Chart, page-13193

I thought similarly highly of A40 until I attended their AGM.

Essentially, A40 is stuck for development/growth until the Cowan issue is addressed (Cowan owns land around the Bald Hill mine tenements, essentially blocking A40's ability to expand) which could be a plus depending on how GXY play it but is currenlty mired in uncertainty.

Otherwise A40 have the same issue of GXY of a perceived low mine life and their costs are likely uncompetitive at current market prices, and likely so is their downstream converter partner.

Calderwood made it very clear during the AGM not to expect Bald Hill tenements to produce a great resource upgrade this year (potentially next year though) and the aforementioned is likely why A40 has fallen approx 25% since then (alongwith with the broader Lithium market malaise sparked by PLS flashing their skid marked dacks). Yes, this does mean GXY's $25m investment in A40 is now worth ~$19m. Anyone noticed A40 has not shipped anything in some time? Why? (I'm not saying I know the answer)


Sal de Vida is a fantastic resource but it is years away from producing anything substantive notwithstanding new tech. I thought otherwise but my fairth has been expunged by the the boards lack of action and inability to find a partner. Current GXY very likely does not have the expertise to bring a Li brine operation into production. The ponds are for demonstration and even those have clearly stalled...why??

James Bay may be a cash cow but it will take a cash cow to fund its development. Why do you somehow believe there will be no cost blowout - past performance one what was touted as a simple upgrade at Mt.Cattline stretched over a year with multiple delays and unforeseen issues. Now try and repeat that in another continent, new staff, new variables and did I mention it's friggin freezing for half the year?

Market is definitely being unfair to the value at James Bay but there does not appear to be a clearly articulated, feasible apthway to bring it to production....and no potential deep pocketed suitors actively hunting. And the current spod pricing will not be able to fund James Bay without significant cap raising or buy-in's, placements etc.