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GXY, GALAXY RESOURCES LIMITED
blacksheep
post Posted: Aug 7 2019, 12:03 PM
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Posts: 6,076
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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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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
 
blacksheep
post Posted: Mar 14 2019, 12:46 PM
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Posts: 6,076
Thanks: 2185


GXY has today knocked the chicken stock (ING) and graphite miner (SYR) off top spot as the most shorted stock - Shortman's Top 100

Total short positions = 17.65% as at 8/3/19
https://www.shortman.com.au/stock?q=GXY

SP currently up 1.01% @ $2.00
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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: Feb 25 2019, 09:55 AM
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In Reply To: blacksheep's post @ Feb 22 2019, 12:11 PM

POSCO TRANSACTION COMPLETE
QUOTE
Galaxy Resources Ltd (ASX:GXY) (“Galaxy” or “the Company”) is pleased to advise that final settlement of the sale of a package of
tenements located on the northern portion of the Salar del Hombre Muerto to POSCO has now been completed, following the registration
of the tenement and usufruct transfers by the local Mining Court in Salta Province. All registrations for the tenement transfers in the
Catamarca Province relating to the POSCO transaction, were completed in December 2018. Galaxy will now receive US$271.6 million
(after US$8.4 million in withholding taxes was paid in November 2018) as follows:

• US$257 million consideration held in escrow plus interest accrued will be released by the Escrow Agent to Galaxy by Tuesday
26 February 2019; and

• US$14.6 million will be paid by POSCO directly to Galaxy by Friday 1 March 2019, now that registration of the usufruct transfers
has also been completed.

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: Feb 22 2019, 12:11 PM
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In a trading halt - "pending an announcement regarding the sale of a package of tenements located on the northern area of
the Salar del Hombre Muerto in Argentina to POSCO".



--------------------
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
 
nipper
post Posted: Dec 31 2018, 12:58 PM
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And now
QUOTE
Galaxy Resources said it has received several offers from potential partners for its flagship Sal de Vida lithium project in Argentina.

Galaxy said in a statement that it will only proceed with a strategic partner “if the final terms of the relationship properly recognise the fundamental underlying value of Sal de Vida and the partner can add additional value to the project.”

It said it would continue to develop the lithium project in the short term.

Galaxy also said that it was in talks with engineering service provider WorleyParsons which it may appoint as its project management consultant...




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Aug 28 2018, 10:08 PM
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QUOTE
On Tuesday, Galaxy announced a non-binding agreement to raise $US280 million ($380 million) through the sale of the northern portion of its Sal de Vida tenements to POSCO in late May and it told the market that the deal was running ahead of schedule earlier this month. And yet, such is the baked-in scepticism of the lithium bulls that the shorts were still left scrambling for coverage after the flagged deal was made binding on Monday.

Needless to say, POSCO is the quality of international investor that can be trusted to deliver on binding agreements so it would be fair to say that Galaxy will certainly get its money and very likely bank the synergies of aligned development of Sal de Vida that were promised in Tuesday's announcement.

Galaxy's plans to develop its southern share of Sal de Vida are well advanced and now seemingly well funded. But, outside of putting the finishing touches to the revised feasibility study that was delivered in May and that flagged a $US471 million project that included a $US31 million potash revenue stream, managing director Anthony Tse is busy marketing his project to potential partners.

According to Tse a long list of dozens has been whittled down to seven interested parties whose interest is sparked by a variety of different strategic needs.

"It is hard to pin down passports of backgrounds," Tse said on Tuesday. "But we have had the gamut of interested parties from end users to industrial materials companies to other industrial groups and other miners," he said.

Of the potential offered by productive alliance with his new Korean neighbour in Argentine lithium, Tse said: "We have exchanged a lot of ideas with POSCO and we recognise that both parties are playing the long game. "Where we have been talking a lot is about the opportunities for synergies in things like logistics, utilities and infrastructure. If it makes sense, if the cost of building them is one for us and the cost is one for them but the cost of investment in shared services is 1.6, then it makes obvious sense."

And what of the over-production thesis that feeds the bubble theory that sustains the lithium bears?

"We are aiming to produce 25,000 tonnes of lithium carbonate. The consensus estimates of demand in 2025 is 800,000 to 1 million tonnes per annum," a cool but ever so slightly irritated Tse explained. "To match likely future demand the industry needs investment of $US9-$US12 billion. Track what has been raised over the last few years in public and private equity and you will probably fall shy of $US4 billion. So where is the rest coming from?"

On the available evidence, that is not a problem that Tse need worry too much about given the maturity of the JP Morgan-run marketing of his stretch of Sal de Vida and the contribution POSCO is going to make to Galaxy's financial security.

"One of the things that is under appreciated about this sector is where the electric vehicle sector is going," Tse continued. "This is not just another normal cycle or growth curve. This is a fairly disruptive type of growth. The vast majority of the AEMs [automotive manufacturers] globally have some sort of electric vehicle strategy. "Around the world the emissions standards are getting tougher and tougher and the environmental controls are getting harsher. The existing manufacturers will not get by with just working on the old ICE [internal combustion engine] models. They are being pushed to change by governments and customers."
https://www.afr.com/business/revealed-the-s...20180828-h14mxf



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Aug 5 2018, 01:47 PM
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In Reply To: blacksheep's post @ Jul 31 2018, 12:10 AM

Battery boom skeptics seen driving short holdings in lithium miners
Reuters | a day ago |
extract
QUOTE
euters calculations show that the short positions in Australian lithium miners Galaxy Resources and Orocobre, among the country’s most-shorted stocks, amount to some A$260 million, but that is dwarfed by short positions in New York-listed Albemarle totaling around $1 billion.

“Galaxy and Orocobre are arguably the highest quality, largest and the most liquid of the Australian-listed (lithium) names. This higher market turnover and institutional ownership makes them more vulnerable to short selling, “ said Canaccord analyst Reg Spencer.

Canaccord has a buy rating on both miners, but acknowledged a poor pricing environment could further weigh on shares.

Galaxy and Orocobre have said that price weakness was largely seasonal and demand should pick up in the second half.

Falling lithium prices could slow development of notoriously complex brine projects, where lithium is effectively evaporated out of saltlake deposits. Orocobre suffered repeated delays and investors see potential for similar drags on Galaxy’s Argentine project, one fund manager said.

Shares in Galaxy are also being held back until a preliminary deal to sell some Argentine mining leases to steelmaker POSCO is signed off. The deal is expected to close next month.

Ben Cleary, portfolio manager at Tribeca Investment Partners in Singapore, expects POSCO to close the $280 million deal with Galaxy given its new focus on battery raw materials.

“I don’t see much risk of POSCO not closing the transaction…I would say the potential for a short squeeze on completion is high.”

http://www.mining.com/web/battery-boom-ske...lithium-miners/
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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: Jul 31 2018, 12:10 AM
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Posts: 6,076
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SP has fallen to $2.89.

Shorts have been busy - 3 notable alerts in last 4 trading days. Current short position @ 24 July = 14.75%
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: May 29 2018, 11:52 AM
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Posts: 6,076
Thanks: 2185


In Reply To: blacksheep's post @ Apr 30 2018, 02:54 PM

GALAXY AGREES TO SELL NORTHERN TENEMENT PACKAGE AT SAL DE VIDA FOR US$280 MILLION TO POSCO
QUOTE
Highlights
• Non-binding agreement executed with POSCO to sell a package of tenements in the northern basin of the Salar del
Hombre Muerto
• Galaxy retains 100% ownership of all tenements in the southern basin
• Cash consideration of US$280 million for approximately 1.58 million tonnes lithium carbonate equivalent (“LCE”) of
JORC compliant measured & indicated resources and 2.54 million tonnes of LCE of JORC compliant total resources
• Sal de Vida Project now contains approximately 4.09 million tonnes LCE of JORC compliant measured & indicated
resource and 100% of the previously announced reserves of 1.14 million tonnes LCE
• Funds available to Galaxy to progress Sal de Vida Project development in Catamarca Province

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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