Conversation and response from Galaxy Resources

I spoke to Nick Rowley from Galaxy Resources this morning, and I asked the following questions:

Q: Why has there been delays in the shipment?
A: Main delays where due to the weather. We had 495mm of rain over 7 months, merger with GMM, engaging with the third party to carry out the due diligence, construction and project management of Mt Caittlin but it now all on track to be commissioned mid nov to end of nov, and very confident that we will be shipping in Dec.

Q: Why is there a dive in SP:
A: This is mainly down to huge amount of shorting, but should be sorting itself out as soon as

Q: When can we expect the DFS for James Bay
A: Mid to late next year, 2017

Q: We currently have 2 customers for the off take agreement via Mitsubishi, is there any plans to for getting further customers onboard?
A: We will be looking to add 2 further customers max but we don’t want more than 4. We are currently in talks with a third customer where we will be in talks to agree 2017 pricing and looking to supply around Q3 next year.

Q: What was you uptake on Macquarie’s report on the ‘over supply’ report
A: Macquarie never approached GXY for input at all on this topic, and GXY thinks there will be no oversupply issue at all! This was Macquarie’s way of trying to manipulate the SP .

Q: Where do you see the SP benchmark when we start to ship in Dec?
A: Around the 40c mark, and we should be soon at the 50c mark early 2017.

Overall I got vibes from Nick that we will be in a very comfortable position starting from 2017, and we are in a much better shape and position than our competitors out there.

To all the shareholders out there, I hope this puts your mind at rest.

Feel free to call him on his direct line should you wish to discuss anything further, mobile: 0414756832, direct line: 0892151717

GLTAH.