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Ann: Quarterly Activities Report - June 2020, page-2

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     COVID-19 health and safety practices implemented organisation wide without incident
     Sal de Vida’s development schedule has been impacted but Stage One production in 2022 remains the target
     Mt Cattlin operations continued without major disruption and James Bay’s site based geotechnical program rescheduled for Q3
    Sal de Vida, Argentina
     Front-end engineering design of the wellfield and ponds is underway and the process plant package is out for tender
     Process test work is yielding high quality primary lithium carbonate with grade at the upper end of expectations
     Pilot plant commissioned and first piloting run was successfully completed post-quarter, with the second run scheduled in August
     Evaporation of brine in the pilot ponds is performing in line with process and atmospheric models
     Permitting is progressing with the granting of operational permits for the extraction of fresh water and use of reagents
     Galaxy remains in a strong position to execute its growth strategy countercyclically and meet the forecast lithium demand surge
    Mt Cattlin, Australia
     Operational performance under the new campaign mode of operations improved throughout the quarter
     Production volume of 30,942 dry metric tonnes (“dmt”) achieved at a grade of 5.93% Li2O, in line with annual guidance
     Ore sorter circuit approaching nameplate performance at 1,000 t/ day of stockpiled, low grade ore processed through the plant
     26,030 dmt of spodumene concentrate was shipped in June, bringing total H1 shipments to 58,542 dmt
     Post-quarter, a multi-year offtake extension was executed with a long-term major customer
    James Bay, Canada
     Value engineering work completed with results showing reduced capital intensity and operating costs
     As at 30 June 2020, Galaxy was debt free with cash and financial assets of US$108.6 million
     Proceeds from the June shipment were received post quarter and final product inventory of 49,463 dmt was held at quarter end
     Cost reduction initiatives yielded annual group savings of ~US$7 million


    Traka has secured rights to the advanced Mt Cattlin Gold Project by
    agreeing with Galaxy Resources Limited (Galaxy) to exchange
    Traka’s Free Carried 20% interest in the Mt Cattlin North Tenements
    for 100% of the gold and other mineral potential (excluding
    pegmatite minerals) on the tenement area.
    Prior to the focus on lithium and other pegmatite minerals the Mt
    Cattlin North Tenements had a long history of gold mining and
    exploration. After decades of inactivity this now represents an
    excellent advanced gold project. What was originally turn-of-thecentury prospector-scale activity on 18 separate mines (Reported
    production of 23,006 tonnes @ 24.56 g/t Au (1)) has, with modern
    day exploration and improved gold prices, become a rare opportunity
    for substantial up-scale. There are kilometre-long mineralised shear
    zones and quartz-veined intrusives with high grade gold shoots and
    numerous drillhole intersections that present targets for immediate
    follow-up (Figure 1).
    Traka acquired the tenements and recommenced exploration for
    gold in 2004(2) after years of inactivity following work by Metana
    Minerals NL and a few other parties in the 1980s and 1990s. Traka
    confirmed the excellent scope of the project, but a gold price in the
    low US$400s made this project a marginal opportunity at the time.
    With the gold price now much higher the opportunity is substantially
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