Yep, taking the half year accounts into view in isolation it doesn't look too pretty. Having said that the net assets position is surprisingly healthy and you would expect nothing other than a massive loss for a start up business, especially a business of this size with no revenue.
There is nothing really new in the half year accounts, the delay in construction was well known and since half-year, progress has improved, so we have been told.
The real news today is the James Bay Project update. Excellent to see just how easy access this is going to be. I like the following lines from Iggy:
"Galaxy wants to extend its lithium resource base and James Bay's location, geology and the low cost of entry were the key attractive elements of the farm-in agreement with Lithium One.
Galaxy expects to be able to fast track the development of James Bay by using similar capacity and design as the plants constructed at Mt Cattlin and Jiangsu"
GXY Price at posting:
25.6¢ Sentiment: LT Buy Disclosure: Not Held
