Galaxy is currently exploring the opportunities of a potential...

Galaxy is currently exploring the opportunities of a potential refund of turnover taxes paid and rollover relief on corporate tax payable

• US$67.3mm tax payable in May 2019

Option 1

Galan GLN raised $4m + $1m current cash.

Current market cap $40m. Offer $50m.

$50m less 30% tax offset = $35m (of which $5m is cash)

net cost to GXY Au$30m or US$21

Option 2

Lepidico LPD $8m current cash.

Current market cap $120m. Offer $150m.

$150m less 30% tax offset = $105m

Less 12% already owned ($18m) = $87m (of which $8m is cash)

net cost to GXY Au$79m or US$56m

Note: Not sure if rollover relief on corporate tax for asset acquisitions requires to be Argentinian domicile.

Management have said they are considering rewarding shareholders.

Option 3

Buy back

The key to this quarterly will be tax minimisation strategies