We still regard the longer term thematic of much stronger...

We still regard the longer term thematic of much stronger lithium demand as valid so we see merit in the company continuing its Sal de Vida and James Bay development projects. We have revised our forecasts for GXY reflecting the latest result and further reductions to our lithium price forecasts. The net impact of this is a sizeable loss for 2019 and modest losses for 2020 and 2021. Our target price is reduced by 7% to $2.05/share. Our Buy recommendation is retained. Regards bell potter.