Hidden agendas all along, page-9

And here's what they say about GXY....

Recent company updates Galaxy Resources (GXY AU) UPF TP 
Progress at GXY’s Mt Cattlin appears to be gathering pace ahead of the company’s September target for its first concentrate shipment. Following initial results from the commissioning of the fines circuit the company has decided to expand processing capacity to 1.6Mtpa, double its initial capacity and 400ktpa more than the 1.2Mtpa expansion case that we modelled. Annual spodumene production is now expected to be in the range of 160kt-240kt, or ~18kt-28kt LCE. 
GXY’s takeover offer for its Mt Cattlin development partner General Mining (GMM.AU, Not rated) has been completed giving GXY 100% ownership of the Mt Cattlin project. The offer of 1.65 GXY shares for one GMM share valued GMM at ~$240m.
GXY updated the market on its off-take contracts. The second of its two contacts has now been signed, although for half the tonnage originally planned. GXY will sell 15,000t of 5.5% Lithia spodumene concentrate into the off-take at US$600/t against the original 30,000t. GXY now has 45,000t of concentrate contracted and has received a total of US$13.5m, 50% of the off-take value, in pre-payments.
 With the signing of the second contract GXY now has a total of 120,000t of concentrate contracted in FY17. Prices are subject to negotiations expected to be completed in late CY16. 
The company also provided an update on recent exploration drilling at Mt Cattlin. Drilling was successful in intersecting spodumene bearing pegmatite at a depth of 376m. Whilst academically interesting, we do not believe this in any way enhances the economics of Mt Cattlin. 
Work at the Sal de Vida project continues with the build-out of an owner’s team underway and plans for a pilot plant progressing. Whilst we acknowledge that Sal de Vida is more advanced than many other brine development projects, we are still of the view that increased utilisation of existing capacity or expansion of currently producing projects is likely to occur ahead of the projects commercialisation.

(To me, this is where the broker bias comes in)