Nick Herbert Okay. Makes sense. And then just one finally on Sal...

Nick Herbert

Okay. Makes sense. And then just one finally on Sal de Vida. And just sort of wondering if you're thinking has changed there at all in the context of where that sits in your portfolio, and I guess the recent exchanges over there that we've seen. And has you sort of -- and I guess your ideal ultimate equity holding in Sal de Vida, if indeed, a partial sell down of the project is how you finance that? And has that sort of level in your portfolio changed at all and -- versus context of, I guess, deploying more capital into Western Australia or James Bay?

Anthony Tse

No. I would say that our priorities on Sal de Vida have actually accelerated. We've been very encouraged by the JPMorgan process in terms of the level of interactions, but more importantly, the quality of the blue chip partners that we have at the table in terms of the shortlisted investor groups that we've gone into kind of the second round with and we've been very encouraged by, one, the level of interaction and seriousness; and two, the quality of those parties that we're talking to. And they're not necessarily isolated to any kind of one part of the world, so I think we've got a fair representation from different time zones across the globe. I would say that we are very much focused, and as kind of Alan and Brian may have mentioned a little bit earlier, really looking to actually accelerate some of the advancements that we can do on Sal de Vida by way of building probably some of the early or the initial kind of pond area.

We've got a fairly robust test work program that we're kind of looking to build up and continue to kind of invalidate the process work that we've been doing to date. We've got some additional exploration works. I would say, actually, if anything, our priority on Argentina has actually increased, not decreased or stayed flat, first thing. The second thing is that I think the tax that you're referring to is the export duty, which earlier, not this month, but earlier last month, I spent the better part of the last three weeks in Argentina. And based on the range of discussions that I've had with different government agencies, both at provincial level and federal level, I'm more than comfortable that, that provision is actually only going to be an interim measure for the next couple of years. Argentina obviously is going through a little bit of a tricky cycle. But they go through these -- the country goes through these kind of cycles every 8 to 10 years and it was kind of almost due for another kind of mini domestic crisis as it were. Given that the measure in Argentina is actually only going to be two years, I mean, our plan kind of construction period for Argentina for Sal de Vida is probably somewhere in the region of 2.5, 3 years starting from next year. So by the time we actually come into production and ramping up, we don't think that the export duty actually is still going to be in place.

So it actually doesn't affect us in the interim. And I would say that myself and quite a few senior members of my team, we've spent a substantial amount of time in Argentina probably over the last couple of months. Obviously, we've been can site visits with the numerous parties there. So obviously, you can't do a group site visit together. So because of the number of parties that we have shortlisted, we actually have to stay in-country for the better part of the month to actually cycle through those site visits. But I think, we've all been, one, very encouraged. And if anything, I would say that I started my trip in Argentina already positive on the project and positive on the outlook, and I would say that I finished my trip towards the end of the month actually even more positive than when I started.


A few extracts from the teleconference call transcript, to reiterate the focus that management has placed on the SDV Project, the acceleration of the works already in place, and the robust test work program that has been instigated.

The construction period for SDV has been advised as being in a 2.5-3 year time frame, starting from next year.

In relation to the construction period for SDV, and how far advanced the project may actually be, we don’t know how much of this may be a conservative estimate, as our management are known to under promise and over deliver.

So therefore, I’m not sure how the naysayers can be so completely confident about their calls that SDV won’t be in production and ramping up for the best part of a decade.

Even the industry leaders are starting to make comments about the exponential demand/tight supply numbers going forward, and are talking in terms of this revolution being decades long.

Since we’re almost at year’s end now, it won’t be long before the final decision around the JP Morgan process is released, and we find out the name/s of our JV/strategic partnership/s.

It would be absolutely confounding, if the market didn’t respond favourably to this bit of much anticipated news.

@Facthunter , if you do get off at the next precipice, be sure to keep an eye on Galaxy trading, and be sure not to miss out on those loftier share price targets over the next several years, as Galaxy continues its trading, but, as a multi billion dollar entity. Barring anything occurring out of left- field, remember the outstanding shorts percentage. Anything can happen!

GLTA