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http://www.theaustralian.com.au/bus...s/news-story/fbbb039ea1f99ff2858b44851f862936

"All others in the sector — it is not all that big just yet with a combined market capitalisation across the better known ASX players of about $820 million — had major gains, ranging from 133 per cent right up to 4428 per cent, if you don’t mind.

The best performed was the blandly named General Mining Corp (GMM). Owned 18 per cent by long-time mover and shaker in the junior resources, geology economist Michael Fotios, GMM was a late entrant into the buzzing world of lithium.

And that is why GMM is today’s interest, even if it is sporting that 4428 per cent annual gain. A good chunk of that reflects it becoming a lithium — and tantalum — producer in the first quarter of next year. No messing around there.
Early this year it struck a deal with Galaxy Resources to become a 50-50 partner and manager in Galaxy’s mothballed Mount Cattlin spodumene and tantalum operation near Ravensthorpe in Western Australia.

Galaxy spent $130 million getting Mount Cattlin in to production in 2011 ahead of it going in to care and maintenance in 2013 because of some processing shortcomings, price weakness at the time being amplified by the then high dollar, and it has to be said, Galaxy’s overblown attempt at breaking in to lithium carbonate market in China.

That’s all history now and Galaxy (its up 270 per cent for the year) has knocked itself back in to shape, with the introduction of GMM to get Mount Cattlin back up and running a key part of the recovery strategy.
GMM is earning 50 per cent in Mount Cattlin, initially by investing $7m in the restart and then three deferred $6m-a-year payments. The good bit is that it is entitled to a 50 per cent gross profit interest all the way through.

The capex estimate for the restart is sole funded and the $8m to achieve optimised production of 130,000 tonnes of spodumene concentrate annually (worth about $600 a tonne currently) will be shared with Galaxy, and funded from cashflow.

Only yesterday GMM derisked its commitments by pulling in $7.3m (before costs) from a placement of shares at 18c each, led by Canaccord Genuity Australia. The stock was trading a shade higher yesterday at 20c a share."