Good conversation/comments Luke. I have mentioned it in previous posts and a few others have as well. But GLN is not sexy or brine projects in general aren't. They are not reinventing the world, it's just boring. Pump the brine out, makes the sun do its thing, wait 18 months, etc. Mums and dads investors are always going for the next hype. They want the break through technology, they want to be millionaire by investing $10,000. They want to be at the early stage like Bitcoin was, or like DLE more related to lithium sector in general. They want to be in the next Amazon, Apple, Tesla. Unfortunately, not many stocks achieve these returns and you only hear about the people that became millionaire, not the ones that bought LKE at $2.5, etc.
I'm confident, like Paul, that GLN is fully dedicated to go to production now. And even if yes, we could have raised at a higher price, the approach to fast track production is the right one IMO. Otherwise, we could be just sitting on our resource, keep drilling to increase the resource and sell at a slight premium. Which a lot of companies are doing, PSC did it, ESS is doing it. Nothing wrong with it if you invested early but frustrating for the ones that invested a bit later. My average in GLN is sub 30 cts so this CR doesn't bother me too much.
Other issue with Brine is you need the technical knowledge that very few in the industry have to achieve battery grade. So the chemical risk is higher than spod where you dig and process to achieve 6% grade. ORE struggled for years and still couldn't do it. So once again, the GLN strategy with chloride seems to be the right one.
Lastly, a lot of confusion with GLN approach and the mixed messages in all the presentations, which were explained multiple times. This coupled with inadequate marketing for a company worth close to 400M and you are where we are. I'm confident it's only a matter of time before we rerate and hope the DFS really brings some clarity but it has been a couple of frustrating years for LT shareholders, that's for sure.
GLN Price at posting:
$1.20 Sentiment: Buy Disclosure: Held
(20min delay)