Ann: Mt Cattlin update,GXY-GMM.AX, page-30

Really good update today for Mt Cattlin

It really confirms that Fotios knows what he is doing down there and underlines how conservative the initial 80kt guidance was. This moves us into the region of doubling up from the historic max output. They were Fotios' upgrade plans from years ago so it makes sense that he knew how to kick it back into action and upgrade at the same time without slowing things down. Very very good Mike. Well done.

Having a good extra amount for the spot market at the end of the year is a great move too. Depending on how this goes we can continue that strategy - either supplying as much as 120kt next year to the spot market (for short term $$$++ ) or use this spot strategy to uncover and lock in another couple of these 60kt clients while the explorers and development projects are still practising the soft shoe shuffle in the sand of their idle tenements.

At the end of the day - experience counts.
Lithium Boom Mk1 ended with only 3 Australian players still standing. NMT waited, ORE rushed the plant and sold equity and GXY - well, we were caught with our massive expansion plans around our ankles and nearly exploded like a chinese firework.
These are the only 3 companies who have been around the lithium block once before.

Only GXY gathered the experience in hard rock, all the while taking their time over SDV. It is important that brine is done right - and ORE has provided plenty of sobre lessons about rushing in without adequate study of the resource and proper construction of the plant.

Now GXY has roared back to life in a big way. Galaxy was the only company from the first wave of lithium that gathered valuable experience with hard rock, and Fotios has clearly not forgotten how to run a good operation. Management is everything. Once merged Fotios becomes a GXY director and he'd be a great boss of the mine and brine operations while Tse concentrates completely on the contracts and negotiations. The spot market strategy is going to need a lot of finesse and brinkmanship but should prove the best way of squeezing every last cent of profit out of the spodumene whilst there are no competitors able to even make it to the table. Tse should do well with this. He is clearly very capable of putting his case over well. Slick.

Fotios and Tse - the best 2-headed management team in the lithium biz.
Great result.This is exactly what we wanted to hear about the ramping up of Cattlin.

Double down for the next leg up while the share price is still dazed and confused.