Ann: HMW Concentrate Grade Increases by 25% to 6% Li, page-98

What a day!! Even if most of us knew that the results would be good, it's great to be de-risked further.

I'm fairly confident one of the next announcement (if not the next one) will be an offtake for concentrate. There is no way JP would have mentioned it in all the interviews without gauging interest first.

The path to first revenue seems much shorter now and it seems clear to me that the strategy is to sell concentrate to potentially fund the plant at a later date, reducing the CAPEX and the dilution significantly. With the ongoing raise of the LCE price, it's likely the concentrate can soon achieve a premium level as well, with very minimal expenditure for GLN.

Remember that our PEA is based on around USD 11,500/t, price is currently over USD 13,000 and any LCE price increase of USD 1,500 brings us an extra USD 30 Million a year based on 20,000t LCE p/a.

Same as most of you, I scratch my head thinking that this is too good to be true and I think some big hands are holding the price as low as they can to accumulate. This will run hard, and soon. The market cannot ignore much longer the difference between our MC and other juniors explorers.