Ann: Administrators commence recapitalisation process, page-83

Yes, this is what I have already said in the previous post, remove the non-recurring (or non-normal business) expenses as well (tax paid on the sale, A40 investments and similar as you have said). Keep the expenses that are associated with normal business activities / ongoing for developments (anything Mt C related, SDV related, etc.) what does it give you net in the last 12 months? Unless you say SDV has been permanently shelved, I would count is as regular/ongoing business. I would say expenses related to tweaks/improvements to the Mt Cat mine, drilling out more resource, etc. should always be counted as there will always need to be tweaks/maintenance works to improve performance, drilling to increase resource, etc. it's part of normal mining operations that should be well covered by the margin made on the product in an ideal world. Is the margin they are making on Mt C enough to cover the other ongoing business expenses? Ask the adjusted cash balance this question.

Unfortunately they couldn't find a partner for SDV or they would have pulled a rabbit out the hat twice.

I asked the same question for A40, the answer was obviously no. Hence the continual need for more cash until costs come down to a level where the margin can cover all the normal business operating costs, not just the cost/t to produce SC... for A40 this was predicted to be after the fines circuit is in place and JV deals finalised downstream to improve the margin further (and assuming they can sell all they produce). Given how long Mt C has been operating and continually optimised, how much more can they realistically optimise it to get their margin to a point where it covers the general business costs (and is able on top of this to add to the cash balance they'll eventually need to fund development of SDV etc) What's the plan in place to do this other than hope for better lithium prices? If it was clear I would have bought GXY stock already.

GXY have done a fantastic job on the asset sale side but ultimately, investors are forward looking and they see a decreasing cash balance from normal/ongoing business operations (ignoring as well the spend on growth opportunities sought out through A40 etc.) If it was the other way around as you seem to suggest, the GXY shareprice would be inverted?

GXY are in a very enviable position in terms of cash, let's hope they can do a good deal with A40 that gets the bald hill asset to profitability (as I said, this pathway is clear, it needs the fines circuit built and JV deals dowstream finalised). If it wasn't clear, I doubt GXY would be looking at it. There's a reason they've been so aggressive to go after A40, they need it to show investors there is a pathway to profitability since they clearly can't show this with Mt Cat alone.