Can someone please explain, page-101

@airconditioner

Of course there is mica. All spodumene deposits have some lithium mica. In 2012, Galaxy even tried to market mica from Mt. Cattlin as co-product in a trial shipment to prospective costumers:






Yes there are risks with the Chinese off-take and risks with the LIT deal, but risks are controlled with some hedging and it appears PLS is hedging its bets, with regard to processing. I am sure you are well aware there are risks with any investment, A/C. I think we've all accepted some level of risk and I am comfortable given the potential rewards at Pilgangoora. I've done quite well with mining investment over the years and am the second most followed user on Canada's CEO.ca site, so this isn't my first rodeo, so to speak.

If the metallurgy concerns you, here is the recently completed metallurgical test work program on bulk samples from site: http://www.asx.com.au/asxpdf/20160906/pdf/439zlhkvfjlqx6.pdf

Of course you are likely inclined to call it a fraud as you've implied repeatedly by openly questioning the viability of Pilgangoora and disclosure of lithium mica concentrations.

As for Hartley's report... no I said that Galaxy is fairly valued relative to other miners. Hartleys agrees given that GXY is currently trading at their base case 6x EV/EBITDA valuations for 2019 and 2019:



Of course it only fits the pumpers narrative to use the more aggressive EV/EBITDA valuations using spot prices. Again a 6x EV/EBITDA multiple is fair and any higher is aggressive.