Galaxy Resources Renewal Mt Cattlin Lithium Resources: spodumene concentrate exceeded 40000 dry metric tons in the second quarter

SMM June 25 / PRNewswire-FirstCall-Asianet /-- in June, Galaxy Resources issued an announcement updating its mineral resources data for its Mt Cattlin project in Western Australia. The report shows that after full-speed production, the, Mt Cattlin spodumene concentrate has exceeded 40000 dry metric tons in the second quarter, another 33500 wet metric tons were shipped in May, and the planned shipping price in the third quarter of 2021 is likely to exceed $750USD / metric ton CIF.

By the end of May, Li2O, with a grade of 5.77% of spodumene products met customer requirements. Under the continuous operation of high productivity, Mt Cattlin's annual guided production increased from 185000-200000 dmt to 195000-210000 dmt.

Galaxy's demand for spodumene concentrate remains strong. In addition to the 33.5 kilotons that sailed in May, there is a 1.5 kiloton shipping schedule in June. The first planned shipment for the third quarter is currently being finalized and the CIF price for 6.00%Li2O is expected to exceed US $750USD / Mt. Expected sales will continue to be in line with production in 2021.

In addition, the announcement shows that, Mt Cattlin conducted intensive drilling activities on the second deposit in the first quarter of 2021 to increase confidence in the deposit and optimize mining plans; the second round of mining will be accelerated in the second half of 2021, and the first phase will be spun off in the second half of 2021. The updated guidelines for 2021 are summarized as follows:

Mineral resources estimation

Table of mineral resources of Mount Katrin as of March 31, 2021:

Table of mineral resources of Mount Katrin as at December 31, 2020:

The main factors leading to changes in mineral resources from 2020 to 2021 are described as follows:

The resource consumption model of 392kt material mined with 1.6%Li2O grade;

The decline in grade is due to the mining of grade materials with a higher grade life than that of mines in the first quarter of 2021.

Reclassify some materials in deeper lenses into lower categories-the material is not currently in the mining plan;

The geological model has been updated.

In terms of mineral resources:

Mount Katrin ore reserves as of March 31, 2021:

Katrin Mountain ore reserves as of December 31, 2020:

The main factors leading to changes in ore reserves from 2020 to 2021 are described as follows:

The resource consumption model of 392kt material mined with 1.6%Li2O grade;

Updating the estimation of mineral resources;

Filling drilling leads to the increase of ore reserves;

The decline in grade is due to the mining of higher-grade materials than mine grade life in the first quarter of 2021.

According to the latest mineral resources and ore reserves report compiled according to the drilling information and depletion in the first quarter of 2021, the revised Mt Cattlin mineral resources estimate is 11.0Mt@1.2%Li2O and the revised Catlin Mountain ore reserves are estimated to be 8.0Mt ppm Ta2O5, Li2O content 1.04% Ta2O5 content 139Mt.