Ann: Mt Cattlin Update, page-43

To those that criticised the Mt Cattlin update yesterday, here's a look at what one of GXY's harshest critics said about the update and its affect on their assessment (of GXY):

Action and recommendation
• Maintain Outperform: The guidance update for Mt Cattlin was mixed with higher spodumene production and stronger spodumene prices in the 3QCY21 offset by higher material movements and cash costs and the cut to the reserve grade. Mt Cattlin is currently GXY’s sole source of cash flow, but only accounts for ~12% of our NPV, with Sal de Vida the core asset.
Completion of the merger with Orocobre (ORE AU, A$6.81, Outperform, TP: A$7.10, Hayden Bairstow) presents a more material near-term catalyst for GXY than the updated outlook for Mt Cattlin.

Macquarie Research Report dated 3 June 2021

By the way, their valuation of GXY is A$4.23-4.77.

And, more importantly, they believe the biggest catalyst to the share price is the release of the merger documentation.