Couldn't agree with you more. Nobody gets financed in this...

Couldn't agree with you more.

Nobody gets financed in this environment, and debt outstanding doesn't typically get extended on better terms.

If I recall correctly, AJM management couldn't get their debt package away with credible financiers after 12 months plus of trying - we ended up with our current consortium who took warrants and an interest rate that that was essentially closer to 20%.

If, and it's a massive IF in my view, that refinancing of AJM debt happens, it is likely to be on worse terms than those we currently have. I would not be surprised to see a long list of fees for facility extension and associated warrants etc that make the initial terms seem competitive and just.

We can't even meet existing EBITDA covenants and have required approvals to breach these on a number of occasions. That we have capitalized interest on a number of occasions already, highlights just how precarious our finances actually are. The environment is worsening, not improving folks.

With the potential for shrinking "target margins", declining revenue as prices are dragged lower through excess product in the market (and a 6 month lag for realised price), we compound our issues through our seemingly non-existent ability to reduce costs and stem losses.

We are entering a period where our financials are only going to deteriorate further in my view, and we are hoping to renegotiate our existing AUD 184 million debt position at the same time...... I can't help but laugh...

it may not happen in the next 12 months. But the debt noose is tightening and our European financiers are sharpening their pencils and working out just how much more they will take just to roll what's already in place. The terms will be worse and covenants tighter in my opinion.

They are poised to own the company by calling the debt. If there's value that they can acquire solely as owner of the asset they will make that call when the time is right. It's been done many many times before...