Ann: 2019 Half Year Results Announcement, page-70

For those who don't understand, GXY has not made a loss of cash. The cost of production is in first half, sales/ profit is in second half. They sold only half the production and still made a profit, including all costs. The reported loss is depreciation of plant/ equipments. This is tax loss for later years, not operating loss.

The cash in hand is $176m US or $261aud , against a market cap of $487m aud.

MtC, JB and SDV is valued $230m aud by the market. To put this against peers without cash, peers are all over priced.
GXY investment in A40 was for drilling and improving production cost. The board spent the money, gxy gave them use of credit facility, they chose VA. As creditors and major holder, gxy has right to take A40 assets.
Can't help to think if gxy took a low spod price so our converters can do upgrade. The sale price can only rise, while peers fall. They may have done a reverse deal. If the converters shutdown, gxy get for cheap. When they all start up, gxy will be the only one left.

Sp is irrelevant, it's below assets and sales value already.