Banter and General Comments, page-5321

Let's compare GXY to Lithium America's who has partnered with Ganfeng. Minar Exar the operating company was 37.5% owned by SQM and SQM also held 25% of LAC stock. Ganfeng bought the SQM shareholding in Minar Exar and LAC. Recently they increased the shareholding in Minar Exar to 50% by injecting $160 million into LAC and expanding the LiOH production from 25k tons to 40k tons. The stock price of LAC has moved from a low of US$2.73 to a high of $4.80 per share. The resource size is now estimated at 17.9 million tones - a limitless resource. It will allow the company to keep on expanding into the future.

GXY had all the opportunities on hand. A massive reserve owned by GXY and no partner. First we sold half of the salar and then went looking for a partner. How stupid was that thanks to AT and our Board. Now we are left with a competitor and no expertise except some US$220 million representing approx 50% of funding requirement to build the SDV. In my opinion that's the reason the stock price of GXY is so depressed. Until a JV partner comes along nothing is going to change as investment bankers and lawyers cannot build and run a speciality chemical plant and a mine. As a first step half of our board must go and be replaced by people who know how to get the job done.