Ann: 2019 Half Year Results Announcement, page-30

GXY has offtake agreements with minimum amounts. As I've said numerous times, offtake agreements are useless when the pricing of those contracts is based on market conditions and obviously a very low floor price, if any.

Remember how holders kept saying GXY was getting a premium for its product compared to PLS and other peers. Well it turns out that was hot air and GXY have a dud product and are getting an absurdly low price relative to its peers.

As I've said many times, pricing for spod is heading for US$400-500/t. Just wait for it. It's going to happen. At that price, GXY either isn't profitable or only just once you include sales costs and royalties.

Current market cap simply isn't justifiable for a company that is barely profitable at best. I can't see how it deserves to be trading much above cash backing.