email/write to asic, page-4

The Chinese are still on the Board and there is no indication that they will leave so long as there is anything of value left in GXY.

Had the Chinese attempted to buy GXY 2 or 3 years ago the FIRB would have knocked back the deal on the basis that Lithium was a strategic resource.

Instead the Chinese led the company into:
(a) buying Lithium One (a money pit) depriving the Jiangsu plant of necessary
capital to reach cashflow positive
(b) Within a week of the Chinese buying Talison WA (Canadian owned) the
Chinese Board approved a (Chinese) Talison Spudemine supply deal to the
Jiangsu Plant, closing Mt Catlin and rendering it virtually valueless
(c) cutting a sale deal with a Chinese Company last week for Jiangsu Plant
(the jewel of GXY's crown and our only prospect for sales revenue for the next 5 years) at what is arguably less than fair market value just at a time when Jiangsu
is derisked and ready to achieve nameplate production .
(d) diluted shares

Not bad eh for a Chinese dominated board?

If ASIC, ASX and the Treasurer permits this deal to go ahead then there is very little protection for Aussie shareholders investing in an ASX listed company particularly if has a predominant Chinese Board. Once Iggy left we are left with a Chinese CEO in a HK office and a worthless hole in the WA ground called Mt Catlin.

If you are really concerned about the demise of GXY over the past 2 years then
express this to ASIC, the ASX and the Treasurer who is in charge of ASIC and the FIRB.

The sale of Jiangsu is a tragedy for all Aussie long term GXY holders because
at the very time that the plant was being productive, derisked and achieving
cashflow positive, it was nicked from under our noses.



Moorookamick

PS: The Chinese got in under the FIRB radar in buying Talison because Talison
was Canadian owned even though the resource is in WA. MM