how much lower, page-78

Thank you simonhhh for your post,

Now we know that the only concrete thing we have re GXY valuation is that the share is worth $0.32 (excluding
the $180 mil cash).

If we multiply this by 323 mil shares (undiluted)
we get $103.36 mil

Well let's look at the value of Mt Catlin's Li20 in the ground. The only indication of market value we have on
hard rock Li20 in-ground is from GXY when it paid $3 mil CAN for 20%
of James Bay. This valued James Bay 22mt @ 1.28% at
$15 mil CAN. Add to this say another $15 mil to complete the DFS.(any better idea?)(GXY is getting another 50%
of James Bay for completing the DFS)

Now lets look at the Li20 in both mines:-

(a) Mt Catlin
18 mil x 1.08% = 194,400 tons

(b) James Bay
22 mil x 1.28 = 281,600 tons.

Now if James Bay is worth say ...........$30 mil
Therefore Mt Catlin ought to be worth....$20.7 mil.
(I'm sure that there has been more than this spent
already on drilling alone!)

Does this sound reasonable to you?

I have a problem interpreting info released by GXY re the
upgrade of Mt Catlin which was provisioned for in the recent cap raise because GXY did not say what the mine
was been upgraded to.

If the mine is still going to produce the equivalent of 17K
tons of L1 P/A then the extra spend looks like a cost blow-out rather than an "upgrade". Mine problems outlined in the AGM report would seem to support a cost blow-out.

Perhaps you could clarify this?

There is not enough data available yet on the cost of production @ Mt Catlin for me to even hazard a guess at the overall value of the mine based on potential forward
earnings.

And needless to say, the carbonate plant & battery factory has even less data still.

Best regards
Moorookamick