Ok so I read the recent GXY IP and the half year presentation...

Ok so I read the recent GXY IP and the half year presentation and GXY are now producing 160ktpa, if output for month of June (14,000) is maintained. So that is a little above what we expect. It has exceeded nameplate capacity so it's possible ours will too, I think the same contractors Primero are involved in both. So that is a fairly close comparison. They are producing 5.5% spodumene for $830pt or 6% spodumene for $910 pt where as we will be producing 6% spodumene for $880 pt. They may have lower cash costs by a little bit.

Yes Galaxy have plenty of upside but none of it seems to be near term.
James Bay feasiblity studies have not yet started, 22MT indicated and inferred.
Sal De Vida, I can't see anywhere for a production timeline, 2019 would be the earliest this will be producing IMO.

$1.25B for 160ktpa for GXY with a couple of other projects a long way from producing an income. TAW have like I said 200ktpa hopefully end of next year. Then in 2019 that production figure could double with addition of another DMS fed from the Bald Hill project and/or the Cowan project(100% TAW owned currently). It's not as if TAW doesn't have lots of upside the same as GXY so I don't see why after this coming resource upgrade and another one in 6 months time that the project value couldn't be up towards the 800M-1B mark at that point in time. Commission will be the key, need a smooth process there, GXY didn't have a smooth process but hopefully they were the guinea pigs and it will be smooth sailing for TAW.