Conversation and response from Galaxy Resources, page-4

My response to each:

1. Fair enough. Although commissioning at end of November means (my estimate) something like 22 days of 24x7 plant running or so, to make the 45kt final product. This means we'll be lucky to ship by 23rd Dec. Being very confident about shipping in Dec is not the same as shipping. If it's commissioned mid-Nov then there is no real issue. How about telling us the good news that we also extract some Tantalum there as by-product?

2. The dive in SP is not just due to shorts, it's due to dumping stockpile at a very nice price and pushing price down, in concert, with then shorting with knowledge that the Li2CO3 price has been depressed. This is a temporary scenario as most of the stockpile is probably gone now and will have to be replaced. The market is demanding Lithium Hydroxide though, presumably for things like Tesla battery.

3. Mid to late next year for JB DFS. Fair enough, not a huge priority right now. I thought we'd be getting it earlier though.

4. Interesting about the customers.

5. Agreed. Macquarie just looked at a chart and made a decision on the commodity, they don't understand, or care about the mid-term supply issues. Calling a bubble and saying it's burst before it gets going is disingenous at best. Then quietly seeming to promote NMT and ORE on the side. Just confirms the silver donuts are economic hit-men that would sell their own grandma off, if there was a buck in it. They have a long, illustrious history of selling off Australian assets.

6. I think he's close to spot on with the share price. Once the market sees a shipment, we get a quarterly report out with a great profit to cost ratio shown, and a year of production ahead we will likely re-rate at that point. I came out with a SP around 44c, but 50c is certainly there too. Until then we're going to bumble along under 40c probably for 2 months, that's the bad news.

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Thanks for getting those questions answered. Appreciate the info.