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$5.28 galaxy resources limited

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maradyne

189 Posts.

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28/05/19

14:17

Post #: 38781669
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Originally posted by maradyne: ↑

The Yield Optimization Project (“YOP”) was commissioned and bought into operation during the quarter, with the majorfocus now centered around improving utilization in each of the individual upgrade circuits. The objectives of the YOP is toincrease production volumes through the processing of a greater proportion of total feedstock, enhance overall plantrecovery and improve the quality of final product.The YOP consisted of 3 major upgrades:• Ultra-fine dense medium separation (“DMS”) circuito Objective: Increase recovery by allowing for the treatment of crushed ore feed of <1.2mm in diameter. Thisfeed was previously untreated and stockpiled separately, thus did not contribute to overall plant recoveries.o Status: Commissioning now complete and ramp up underway. Total circuit utilization of 80% in the final threeweeks of March, slightly below the Q2 budget of 90% utilization.• Secondary floats re-liberation circuito Objective: Facilitate greater overall liberation of spodumene. Floats material from the coarse and fine DMScyclones which was historically diverted to waste contains a small amount of unliberated spodumene. Thesefloats can now be re-crushed and recirculated through the plant (via the fines or ultra-fines circuits) for furthertreatment. The smaller particle size is expected to facilitate greater overall liberation of spodumene.o Status: Secondary floats re-liberation was successfully commissioned and operated in Q1 however animbalance in the water circuits negatively affected the operation of the existing DMS. These bottlenecks arebeing rectified with some minor mechanical upgrades which are primarily focused on improving the distributionof material through the fines and ultra-fine DMS circuits.• Final product optical sortingo Objective: Final product optical sorter unit installed at the back end of the processing circuit with the primaryobjective of basalt waste removal via optical parameters to improve final product grade.o Status: The optical sorting unit is now operational. Horizontal and vertical distribution of particles is importantto achieving the required separation, allowing for greater accuracy of optical identification. Low utilization in Q12019 due to difficulties in maintaining horizontal separation and the effects of mica build up in the unit. Utilizationand efficiencies expected to increase in Q2 2019 as a result of software and mechanical upgrades.Issues contributing to lower recovery in Q4 2018 and Q1 2019, have now been rectified as at the end of Q1 2019:• Poorer ore quality affecting recoveries in August, November and December of 2018;• Maintenance timing issues of DMS cyclones causing poorer recoveries; and• YOP average utilization of all circuits was below the forecasted 70% due to the bottlenecking of material throughthe re-liberation circuit and a sub-optimal distribution of the feed between the DMS and ultra-fine DMS circuits.Minor mechanical enhancements, including a larger pump on both the re-liberation circuit and ultra-fine DMS hasrectified these issues with total utilization of the ultra-fines DMS circuit of 80% during the final three weeks of MarchWhile average recovery achieved for the full quarter of Q1 2019 was still below the targeted recovery of >70%, expectedincreases in production volumes for the full June quarter are based on an overall improvement in recovery. Recoveryimprovement is expected to result from the rationalization of recoveries in the coarse and fines DMS following improvedmaintenance operations and an increase in utilization of the ultra-fines DMS and secondary floats re-liberation circuits. Thiswill increase the total amount of product feed being processed into final product, as well as improve the overall liberation ofspodumene.Mt Cattlin reported a cash cost of production for Q1 2019 of US$453/dmt, a 19% decrease compared to the previous quarterprimarily due to an increase in production volumes. The cash cost of production in the month of March was US$415/dmt. Itis anticipated that unit cash costs will continue to reduce through the June quarter as production volumes increase further.15,192 dmt of lithium concentrate was shipped during the quarter with all product shipped at pricing, grade and specificationsmeeting contract terms. Final product inventory on hand at quarter end was c.35,100 dmt.The differential between production and sales volumes for the quarter was due to timing differences between Mt Cattlinproduction and the agreed delivery schedule between Galaxy and its customers during Q1 2019. This was a result of largevolume shipments made to customers at the end of Q4 2018 to take advantage of higher sales prices resulting in ourcontracted customers having adequate inventory at the start of 2019. Galaxy’s customers have mainly weighted theirrequired shipment volumes to the second half of 2019. Shipments are now being finalized for the June quarter and a morenormalized shipping schedule is expected for the remainder of 2019. This to me spells lower costs higher volumes and more profit -bring the next quarterlies I believe we have some special results to come
THEN WE HAVE SAL DE VIDA AS OUR CREAM ON THE TOP - IM EXPECTING WE HAVE SOME MASSIVE FIGURES COMING OUR WAY SOON - HANG IN THERE LONGER TERMERS AND BANK THE PAIN OF THE YEARS PAST YEAHAAAAAAAA!!!!!!!!!!!!!!!!!!!!!!

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shooters must be running out of days - might need to start buying back and repay their debt - might be vulnerable at the moment.

GXY Price at posting: $1.57 Sentiment: Buy Disclosure: Held
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