16/07/2019 - 11:52

Galaxy beats guidance

16/07/2019 - 11:52

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Galaxy Resources has reported strong production results in the June quarter, after it exceeded its guidance at the Mt Cattlin lithium operation despite shipment delays.

Galaxy will undertake exploration near Mt Cattlin this quarter.

Galaxy Resources has reported strong production results in the June quarter, after it exceeded its guidance at the Mt Cattlin lithium operation despite shipment delays.

Production at Mt Cattlin, which is located near Ravensthorpe, totaled 56,460 dry metric tonnes at six per cent grade lithium oxide, surpassing the guidance of 45,000-50,000 dry metric tonnes for the quarter.

Last month, Galaxy advised that a shipment of 15,000dmt from Mt Cattlin set to leave Esperance would be delayed until this month.

It also completed two shipments during the June quarter for a combined 29,439dmt of lithium concentrate.

The company said it is now targeting between 60,000 and 70,000dmt of lithium oxide shipments for this quarter.

It will also undertake exploration 2.5 kilometres north of the operation, with drilling to commence this quarter.

Shares in Galaxy were up 5.4 per cent to $1.38 at 1.25pm AEST.

Its shares were $3.18 one year ago, but has experienced a sharp fall due to weak lithium prices as a result of a global glut in supply.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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