Here's my bag of popcorn.
OPTION 1)
The second client in China was possibly Tianqi. They bought Jiangsu already. That makes them the closest to us in large corporate transactions. They already own Greenbushes.
Promising an off-take from Mt Cattlin would have been a sweetener on a deal on that converter plant that everyone knew wasn't exactly running perfectly (hence a bit of court action after the fact).
Then they dragged their feet on the signing and said - just a sec - rather than buying a shipment we're gonna come down and check it out for buying the farm instead. Send down the team and inspect the plant and the work done on the DFS for SDV, James Bay and say "yep looks good".
The delay had the double effect of disappointing our sp and then follow that up with a bot attack to make sure it didn't run away while they were putting an offer together.
Ba-da-bing - offer at something lowly like 64c for GXY and $1.00 for GMM (Canaccord valuations).
Tianqi walks away with 3 assets and 2 companies for a song. Dang it. Could be higher though....
OPTION 2)
GMM and GXY have to work together closely. They need to be in lock-step. A merger was always possible. Some scrip for scrip and cash or something for GMM to get on board. I don't really like this either - as I'd prefer them to go on in harmonious jv.
Only reason for it was to make 100% sure that both companies followed the same plan for the next few years in developing both assets - James Bay and SDV. GXY is not cash-rich at the moment and it would be interesting to see what is offered. I just hope it doesn't go against GMM too badly as I hold them and their low dilution gives them a good advantage over the short term.
I don't see GXY or GMM bothered to acquire anything else themselves at this point. They already have the 3 assets they need. Nothing else would generate as much cash as SDV or James Bay. A converter plant or buying other juniors would come after both of those were already running, and still not be as profitable as expanding SDV instead.
Good luck to all. Should be a very interesting announcement
