General Discussion Banter GLN, page-14375

This is where my thoughts have landed also. Unfortunately Galan is in a very weak negotiating position and it has been made worse by eroding the cash position they had. Yes the project is further along, but it doesn't matter if you can't finish it.

Imagine if the project was not as far along, but Galan still had $50m in the bank and said to Glencore you chip in $100m and we will do $50m - seems reasonable. Instead we have a half finished project and are desperate for money to finish it. Worst case could have been that Glencore walks away and we wait for another suitor or a better lithium price and start again. That option evaporated faster than Argentine brine the minute JP ploughed all that money into the project without financing and he had to raise with $6m in the bank.

Glencore is slated to provide US $100m, that's more than the entire GLN MC at the moment. That says that the market gives this no chance of going ahead, or the terms will be such that they may as well have not proceeded with it. Hopefully this isn't the case, but that's how we are valued currently.