This is an interesting graph from the presentation (see below)....

This is an interesting graph from the presentation (see below).

PLS have no Reserve, and require $100m capex etc. Yet PLS are valued at $70m. NMT is also valued very high comparatively.

GMM have significantly less resource risk, significantly less permitting risk (its already built save for modifications), significantly less capex ($5m to $15m to restart plus acquisition costs of $25m = $30m to $45m). The technical risk is that the Cattlin Plant previously underperformed, however better to be in the position now where you can fix what is wrong then in PLS position where they don´t even know what the process will be.

Looking back at Galaxy´s early BFS for Cattlin, it was all based on the assumption of a USD of below $0.80 for the duration of the mine life. As we know the USD was pretty much at parity to the AUD for much of the last 3-5 years and for almost the entire duration where Cattlin was operational. With the USD now down to $0.75 and expected to go lower, that is a substantial improvement in the economics just there, not taking into account the increased Ta recoveries etc.

I wouldn´t be surprised to see GMM go on a big run in the next few months. For now the threat of a capital raising will hold it back somewhat. But once that is out of the way, it should rise a fair bit.