Galaxy Resources Limited: Quarterly Reports - September 2017
Perth - Galaxy Resources Ltd. (ASX:GXY) (OTCMKTS:GALXF) ("Galaxy" or "Company") is pleased to report to shareholders its activities for the quarter ended 30 September 2017.HIGHLIGHTS
Mt Cattlin Operations
- Production of 47,075 dry metric tonnes ("dmt") of lithium concentrate for the quarter, an increase of 43% over Q2 2017
- Production for the quarter at an annualized rate of c.190,000 dmt tonnes per annum ("tpa") of lithium concentrate
- Sales of 41,834 dmt of lithium concentrate, an increase of 39% over Q2 2017
- Average production cash costs (excluding royalties and marketing fees) of US$320 (A$405) per dmt produced, a reduction of 18% from Q2 2017
- Average realized selling price before royalties and marketing fees of US$843 (A$1,062) per dmt sold, an increase of 17% over Q2 2017
- Generated EBITDA of A$21.6 million
Sal de Vida Project
- 400m depth exploration borehole developed into a production well
- Test Laboratory (ICP) commissioned and calibrated with operator training underway
- Test work being conducted for production of lithium carbonate and lithium hydroxide
- Studies commenced for potential hydroxide sub-circuit and co-location of processing facilities
- Planning commenced for 45 hectare test evaporation pond
James Bay Project
- Drilling program complete
- Assays from drilling campaign returning excellent results
- Work on feasibility study advancing
- Project office established in Montreal
Corporate
- Cash on hand at 30 September 2017 of A$57.4 million
- Unlisted options and warrants exercised resulting in receipt of an additional A$9.3 million in cash
To view the full report, please visit:
http://abnnewswire.net/lnk/H6B9USE0
To view Q3 2017 Results Presentation, please visit:
http://abnnewswire.net/lnk/FDST731Z
About Galaxy Resources Limited:
Galaxy Resources Ltd. (ASX:GXY) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
Contact:
Galaxy Resources Ltd.
Corporate Nick Rowley Director - Corporate Development
M: +61-455-466-476
T: +61-8-9215-1700
E: nick.rowley@galaxylithium.com
Media Enquiries (Australia) John Gardner Citadel-MAGNUS
M: +61-413-355-997 or T: +61-8-6160-4901
E: jgardner@citadelmagnus.com
Media Enquiries (International)
Heidi So Strategic Financial Relations Ltd
T: +85-2-2864-4826
E: heidi.so@sprg.com.hk
