Ann: Phase 1 HMW DFS Delivers Compelling Economic Results, page-53

For me, it is a bit underestimated, and I do not know why it should be delayed until this morning.

The valuation of an "excellent USD460M" depends very much on the price forecast. GLN sets the price of Licl at USD20K+, which is very high compared to other peers. With reference to Atlantic lithium DFS last week, we will see a surprising difference. It is a bit disappointing to see the ore reserves and opex, which should be improved in the 20kt DFS, but I do not know by how much. The most challenging aspect is the required funding of USD100M+, and I do not see any solid solution from DFS. It seems GLN will most likely have to do another CR (at about AUD1.05) or JV, which would heavily dilute the value considering the current JP MC. Furthermore, how much funding is required/to be funded for 20kt is another big question.

Still, I believe in high grade, low impurities, and the team. I reduced part of my short position this morning and hold the rest to see the 20kt in September (hopefully not delayed months) and how the project is to be fully funded.