what are the chances of a capital raising?, page-47

Hi@Sjlasx

No, I was just pointing out the ambiguity in SH's language regarding the possibility of a CR. Some have taken SH's words as complete assurance of no CR in the future. I was specifically pointing out SH's use of the qualifier "no, not at this stage".

What I posted was SH's direct response to a question from a private shareholder from the strategy briefing day transcript. I didn't write it, it's a screenshot from the transcript on the GXY website. I actually think the screenshot of what you posted is indicative of how GXY uses semantics and are far too ambiguous with their language. At the top, it says fully funded. Directly below it, it states that stage 1 is expected to be able to be funded from the balance sheet after a partial sell down. Which one is it? Here's another excerpt from the briefing day transcript:



And from the last quarterly transcript:



And let's not forget the quarterly report:



So we've gone from fully funded, sole-funded (or however else they want to phrase it) to talking about being able to substantially fund it and acknowledging that a funding gap exists. At the strategy briefing day, SH was certain that it would be funded from the balance sheet and/or a partial sell down of the project. Then at the quarterly, we're talking funding gaps that he thinks we'll be able to manage. Forgive me if I don't put much faith in his lacklustre assertion of "no CR on the horizon, certainly not at this stage".

All that being said, I don't think a CR is on the horizon for the next 18-24 months. But without a JV partner, I think a CR is a near certainty in the 2-4 year timeframe. I can't see any other way that they would fund stage 2, which includes the purification plant, without an enormous turnaround in lithium chemical pricing.