Constant optimization works at Mt Cattlin: Mt Cattlin Operations continues to improve since the restart in the last quarter of 2016, across several different operating parameters including concentrate grade and production throughput. Importantly, from 20 to 23 May, it witnessed record production days averaging 570 wmt (wet metric tons) produced per 24-hour period, which exceeds design nameplate. With continued processing plant and mining optimization work ongoing at Mt Cattlin, in conjunction with capital enhancement projects that are being considered, it is expected the plant will now maintain at least design production levels. Further, Galaxy has booked its first vessel shipment for the first week of June at 2017 contract pricing terms. This shipment will be the first of US$830 for 5.5% lithium oxide concentrate and customers will pay an additional US$15/t for every 0.1% improvement in grade of Li2O delivered, resulting in an agreed price of up to US$905/t for 6% lithium concentrate. Total tonnage contracted at these pricing levels for delivery in 2017 is estimated at 120,000 dmt (dry metric tons). In concert with its customers, the plan is to target at least one shipment per calendar month to be delivered for the balance of 2017.
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