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We are a little uncomfortable at the valuation of GXY as the company is still unprofitable even in a supposed rising and robust lithium price environment, and it doesn’t help that Mt Cattlin is a low-grade mine. We remember the previous owners had trouble making money too!

We believe Mt Cattlin got caught up in the lithium hype and even though they have other projects up their sleeve (James Bay, Sal De Vida), they need to make Mt Cattlin work to justify developing other projects. Yes, they are tweaking production and have $40M in cash but we think the project will be fairly marginal at best in the current pricing environment.

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