What do you guys think?, page-39

My guess (based on wishful thinking and reading in between the lines) is as follows:

GXY and board were adamant on keeping 100% ownership on all three assets as indicated by presentations up to Q2 2016. That was until the majors realised the real tipping point towards the demand side of lithium, and started relaying some handsome expressions of interest towards a JV on Sal de Vida in Q4 2016 given it is the prized possession of the brine world.

We then first publically (and somewhat unexpectedly) heard about a potential JV for 30-40% of Sal de Vida in Q4 2016. We also first heard the James Bay + converter option relayed at this point which was a very pleasant surprise. I anticipate the GXY board then put negotiations on the backburner until Q1 2017 and focused on getting Mt. Cattlin to production, and until an expert in M&A was hired (Mr. Bacchus) to assist with a favourable outcome.

I personally anticipate and hope that there is a favourable JV negotiation ongoing in regards to Sal de Vida right now (one that will see us go 'wow' again, just like we did at the most recent contract pricing), which will see us reach production on it sooner than thought, but also a strong enough premium on the 30-40% sell down (and favourable terms) that it also enables the James Bay + converter option to come online much sooner than thought, with very little debt. This would then provide GXY with HQ's in Australia, the 'lithium' triangle, and Canada, positioning it as the strongest contender as the next major (on diversification and access to markets alone, let alone revenues).

Again, this is my wishful thinking and what I would like to see unfold based on the capabilities demonstrated by our board so far In the meantime, I am very pleased to see Mt. Cattlin ramp up to full capacity ahead of plan (with top grades) and generate revenue.

M92