Ann: Re-release - Mt Cattlin Update, page-3

RE-RELEASE

MT CATTLIN UPDATE - EXPLORATION DRILLING HITSTHICK, HIGH-GRADE INTERSECTIONS OUTSIDE KNOWN RESOURCEHighlights

• A total of 25,555m of reverse circulation (RC) drilling and multi-element assay has been completed in support of miningoperations and resource re-estimation

• A new pegmatite lode has been intersected beneath known lode in NW zone, both remain open at depth and to the west

• Resource and reserve update work commenced, outcomes expected in Q1, 2019

• Assays included (results are downhole)rill hole NERC056 - 20m from 44m to 64m @ 1.4% Li2O, including 6m from 48m to 54m @ 2.1 % Li2ODrill hole NWRC024 -13m from 208m to 221m @ 1.6% Li2O, including 4m from 212m to 216m @ 2.8% Li2ODrill hole NWRC029 - 8m from 202m to 210m @ 2.1% Li2O, including 5m from 203m to 208m @ 2.7% Li2ODrill hole NWRC034 -14m from 194m to 208m @ 1.4% Li2O, including 4m from 198m to 202m @ 2.6% Li2ODrill hole NWRC052 -16m from 88m to 104m @ 1.7% Li2O, including 11m from 89m to 100m @ 2.2% Li2ODrill hole NWRC060 - 12m from 197m to 209m @ 1.6% Li2O, including 2m from 197m to 199m @ 3.0% Li2O, 1m from 201mto 202m @ 2.6% Li2O and 1m from 206m to 207m @ 2.3% Li2ODrill hole NWRD063 - 11m from 116m to 127m @ 1.9% Li2O, including 3m from 116m to 119m @ 2.33 % Li2O and 3m from123m to 126m @ 2.0% Li2O

Galaxy Resources Ltd (ASX: GXY) (“Galaxy” or “the Company”) is pleased to announce an exploration update for its Mt Cattlin Project(“Mt Cattlin” or “the Project”) at Ravensthorpe, Western Australia.The Company has completed (as at end October 2018) approximately 25,555m of grade control and resource development drilling in 543new drill holes. Of these, 108 drill holes for 12,275m were of the resource development type. This drilling’s objective was to target infill inthe northwest and northeast parts of the Mt Cattlin orebody (Figure 1), as well as support mining approvals to extend mining operationseast of Floater Road (Figure 1).

Grade control drilling was conducted to support current mining operations in the 2SW pit, operations havenow commenced on and east of Floater Road.This drilling has delineated a second lode beneath the known spodumene bearing lode immediately to the north of the 2SW pit (Figures 2& 3). With the receipt of statutory approvals, mining is changing locus from the Dowling and 2SW pits, west of Floater Road, to approvedpits on and east of Floater Road. Initial grade control drilling has been completed to support this development and the quarters ahead willsee substantial further infill drilling. Resource development collars and assays are tabulated in Appendices 2 and 3 below.The recent round of drilling has demonstrated wide widths with zones of high grade and coarse grained mineralised pegmatite. Drill holeNWRC028 intersected 11m of pegmatite from 78m to 89m @ 1.8 % Li2O, which included 7m from 78m to 85m @ 2.3% Li2O and furtherincluded 1m from 79m to 80m 4.3 % Li2O. Many intercepts included high grade coarse grained spodumene zones at greater than 2%