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GXY, GALAXY RESOURCES LIMITED
mullokintyre
post Posted: May 20 2020, 03:14 PM
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Shorts on Galaxy own from a high of 20% to 13%.
Pressure building on the buy side.
may be about to break out.Next target pre crash highs of 1.25.
heres hoping
Mick




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Said 'Thanks' for this post: JerrySNZ  Farleap11  
 
mullokintyre
post Posted: Apr 23 2020, 09:12 AM
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GXY put out a barely adequte quarter results.
Although debt free and with USD!129millfinanjcial assets, production was at the low end or projections due to lower grade production.
Much to my surprise, the exec team and board have taken a 20% pay cut to reduce overheads, Something a few other companies could emulate.
Lithium prices not going anywhere for a while, so its sa steady as he goes report.
Mick



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sent from my Olivetti Typewriter.
 
mullokintyre
post Posted: Feb 17 2020, 11:57 AM
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GXY is now the no1 shorted stock in OZ according to shortman

Mick



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sent from my Olivetti Typewriter.
 
blacksheep
post Posted: Nov 29 2019, 02:51 PM
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GXY in a Trading Halt pending an announcement regarding their investment in Alita Resources Ltd - A40 (currently in receivership)

Refinancing of Senior Secured Debt Facility and Retirement of Receivers
QUOTE
Further to the announcement of 8 October 2019, the Administrators (Richard Tucker and John Bumbak)
have undertaken a process to identify a suitable party to purchase or recapitalise the Group.
We advise that Alita and certain of its subsidiaries have entered into a binding AUD$70 million loan
facility agreement (‘Loan Facility Agreement’) with China Hydrogen Energy Limited (‘CHE’) and related
security arrangements.

The funds available under the Loan Facility Agreement will be applied by Alita to repay in full all amounts
outstanding under the senior secured debt facility with its secured creditor, Galaxy Resources Limited
(‘Galaxy Facility’).
The balance of the Loan Facility Agreement is available for draw down for working
capital purposes, subject to the consent of CHE.

The Loan Facility Agreement contemplates that CHE or its nominee will submit a deed of company
arrangement proposal (‘CHE DoCA’) for consideration by the Administrators and creditors of the Group.
The Loan Facility Agreement provides short term bridging finance for the Group ahead of the proposed
DoCA. Amounts outstanding under the Loan Facility Agreement will be repayable on the earlier of:

• two business days after the Administrators or Alita are funded to repay the amounts outstanding
under the Loan Facility Agreement in accordance with the terms of the CHE DoCA

• 13 February 2020 (or such other date agreed in writing by the parties), or

• if the CHE DoCA proposal is not approved at the second meeting of creditors, seven business days
after the date of the meeting.

In the event that the CHE DoCA proposal is not passed at the second meeting of creditors, provided that
the CHE DoCA proposal was submitted on or before 5 January 2020, an early payment fee 15% will be
payable to CHE.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 18 2019, 02:00 PM
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In Reply To: blacksheep's post @ Aug 29 2019, 09:17 PM

GXY channelling SYR? "Plan to prioritise value over volume"

GXY 2nd most shorted on Shortmans Top 100 with 16.19% - SYR currently number 1, with 17.71%
https://www.shortman.com.au/top

QUOTE
MT CATTLIN – RECORD 2019, WITH 2020 MINE PLAN TO PRIORITISE VALUE OVER VOLUME
Galaxy has demonstrated operational excellence at Mt Cattlin in 2019 with a record production volume, operating cost and product
quality. Mt Cattlin is a stable and reliable operation currently positioned as one of the lowest cost spodumene producers

In 2020, Galaxy will implement a lower activity mine plan focused on reducing volumes and costs to maintain positive cash margins
and preserving resource life. Production and existing inventory will be sufficient to satisfy contracted commitments and additional
product demand in 2020. Production can be ramped up swiftly and efficiently should market conditions materially improve.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 29 2019, 09:17 PM
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Posts: 6,791
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In Reply To: blacksheep's post @ Aug 29 2019, 08:31 PM

Extracts from financial results for the HY ended 30/6/2019 - selling price comparison is telling
Realised selling price1 US$/dmt
H1 2018 - 940
H2 2018 - 912
H1 2019 - 584

QUOTE
OPERATIONAL AND FINANCIAL PERFORMANCE
The Company reported a total of 98,334 dmt produced in H1 FY2019, representing a 7% increase on the prior corresponding period
and a 51% increase on H2 2018.

Revenue from operations reported for the half year was US$28.0 million, down from US$88.4 million in the prior corresponding period.
This is due to lower realised selling price and lower sales volumes, due to customer shipping schedules, compared to H1 2018. The
average realised selling price for concentrate volumes sold in H1 2019 was 38% lower than the prior corresponding period and 36%
lower than H2 2018.


Group EBITDA, before inventory write down, for H1 2019, was US$9.4 million, compared to US$42.4 million in the prior corresponding
period. Reduced revenue from concentrate sales was partially offset by a reduction in cost of goods sold.

In line with Galaxy’s periodic reporting obligations, the Company undertook a review of key balance sheet items with consideration for
the current and projected lower spodumene price estimates for the short to medium term. This review resulted in non-cash write
downs and impairment of US$176.8 million made up as follows:

 Write down of inventory at Mt Cattlin of US$13.6 million;
 Impairment of Property Plant and Equipment (“PP&E”) at Mt Cattlin of US$123.5 million; and
 Derecognition of Deferred Tax assets of US$39.7 million

The adjustments arising from these write downs and impairment were non-cash items and did not have any impact on cash-flow,
operations or banking covenants.

The Group reported a statutory net loss after tax of US$171.9 million (US$11.5 million profit after tax in prior corresponding period)
which included the non-cash items described above. The underlying net profit after-tax for the half year, excluding the one-off items
was US$4.9 million.

Net cash outflow from operations in H1 2019 was US$79.5 million, driven by reduced receipts from customers resulting from a lower
realised selling price and reduced shipment volumes and a US$54.3 million income tax payment to the Argentina tax authority. Unit
operating costs for the period were US$3871/dmt produced, representing a 30% improvement on H2 2018.

The net cash inflow from investing activities of US$237.9 million was impacted by the following one-off cash movements incurred
throughout H1 2019:

 Cash consideration for the sale of a tenement package in the northern Salar del Hombre Muerto to POSCO of US$271.6 million;
 Strategic investment in Alita Resources of A$22.5 million; and
 Subscription for entitlement in the Lepidico (ASX: LPD) rights issue of A$1.2 million

At 30 June 2019, Galaxy held cash of US$176.3 million, marketable securities of US$27.2 million and no debt.




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Aug 29 2019, 08:31 PM
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In Reply To: blacksheep's post @ Aug 29 2019, 12:21 PM

QUOTE
It remains to be seen whether Galaxy will seek to appoint receivers to come over the top of Korda Mentha.


And they have

QUOTE
APPOINTMENT OF RECEIVERS AND MANAGERS TO ALITA RESOURCES LIMITED
Following the appointment of voluntary administrators by the Board of Alita Resources Limited yesterday, Galaxy Resources Limited
(ASX: GXY, Galaxy ) announces that it has today appointed Martin Jones, Matthew Woods and Andrew Smith from KPMG (Receivers)
as receivers and managers of Alita Resources Limited and certain of its subsidiaries pursuant to the senior secured debt facility and
security documentation recently acquired by Galaxy.

Galaxy will now work with the Receivers and the voluntary administrators to determine a course of action for the Alita Group.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 29 2019, 12:21 PM
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ASX listed A40 calls in the administrators - GXY is a substantial shareholder

29 August 2019
QUOTE
Alita Resources Limited (Administrators Appointed), formerly Alliance Mineral Assets Limited
ACN 147 393 735 and its subsidiaries outlined in Schedule 1 (‘the Alita Group’)
ASX Code: A40
SGX Code: 40F
Appointment of Voluntary Administrators
Notice is hereby given that on 28 August 2019 the directors of the Alita Group resolved that the Alita
Group companies were insolvent or likely to become insolvent at some future time and that
administrators should be appointed to the Alita Group.

The boards of the Alia Group further resolved that Richard Tucker and John Bumbak of KordaMentha
Restructuring be appointed as Voluntary Administrators of the Alita Group pursuant to Section 436A of
the Corporations Act 2001 (Cth).

The appointments of the Administrators followed ongoing discussions between the Alita Group, the Alita
Group’s secured creditor and other key stakeholders.

The Administrators are currently undertaking an urgent assessment of the Alita Group’s financial
position and viability with a view to undertaking a restructure or recapitalisation. In this regard, we will
shortly be meeting with key stakeholders to discuss next steps, including measures to reduce the
ongoing monthly cash burn at the Alita Group’s operations.

We have also commenced discussions with the secured creditor concerning its objectives under a
potential restructure or recapitalisation proposal.

A further update in respect of the Alita Group’s operations and the restructure / recapitalisation process
will be released to the market in due course.

The contact details of the Voluntary Administrators are:


GXY recent ann

QUOTE
ACQUISITION OF SENIOR SECURED DEBT
FACILITY – ALITA RESOURCES LIMITED
Galaxy Resources Limited (ASX: GXY, “Galaxy” or the “Company”) announces that it has reached an agreement with a consortium
of lenders led by funds managed by Tribeca Investment Partners Pty Ltd (“Tribeca”) (collectively the “Lenders”) to acquire the senior
secured loan facility (“Facility”) provided to Alita Resources Limited (ASX: A40, “Alita”).

Pursuant to a Sale and Purchase Agreement and a Transfer Certificate, dated 27 August 2019, the rights, title and interest of the
Facility, with principal value of US$28.8 million, have been assigned and novated to Galaxy. The total amount assigned and paid,
including all accrued interest, fees and costs was US$31.1 million. The key terms of the facility are set out in Table 1.
Alita shares were placed into voluntary suspension from trading on the ASX on 14 August 2019. On 16 August 2019, Alita and the
Lenders entered into a standstill agreement (“standstill”) in respect of unremedied events of default on the Facility. The standstill
expires at 7pm AEST on Thursday, 29 August 2019.

Galaxy’s Chief Executive Officer, Simon Hay commented, “Acquisition of the Facility provides Galaxy with the flexibility of being the
secured lender to Alita as well as being the largest equity holder. As the senior, secured creditor Galaxy can work directly with all
stakeholders to examine the best possible reorganization options.”

Galaxy will utilize existing corporate debt facilities to fund the Facility acquisition.

Galaxy reminds investors that it will be holding an investor conference call at 9:00am AEST (7:00am AWST) on Friday, 30 August
2019. Please refer to the ASX announcement released on 23 August 2019, titled, “Half Year 2019 Results Conference Call,” for dial
in details.



From AFR article - https://www.afr.com/companies/mining/stone-...20190829-p52lvx
QUOTE
It remains to be seen whether Galaxy will seek to appoint receivers to come over the top of Korda Mentha.


https://www.shortman.com.au/stock?q=gxy
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 7 2019, 12:03 PM
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NON-CASH IMPAIRMENT
QUOTE
Galaxy Resources Limited (“Galaxy” or the “Company”) (ASX: GXY) advises that, as part of its preparation of the financial statements
for the half-year ended 30 June 2019, it has been undertaking a review of its inventory on hand at Mt Cattlin, capitalised Mt Cattlin
mine development costs attributable to the acquisition of General Mining Limited and deferred tax assets arising from capitalised tax
losses.

The review is ongoing and will be completed prior to the finalisation of Galaxy’s financial statements for the half-year ended 30 June
2019.

Based on current information, it is anticipated that the review will result in a non-cash impairment for the half-year ended 30 June 2019.
Galaxy estimates the impairment will be in the range of US$150 million to US$185 million
. When finalised and reviewed by the auditors,
the adjustment will be included in Galaxy’s financial statements for the half-year ended 30 June 2019, which are scheduled to be
released in late August 2019.

The adjustment arising from this impairment is a non-cash item and does not have any impact on cash-flow, operations or banking
covenants.

At 30 June 2019, Galaxy held cash of US$176.3 million, marketable securities of US$27.2 million and no debt.


Might hit $1.00 at this rate - SP currently $1.12



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jun 28 2019, 12:37 PM
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Posts: 6,791
Thanks: 2306


In Reply To: blacksheep's post @ Mar 14 2019, 12:46 PM

GXY gets a mention here - Australia's lithium export 'boom' underwhelms
https://www.afr.com/business/mining/austral...20190627-p521vb

Total short positions as at 21 June 2019 = 13.83%
https://www.shortman.com.au/stock?q=gxy
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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