Pure pie-in-the sky speculation, but then AT did say “speculate...

Pure pie-in-the sky speculation, but then AT did say “speculate away” in the conference call so here’s another random thought to add to yours @Ozyoioi ....

Our current offtake partners are a little over 12 months into a five year agreement, who they are and the terms of their agreement(s) are confidential. There may be some very surprising details hidden in there.

We know POSCO have been the recipient of sample spod shipments.

There appears to have been a significant hiatus in contracted spod shipments.

This lull has coincided with completion of the YOP, but also coinciding with the final analysis and decision on possible JV partner. There may be a link.

It is possible that the omission of JP Morgan from the latest report on the JV was because their services were no longer required.

GXY board appears to have been structured, at least in part, with takeover defence strategy in mind.

The sale to POSCO of the northern tenements was a tightly held secret until the announcement.

The SP is grossly misaligned with enterprise value, on assets basis, would be even worse if the POSCO sale
proceeds were unencumbered. Fortuitously, they are not.

These pieces can be assembled in many different ways, but I would not rush to disabuse you of your gut feel. In truth I can see elements of a carefully woven and artfully played plan.

I like the points you made above @Ozyoioi, I am starting to think that I need to fashion a nicely reflective piece of headwear for myself...