 is good to go and long lead items being ordered in Jan I am still backing a JV deal happens for AJM even though I originally posted it as a joke.

There is no way we can take on another $200m of debt realistically.

I think AJM could possibly JV for around A$350-400m (provided we pay for stage 2 infra). So basically that would clear debt and build stage 2.

For the TAW guys here I think once merger is done if this M&A sequence is legit then they will get a juicy offer very soon after the paperwork nightmare winds up.

AJM Price at posting: 21.0¢ Sentiment: Hold Disclosure: Held
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Investor Presentation, page-11

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