Ann: Quarterly Reports - March 2017, page-59

Interesting read - some highlights for me:

Cash
Well had $40m cash (31/Mar) but have to return prepayments after next shipment ($9-10maud). Good thing we move to 2017 pricing!
$13m drawn on facility
Cash cost for ramp up stage at $389...it is anticipated that unit production cash costs will further reduce in the coming quarters as the operation reaches planned monthly production rates
50% prepayment repaid and capex $1m in Mar17 Qtr

Mt Cattlin
Production for the next shipment has been at product quality and specifications above contract requirements, with mica and moisture levels recorded being well below contract requirements.
Scoping and design work has begun on refurbishing the mine’s fixed crushing circuit, with a view to re-starting in the third quarter this year, which will increase plant reliability and reduce input costs
Work continues to progress on finalising medium and long term water supply contracts, with suitable options becoming available for both timelines. These programs, in conjunction with planned exploration and drilling programs, are intended to extend the mine life and further increase process plant efficiency.
the focus in the current quarter will be on commencing an extensive brownfield and greenfield exploration drilling campaign. Granted new tenants!

JB

The drilling work commenced in early March and is focused on exploring and developing the lithium resource contained in numerous outcropping spodumene-bearing pegmatites.

Onwards and upwards Galaxians, and share price too!

EM