question for showman regarding shoemaker, page-21

I don't think that GXY is flogging a dead horse with Cattlin Creek (which they prefer to call Mt Cattlin, obviously to break away from the old name and old opinion of the deposit). On my back of the envelope cud-chewing, it could make money - but it all depends on several things;

Spodumene is a lithian mica. What else is in the mica? I know that magnesium is a real killer for brine lithium - is potassium, cesium, etceterium a killer in spodumene fluxing? What's the chemistry of GXY's spodumene? More info probably in the PFS.

The tantalum grades are lower than expected. From my MS Exel work on this a few months ago it was clear there was a zonation, but my average at the time came in at ~140-160ppm. 135 isn't starling. Tantalite-columbite is a tricky commodity if it has penalties like thorium, uranium, etcetera, and i a radioactive con. Again, mineral chemistry specifications are needed in the PFS or BFS before we know.

The tonnage has come up from the IPO's 4Mt, and it's not mostly Measured & Indicated, with work required. Enough to move into a PFS, but that's already been done which might be evidence for the "old chestnut theory" when the cart is put before the horse. Nevertheless, it is doable at 12Mt of resource, but not at 1Mtpa.

Marketing is key. Without a good offtake agreements(s) in place, you are toast. With them, banking this thing will be a breeze. $40M capex - put that into your share dilutions at 70% debt and $1/sh (and add 5M shares for the upcoming capital raising season) and that, too changes the end sp target. The StateOne report is not a bad starting point, but it's old, now its outdated, and we could really use a fresh analysis on this company. As I've said before viz ADY, when you only have ONE research report, it's not a very good way to do "research" on a company. We need more views.

As for Shoemaker, having studied Sudbury and astrobleme impacts somewhat in my nickel work, I really doubt that the impact would neccessarily have upgraded the iron ore within the BIFs. I don't think the impact crater is that big that it would have significantly hydrothermally altered the iron, and if it has, we have to wonder whether it would have upgraded the BIF, or just shot it through with dykes, melt sheets and generally faulted it. Having worked on a faulted up BIF at Argyle, the faults may (or may not) fill up with clays, which generally isn't a good thing. So...time will tell...but the main effect of the impactor was the rebound folding and the crater ring which has increased the strike potential of the Frere Formation within GXY's tenements. It probably also has formed a fairly good circular trap site for pisolitic channel iron deposition. And, if you follow IPT and the other guys (company escapes me) which floated off on a crater near Gerro/Onslow, we apparently should be looking for Sudbury type nickel ore as well!

In my opinion, of course.