Ann: Quarterly Activities and Cash Flow Report, page-43

I'm not happy at all about the delay to the DFS (though it seems par for the course on the ASX, especially these days) but the move to start focusing in on 60ktpa of planned production output is massive news (and really shouldn't have been wrapped up in this quarterly like this). Just to put this into perspective I have temporarily updated my chart to move Galan from 34ktpa to 60ktpa.

In this 1st chart the bubble size reflects the M&I Resources but the position on the x axis is showing EV to Production Output (i.e. bang for your buck in terms of production output). This chart is basically highlighting the value in terms of the volume of production at the same time as highlighting the scale of the underlying resource. For example, notice the value in terms of production output provided by ESS but their smaller scale of resource is demonstrated here.


In this 2nd chart the bubble size reflects the production output which visually reinforces the relative sizes of production output. As you can see 60ktpa puts GLN right up there with the major players (those on the right), in terms of production output. This chart does a better job in highlighting both the value and scale of the planned production output.


Keep in mind that I have just made temporary adjustments to these charts to incorporate 60ktpa to show what it looks like. I will be keen to hear more about this potential as they start working through and providing more detail. I was hoping for an increase in production output to 40 or 45ktpa so I am delighted to hear they are considering much more than what I was expecting.

We already have the scale in terms resource, to be able to get there on production output as well would be a fantastic outcome (resource size gives us flexibility and additional takeover potential, production output gives us additional earnings and direct valuation potential).

ALL IMO DYOR