I believe so. Chemphys tried overplaying their hand and didn't...

I believe so. Chemphys tried overplaying their hand and didn't realize that GLN were working through this process with Authium in the background. GLN won't air the dirty laundry because Chemphys were a substantial holder (pre-dilution) and remain a candidate for Phase 2.

It's a great call by GLN management and a message to Chinese suitors going forward: happy to talk offtakes/funding, but don't try to be cute about it - you'll end up with nothing.

The masterstroke in it is that GLN gets to production with their main assets unencumbered. Monumental de-risking of the project compared to an alternative that would get to the same spot with debt secured over everything worth anything - LCE price at $8k per tonne instead of $12k per tonne and the lender would very quickly be in a position to take the lot.

Plus lower cost of production, plus lower transport costs, plus U.S. partnership right when the U.S. trade relationship with the world's biggest Lithium products supplier has been destroyed.

It will take the market a while to get their heads on straight about this, but after a slow burn it will gel. Bit early to start posting rocket-ship emojis, but they are in the pipeline.