With an ex-Goldman gold star performer as MD and president you...

With an ex-Goldman gold star performer as MD and president you have to allow for some level of involuntary slipperiness (as with the scorpion and the frog).

Good things I noticed: Pall gave notice they will be holding an investment day in September (genuine good news), thank goodness they renamed Allkem's spodumene project in James Bay to Galaxy (no sentiment, the name of the subsidiary that holds the asset is Galaxy something something pty ltd) as calling a project in the James Bay region James Bay was a bit confusing.

One thing that stands out like bull's hind legs is from one of the tables that GCar posted.



From memory James Bay (aka Galaxy) is to produce 321kt of concentrate a year and Whabouchi is to produce 215kt pa. Arcadium owns 100% of Galaxy but only 50% of Nemaska Lithium (which is the owner of the Whabouchi asset). In other words Arcadium will get three times the concentrate from Galaxy as they will from Whabouchi. So how come they are claiming to get three quarters as much LCEs from Whabouchi as they expect to get from Galaxy. And apparently no concentrate from Galaxy will be treated at Arcadium's Becancour processing facility so where does it go?

Also for them to have the Galaxy project at "mechanical completion" by calendar 2026 they must have signed a deal with IKEA. I'm not sure they are even fully permitted yet to begin the mechanical assemblage (though they may be but just didn't bother informing the market).

Also WTF "mechanical completion"?? Maybe that's what they call construction projects in Philadelphia. And also of minor interest is how long commissioning is expected to take (as in when will the revenue start to flow).

All in all, a bit sneaky but better than I was expecting.