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What’s happening with the Galaxy (ASX:GXY) share price today?

The Galaxy Resources Limited (ASX: GXY) share price is flat despite achieving battery grade lithium at is Sal de Vida project
The post What’s happening with the Galaxy (ASX:GXY) share price today? appeared first on The Motley Fool Australia. –

energy asx share price flat represented by worker in hi vis gear shrugging

The Galaxy Resources Limited (ASX: GXY) share price has struggled in recent months despite stronger lithium prices and a steady flow of positive updates. 

Galaxy shares are down 0.43% year to date and have failed to launch far out of the starting blocks in trading so far today. At the time of writing, the Galaxy share price is up 0.43% at $2.32.

This comes as the lithium miner confirmed the achievement of battery-grade lithium carbonate at its wholly-owned brine project, Sal de Vida. 

Galaxy share price flat despite positive update 

Galaxy is advancing the development of its Sal de Vida lithium brine project in Argentina. The project is situated in the lithium triangle where Chile, Argentina and Bolivia meet, which is currently the source of more than 40% of global lithium production. 

Galaxy has highlighted Sal de Vida as a tier 1 asset with high grades, a large scale and a long life brine resource. The company has de-risked the development plan, having received a majority of permits required. The project is on schedule to target its first production in late 2022, in time for the forecasted lithium demand surge.  

Today, Galaxy announced that it had achieved battery-grade lithium carbonate from its simplified evaporation flowsheet. Test work and piloting over the previous 12 months has steadily improved the flowsheet process required to extract brine, evaporate water and remove impurities, resulting in improved product quality and project metrics.

The company advised this achievement and addition could be seamlessly incorporated into the stage 1 project development schedule at Sal de Vida without any delay. 

What did management say?

Commenting on the achievement, Galaxy CEO Simon Hay said:

Our technical development and Argentinian site teams have progressively improved product quality over the course of piloting and test work. This strategy has now achieved a major milestone with Galaxy adopting battery grade quality as the design basis for Stage 1.

Successful production of battery grade increases Galaxy’s revenue generating potential and widens the customer base. Offtake discussions will now be advanced with interested customers.

This technological breakthrough is unique to conventional evaporation processes and is an outstanding development achievement for the Sal de Vida team. Galaxy remains on track to execute and deliver a highly competitive, low-cost project to the market in time for the forecast lithium demand surge.

Sal de Vida currently represents a significant proportion of Galaxy’s lithium resource.  The company’s corporate presentation highlights that Sal de Vida contains more than half of its total resource base of 6.8 million tonnes of lithium carbonate equivalent. 

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What’s happening with the Galaxy (ASX:GXY) share price today? appeared first on The Motley Fool Australia.

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