Shipment information, page-214

I suspect Galaxy may have some problems either in production or in sales(more likely). Shipping 15kt this quarter is quite pathetic.

The theme seems to be a short term relatively oversupply of spodumene in 2019, Chinese converters are under a lot of pressure. GXY’s off take partners are 2nd tier converters in China, in my opinion, reduced shipments may signal a short term weak spodumene market in China.
AJM’s off take partners in 2nd tier converters in China seems to have problems taking shipments too.

A40 is fortunate to have Jiangte taking almost all spodumene produced in the first quarter. I will be very happy to see A40 securing a 2nd off take partner in this market condition.