Ann: Mt Cattlin - New thick high grade mineralisation intersected, page-15

So it looks like this is going to happen by end of 1st quarter 2019:

Mt. Cattlin
- Mt. Cattlin resource and reserve recalculated at substantially longer life, high grade operation (the old story of Mt. Cattlin being a dying asset is now disproven, actually suggests we are an even higher quality/lower-strip operation than previously suggested)

- Mt. Cattlin production increased to ~ 220-240,000 ktpa

- Spod price likely stable, thus annual revenue from Mt. Cattlin ~ $300m p.a., annual Earnings ~ $150m p.a.
- So at a conservative p/e of ~7, Mt. Cattlin is now worth $1 bn and there is no longer an overhang/risk of 'running out of spod'

Sal de Vida
I suspect a deal of around 500m AUD to partner 50-50 on SdV.

Thus SdV fully funded between partner cash injection and some of GXY's proceeds from POSCO transaction (now completed) and retained Mt Cattlin.


Cash position
We could have close to $1bn in cash by 1Q 2019 without considering SdV cash commitment.

Exclude SdV committed cash, that would potentially still leave somewhere between $200m and $400m free cash.

I expect a buyback commitment of $50m - if you considered that as a per share divvy, thats about 12.5c per share



And yes, our market cap is $1.08bn.

I'm laughing hysterically but honestly, hoping it stays this way for another few months so I can buy some more slowly, no rush to sell here.

Oh! I forgot to talk about James Bay, or how EV's are getting harder and harder...and harder to deny.