I'd agree with you that GXY is in the top 5 lithium stocks on the ASX. But that's not exactly a hard feat given that most are struggling for survival/existence.
Given GXY's recent history of poor capital management, I wouldn't put it past them to do a buyback. They should be keeping every penny to developing its own assets. But they don't seem to be focussed on that. The A40 buy was a complete dud. They would have been better off spending that money on a buyback given that the market at the time was valuing GXY on a sum of its parts basis at less than A40.
And yes, I won't be "rushing out and buying shares" based on your comments. It probably goes without saying
GXY Price at posting:
$1.24 Sentiment: Buy Disclosure: Not Held