The SP I think is currently linked to poor sector sentiment and...

The SP I think is currently linked to poor sector sentiment and the fear (valid or not) that AJM might not be able to continue as a going concern, certainly their mismatch between expenditure and income to this point does not imply a survivable trajectory. However it is very early in the commercial operation of the mine, and the company in fairness have made huge and rapid strides in getting the plant on track and costs down, they've also diversified their customer base better than many to help insulate themselves from counter-party risk when one or other off-taker reneges on their obligation to buy at pre-agreed price (as is very possible in current climate). I think if AJM can demonstrate sufficient income and profit margin to meet their interest obligations that the SP will recover and shouldn't get anywhere near 1 cent. The next risk in line will be whether the debt covenants can be waived or whether another more benevolent party will offer better terms - again in the current climate of uncertainty you have to wonder why anyone would unless they could leverage the debt to their own ends (SS, Gangfeng etc) meaning AJM might remain precarious even with proof they can survive without repeated capital raisings (as has been their form so far this year).

I'm a huge believer in battery backed renewable power generation taking over the grid, I'm also a huge believer in EV's utterly distrupting all vehicle markets - indeed the world is literally cooked if they don't happen, it's serendipitous that the economics and environmental arguments are aligning. However I let my hopes and excitement about a better future cloud my judgement on the economic realities here and now - without the trade war, and without the vested interests of incumbent fossil fuel/political addiction to their profits and car industry things might be looking brighter, ultimately will be a bump in the road, but not one I wanted to lose money over - capital preserved and happy to deploy when the trajectory looks more certain.