Celebrate our bottom, page-27

This is a good summary of the latest podcast (E38).

One thing that struck me though in relation to the discussion on Galaxy was where Joe said he didn't want to get into personalities, but then did anyway. This is where (at about the 7 minute mark in the podcast) Joe was heaping praise on Anthony and what he had achieved including the sale of the SdV northern tenement that has given the company such a healthy bank balance. He then said he didn't want to get into personalities, but believed there was a situation where those above Anthony (I guess he means Martin Rowley) had a fear of moving forward. Joe said he didn't think Galaxy have got the team to execute SdV. He believes the Chairman had wanted to bring in an outsider in both financing and technical expertise, but GXY wanted too much and so have this situation where there is no agreement reached. Emily jumped in then and said that in her discussions with bankers and the like, the view with few exceptions was that they didn't think there was much sense in bringing in a partner and that Galaxy can do it themselves.

What I got from all that is that Joe is implying there are conflicts within the Board and that GXY lacks the ability to move forward. This has to be balanced though against Emily's comments that the industry thinks there is no need for a partner and that GXY should go it alone.

I am also interested in Joe's comments that even if development started tomorrow in earnest, it would take 3 years to ramp up to production. However how does this sit with the discussion floating around on HC about a modular approach being taken at SdV? To my mind, that could see production at low levels start within a much shorter time frame with the ability to add to that as new customers come on board.

Joe acknowledged the hate he has received on social media. Yeah well I think he probably brought it on himself. But he has a tough hide. Anyway, he has his opinions and I like to hear them and then balance what he has to say against what I pick up on HC. His parting comments on GXY in this latest podcast were something along the lines of let's see what happens. Personally, I think he is going to be surprised.