GNX a speculative buy MORGANS, page-3

Hi Gus,
Let's put it this way any broker report shouldn't be less than 32 cents based on the reports they produced in the past.

On the positives:
GNX has improved in many ways including:
- Batteries from Tesla that hadn't been factored,
- The wind farm project has moved forward from hypothetical to probable future project. Plus increased 20% in power, and
- The newest annoucement of Bulli Creek.

On the negatives:
- None of the 12 month price targets have ultimately eventuated from broker forecasts. So take the reports with a grain of salt maybe a full bag of salt.
- We had a hiccup on Hydro but long term this isn't a major impact in my opinion as long as we have resolved the issue. I don't think this will be something that ultimately in 2 years will impact the price its just the cost of undertaking a large project. It never goes exactly like its written on paper.

All in all I think GNX will do well once Hydro is well on its way to being commissioned which is about 20-24 months from now. That's all management need to concentrate on. Get Hydro built.