Ann: Annual Report 2018, page-62

Hi All,

So, if I am reading this correctly, Galaxy has a cash balance here of US$345.5 Million!,(Below)

If the ore price goes down, Galaxy are not slogging it uphill trying to pay off debt!

But instead, are developing all three mines and improving the processing procedures.

This also gives Galaxy the option of processing and/or storing ore, (outside of any contract commitments) till the ore price goes up.

Comparing this to other mining situations, (not just lithium mines) Galaxy appears to me to be sitting in a very economically secure position.

"Balance Sheet

Current assets increased by US$252.2 million, primarily due to the receivable from the POSCO transaction of US$271.6 million.

Non-current assets decreased by US$65.3 million to US$345.5 million, primarily due to the exploration and evaluation costs derecognised on the POSCO transaction of US$56.9 million, depreciation and amortization of US$45.6 million,

offset by expenditure on fixed assets of US$29.8 million and expenditure of US$17.6 million in exploration and evaluation costs at Mt Cattlin, James Bay and Sal de Vida.

Current liabilities increased by US$84.3 million to US$108.5 million, primarily due to the tax liability of US$67.4 million arising from the POSCO transaction.

The Group ended the period with no outstanding borrowings or debt liabilities."

Galaxy Resources. (2018) Annual Report – Balance Sheet p.31
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