Perth, July 17, 2017 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) provides the Company's latest presentation on 2017 Q2 Results.

Quarterly Highlights

Production (Mt Cattlin)

- Operations remain LTI free since refurbishment and restart, plant commissioning completed late April

- Plant recoveries achieved 61% in June

- Plant output exceeded target production rate with 14,038 dmt produced in June

- Cash flow generation of A$13.2m for the quarter before capex and repayment of balance of customer offtake prepayments

- Average cash costs of US$393/dmt for the quarter, US$334/dmt in June (see Note below)

- Average realised price of US$724 (A$964)/dmt (see Note below), all sales now at 2017 pricing terms of US$830 per tonne for 5.5% grade lithium concentrate

- Balance of all customer offtake prepayments repaid

- First tantalum sale complete at US$40/lb

Development projects

- Sal De Vida
o Progress on field work and production well drilling
o Relocation and refurbishment of the test plant complete

- James Bay
o Drilling program progressing, now 65% complete
o Initial assays from drilling campaign showing excellent results

Corporate

- 1 for 5 share consolidation approved by shareholders
- Key management hires completed (Alan Rule appointed as CFO)
- Board strengthened with new non-executive director appointment (Ms Xi Xi)

Note: Cash costs and realised prices excluding royalties and marketing fees

To view the full presentation, please visit:
http://abnnewswire.net/lnk/22R9LD3U


About Galaxy Resources Limited

Galaxy Resources ASX:GXYGalaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) 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

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



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