Macq Bank upgrades $GXY, page-4

The report is an interesting read, just scanned it, but picked up a couple of things from it.

First off they have a tax expense of $17M in 2017 and $50M in 2018 etc, but we have $200M in tax credits I thought, so I don't think they have taken that into account.

Also they have capex spend of $168M in 2018 and $172M in 2019 so I'm assuming that is for SDV, of course the revenue doesn't come in until 2020 so it like they assume that money is just spent, but no value is attributed to the mine.

Also the I think the price assumption are way too low, while they may go down from here in the coming years, everything is pointing to next years pricing being higher.

I'm sure smarter people than me can pick out a few more things.

All in all happy that I topped up last week.