Share price discussion, page-650

For those worried about the breach of the covenant This is taken from AJM's reply on 29th March to the query by ASX.

as part of the placement of securities undertaken by the Company in February 2019, the Company requested (and was provided on 4 February 2019) a written waiver from the Noteholders regarding the requirements of the financial covenant (Formal Waiver). This was a formalisation of the position previously expressed to the Company by the Noteholders. The Company had not sought this waiver before this time as it believed (correctly) that it retained the support of the Noteholders and that they did not intend to take any action regarding the Covenant Breach. The terms of the Formal Waiver did not require the Company to take any action with respect to the Covenant Breach

In light of the requirements of the Covenant and the disclosures to the Noteholders in the Monthly Reports and the Quarterly Compliance Certificates, AJM was in regular dialogue with the Noteholders with respect to commercial production and, in turn, the status of the associated covenants

Although the Noteholders were fully aware of the status of the Project, at no stage was AJM in receipt of any correspondence or communication from the Noteholders regarding the requirements of the financial covenant nor did the Noteholders require the Company to take any steps or actions (or change proposed steps or actions) consequential upon the covenants not being satisfied. At all times, the Noteholders remained supportive of the Company and its approach to the development of the Project regardless of the Covenant Breach.

as part of the placement of securities undertaken by the Company in February 2019, the Company requested (and was provided on 4 February 2019) a written waiver from the Noteholders regarding the requirements of the financial covenant (Formal Waiver). This was a formalisation of the position previously expressed to the Company by the Noteholders. The Company had not sought this waiver before this time as it believed (correctly) that it retained the support of the Noteholders and that they did not intend to take any action regarding the Covenant Breach. The terms of the Formal Waiver did not require the Company to take any action with respect to the Covenant Breach