Slide 1[xx]

GALAXYRESOURCESLIMITEDBMICathodes2017Conference

October 2017ASX:GXY

For

per

sona

l use

onl

y

Slide 2[xx]GalaxyResourcesLimited(ASX:GXY)

Disclaimer

ThisdocumentcontainsforwardlookingstatementsconcerningtheprojectsownedbyGalaxy.Statementsconcerningminingreserves andresourcesmayalsobedeemedtobeforwardlookingstatementsinthattheyinvolveestimatesbasedonspecificassumptions.Forward-lookingstatementsarenotstatementsofhistoricalfactandactualeventsandresultsmaydiffermateriallyfromthosedescribedintheforwardlookingstatementsasaresultofavarietyofrisks,uncertaintiesandotherfactors.Forward-lookingstatementsareinherentlysubjecttobusiness,economic,competitive,politicalandsocialuncertaintiesandcontingencies.ManyfactorscouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedinanyforward-lookinginformationprovidedbytheCompany,oronbehalfof,theCompany.Suchfactorsinclude,amongotherthings,risksrelatingtoadditionalfundingrequirements,metalprices,exploration,developmentandoperatingrisks,competition,productionrisks,regulatoryrestrictions,includingenvironmentalregulationandliabilityandpotentialtitledisputes.ForwardlookingstatementsinthisdocumentarebasedonGalaxy’sbeliefs,opinionsandestimatesofGalaxyasofthedatestheforwardlookingstatementsaremade,andnoobligationisassumedtoupdateforwardlookingstatementsifthesebeliefs,opinionsandestimatesshouldchangeortoreflectotherfuturedevelopments.TherecanbenoassurancethatGalaxy’splansfordevelopmentofitsmineralpropertieswillproceedascurrentlyexpected.TherecanalsobenoassurancethatGalaxywillbeabletoconfirmthepresenceofadditionalmineraldeposits,thatanymineralizationwillprovetobeeconomicorthataminewillsuccessfullybedevelopedonanyofGalaxy’smineralproperties. Circumstancesormanagement’sestimatesoropinionscouldchange.Thereaderiscautionednottoplaceunduerelianceonforward-lookingstatements.Dataandamountsshown inthisdocumentrelatingtocapitalcosts,operatingcosts,potentialorestimatedcashflow andprojecttimelinesareinternallygeneratedbestestimatesonly.AllsuchinformationanddataiscurrentlyunderreviewaspartofGalaxy’songoingoperational,developmentandfeasibilitystudies.Accordingly,Galaxymakesnorepresentation astotheaccuracyand/orcompletenessofthefiguresordataincludedinthedocument.NotForReleaseinUSThispresentationdoesnotconstituteanofferofsecurities forsaleinanyjurisdiction,includingtheUnitedStates.AnysecuritiesdescribedinthispresentationmaynotbeofferedorsoldintheUnitedStatesabsentregistration oranexemptionfromregistrationundertheUnitedStatesSecuritiesActof1933,asamended,followingthepreparationofrequireddocumentsandcompletionofrequiredprocessestopermitsuchofferorsale.

2

CONTACTINFORMATIONLevel4/21Kintail Road,Applecross,WesternAustralia6153POBox1337,CanningBridgeLPOApplecrossWA6953T:+61892151700F:+61892151799E:info@galaxylithium.comF

or p

erso

nal u

se o

nly

Slide 3[xx]GalaxyResourcesLimited(ASX:GXY)

GalaxyOverview

3

For

per

sona

l use

onl

y

Slide 4[xx]GalaxyResourcesLimited(ASX:GXY)

CompanyHighlights

§ Oneofthepremierglobal lithiumopportunitieswithproductionoperations andaworldclassassetdevelopmentpipeline

§ OperationsrestartedatMtCattlinwithexpandedcapacity withabilityto generatestrong cashflowsin2017,positioning Galaxyasamajorglobalsupplierofhighqualitylithium

§ DiversifiedprojectportfoliowithbothhardrockandbrinebasedlithiumassetsacrossAustralia,ArgentinaandCanada

§ RevisedDFSatflagshipSaldeVidaProjectinArgentinasupportslowcost,longlifeprojectwithrobusteconomics;development teamconfirmed andfieldworkadvancing

§ JamesBayinCanada,isahighqualitydevelopmentasset, currentlyundergoingfeasibilitystudywork,withpotentialtoallow GalaxytosupplyNorthAmericanandEuropeanmarketsinthefuture

§ HighlycredentialedManagementandBoardwithastrongnetworkofdownstreamandend-usercustomersinthegloballithiummarkets

§ Robustlithiummacrotrendswithsurgingdemandfromlithiumionbatteryapplicationsandalaggedsupply-sideresponse

4

MtCattlinOperations– Australia

EnroutetoSaldeVidalithiumproject– Argentina

For

per

sona

l use

onl

y

Slide 5[xx]GalaxyResourcesLimited(ASX:GXY)

CorporateSnapshot

5

FinancialInformation(2017.10.06)Share price A$3.11

52weekhigh/low A$3.50/A$1.43

Numberofshares(undiluted)1,2 401.3m

MarketCapitalisation A$1,254.3m

Cash (30-Jun-17) A$40.4m

Debt(30-Jun-17) A$13.1m

Netcash(30-Jun-17) A$27.3m

Enterprise Value A$1,227.0mSource:IRESSNotes:1 Excludes18.6munlistedoptionsonissuewithvariousexpirydatesandwithexercise

pricesbetweenA$0.365andA$2.78and2munlistedwarrantswithexpiry24-Nov-18andanexercisepriceofA$2.075

2 Excludes5.0mshareappreciationrights

TheleadingglobalpureplaylithiumcompanylistedontheASX,withsignificantinstitutionalparticipationandstrongliquidity

Investor %

BlackrockGroup 6.5%

Boardand Management 2.5%

Top20shareholders 38.6%

TopShareholders(2017.08.31)

SharePricePerformance(1year)

ShareholderTypeandGeographicalBreakdown(2017.08.31)

42.2%

4.3% 2.5% 3.6%

18.9%

28.5%

Institutional BrokersBoard&Management CorporatestakeholdersPrivateinvestors Other

33.7%

15.2% 8.2% 7.2%

5.0%

30.8%

Australia/NewZealand NorthAmericaUnitedKingdom EuropeAsia NotReported

- 3691215182124

- 0.51.01.52.02.53.03.54.0

Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Volume(m)Shareprice(A$)

Volume GXY

For

per

sona

l use

onl

y

Slide 6[xx]GalaxyResourcesLimited(ASX:GXY)

DiverseAssetPortfolio

Withaportfolioofbothhardrockandbrinebasedlithiumassets,GalaxyiswellnetworkedwithkeycustomersintheAsianlithiummarket

6

Lithiumvalue-addingproductionheavilyconcentratedinAsia–currentandfuturecapacityanticipatedtocontinuetobedominatedbyChina

§ Currentcommissionedandplannedcapacity– 85%stillexpectedtobeinAsia

§ Chinaproduces>50%ofgloballithiumcathodes

§ Galaxyuniquelypositioned,havinghistoricallyserved40+customersinthebatterymaterialsasaresultofitsformerJiangsuoperations

MtCattlin,WA,Australia–HardRock

SaldeVida,Salta&Catamarca,Argentina– Brine

JamesBay,Quebec,Canada– HardRock

§ 100%owned§ Lithiumhardrock

development§ Resourceof23Mtat1.2%Li2O§ Extensivedrillingprogram

completedinAugust;DFSunderway

§ 100%owned§ Lithiumandpotashbrineproject,1.1MtLCE,

4.2MtKCl§ FormalrevisionofDFScompletedinQ32016§ 2productionwellcomplete;financingand

offtakediscussionsadvancing

§ 100%owned§ Resourceof16Mtat1.08%Li2Oand5.7Mlbs

Ta2O5

§ Throughputcapacityexpandedto1.6Mtpa§ Plantrampupandcommissioningcomplete§ c.56ktoflithiumconcentrateproducedinH1

of2017

Source:BloombergnewEnergyFinance

For

per

sona

l use

onl

y

Slide 7[xx]GalaxyResourcesLimited(ASX:GXY)

Operationshavenowreachedsteadystatewithramp-upandcommissioningoftheplantcompletedinApril2017– movingintocommercialproduction§ MtCattlinisaspodumene (lithiumconcentrate)andtantalum

miningoperation,locatedinRavensthorpe,WesternAustralia

― 100%ownedbyGalaxy

§ Onlynewindependentproducerandsupplieroflithiumconcentrateinthemarketglobally,sincetherecentlargeandsustainedincreasesinlithiumprices

§ Improvedflowsheetdesignandupgradedprocessequipmentdrivingsubstantialefficiencygainsandhigherproductquality

― Expandedthroughputcapacityof1.6Mtpa,targeting160ktofconcentrateproductionin2017

― Improvedspodumenegrades(5.77%Li2OachievedonQ22017salesvolumes)

― Lowmicacontent(1.96%achievedonQ2 2017salesvolumes)

― Initialtargetof50%productionyield(61%achievedinJune)

§ SignificantexpectedcashflowstoGalaxyfromMtCattlin

― Highmarginoperationwithcurrentoperatingcosts

― Cashflowsutilisingc.A$200m+inunusedtaxlosses

― Lowsustainingcapexrequirement

7

Location

Ravensthorpe,WA,Australia

ResourceAndProductionCapacity1

Resourcecategory Tonnes Li2O% Ta2O5ppm

Measured 2,540,000 1.20 152

Indicated 9,534,000 1.06 170

Inferred 4,343,000 1.07 132

Total 16,416,000 1.08 157

Productioncapacity 1.6Mtpa

Source:GeneralMiningAnnouncement(2015.08.04)Note:1. Galaxyunderstandsthatallmaterialassumptionsunderpinningtheproductiontarget

andfinancialinformationsetoutintheGeneralMiningannouncementreleasedcontinuetoapplyandhavenotmateriallychanged

MtCattlin– OverviewF

or p

erso

nal u

se o

nly

Slide 8[xx]GalaxyResourcesLimited(ASX:GXY)

SaldeVida– Overview

Oneoftheworld’slargestandhighestqualityundevelopedbrinedepositswithsignificantexpansionpotential

Reservecategory

Timeperiod

TonnesLitotalmass

TonnesequivalentLi2CO3

TonnesKtotalmass

Tonnesequivalent

KCl

Proven 1-6 34,000 181,000 332,000 633,000

Probable 7-40 180,000 958,000 1,869,000 3,564,000

Total 40years 214,000 1,139,000 2,201,000 4,197,000

Source:RevisedSaldeVidaDFS– August2016.Assumes500mg/LLicutoff

8

SaldeVidaReserveEstimates

Location

SaldeVida,Salta&Catamarca,Argentina

§ Apremierlithiumandpotashbrinedevelopmentproject

― 100%ownedbyGalaxyandfullypermitted

― LocatedbetweenSaltaandCatamarcaProvinceinArgentina,inanareathatisknownasthe‘LithiumTriangle’

§ Lithiumtrianglehometo>60%ofglobalannuallithiumproduction

― SaldeVidalocatedonthesamesalar asFMC’sFenixoperations

§ RevisedDFSreaffirmsthetechnicalsuperiorityofSaldeVidaandpotentialforahighlyprofitableoperation

― Estimatedpost-taxNPV8%real ofUS$1.4bn

― PotentialtogenerateaverageannualrevenuesofUS$354m

― PotentialtogenerateaverageannualoperatingcashflowofUS$273mpre-tax(US$182mpost-tax)

§ Largemineralreservestosupportlonglifeannualproductionof25ktpaofbatterygradelithiumcarbonateand95ktpaofpotash

§ Brineprojectshavetheadvantagesofloweroperationalcostsandgreaterabilitytoexpandproductionfacilities

§ Discussionsadvancingwithofftakers andpotentialstrategicpartners

For

per

sona

l use

onl

y

Slide 9[xx]GalaxyResourcesLimited(ASX:GXY)

JamesBay– Overview

Theprojectprovidesavaluableoptionforcapitalisingonlongtermlithiumdemandgrowth, andthepotentialtosupplytheNorthAmericanmarket§ LithiumpegmatiteprojectlocatedinJamesBay,Québec,Canada

― Strategicallylocatedinaminingfriendlyjurisdictionwithalowcostofenergyandgoodinfrastructurenearby

§ Explorationanddevelopmentprogramunderway,includesac.33,000m

§ diamonddrillingprogramaimingtoextendexistingresources andupgrademineralresourcestoreserves

§ Feasibilityworkhascommenced;studyworkexpectedtotake6-9monthsandwilltakeadvantageofMtCattlinexperiencetodrawsynergiesforengineeringandprocessflowsheetdesign

§ FeasibilityworkwillincludemetallurgicaltestingandanevaluationforapotentialdownstreamconversionfacilityinQuébec

― Metallurgicaltestworkconductedin2012producedspodumenegradesof6.53%Li2Oata75%lithiumrecoveryrate

9

JamesBay,Quebec,Canada

JamesBayLocation LongSectionofJamesBayPegmatiteSwarm

Resourcecategory Tonnes Li2O%

Indicated 11,750,000 1.30

Inferred 10,470,000 1.20

Total 22,220,000 1.28

CurrentJamesBayResourceEstimate

Source:ReferGalaxyResourcesAnnouncement(5July2012)

For

per

sona

l use

onl

y

Slide 10[xx]GalaxyResourcesLimited(ASX:GXY)

MarketReview

10

For

per

sona

l use

onl

y

Slide 11[xx]GalaxyResourcesLimited(ASX:GXY)

NEVmodel H1 2017 Jul &Aug 2017

BEVs 176.1k 104.0k

PHEVs 36.1k 26.0k

Total 212.2k 130.0k

11

LithiumSectorGrowthDominatedByChina

Globally,Chinaisthelargestconsumeroflithiumchemicals(c.87ktLCEin2016vsJapanc.25kt/SouthKoreac.20ktLCEin2016),drivenbygrowthinNewEnergyVehicle(NEV)sector

Source:CAAM,CJSecuritiesNotes:1. BEVs=BatteryElectricVehicles,PHEV=Plug-InHybridElectricVehicles2. Assumedaveragesizeoflithiumionbatteryof50kWhandLCEdemandperEVpf0.8kg/kWh

81%

19%

77%

23%

BreakdownofNewEnergyVehicleProductioninChina

2015totalproduction:379kNEVs

2016totalproduction:517kNEVsAnnual

growthratec.36%

§ “Mediumtolongtermplanfortheautoindustry”(2025plan):detailshowChinaplanstostrengthenitsdomesticautoindustryandexpandglobalexportsofNEVs

— Forecastproductionof2millionNEVsp.a.andtargetedNEVstockof5millionvehiclesin2020

— Targeted20%NEVpenetrationin2025(c.7millionNEVsp.a.outoftotalprojectedproductionof35millionvehicles)

— At7millionvehiclespa,implies additionaldemand280kt2LCEby2025

§ Supportivepolicy: ANEVquotaschemeforallautomanufacturersinChina,economicincentivesfortheconsumerandchangesinconsumerpreferencescounteringsubsidyreductioneffect,supportforgrowthandinvestmentinlithiumbatterysector

1

2017YTDNEVUnitProduction1

2017YTDNEVProduction@342kYTDYoYgrowthof33%

For

per

sona

l use

onl

y

Slide 12[xx]GalaxyResourcesLimited(ASX:GXY)

52%

6% 6%

36% 39%

5% 5%

51%

19%

3% 4%

74%

12

Lithium-IonBatteryConsumptionMix

ChinaLithium-IonBattery(“LiB”)Consumption

Source:CJSecurities

2015 2016 2017E

Thelithium-ionbatteryapplicationmixtransitioningfrombeingmajoritydominatedbyconsumerelectronicstonewenergyvehicleapplications

LCOMajorityShare LFP&NCMEqualShare LFP&NCMDominantShare

CathodeChemistryTransition

For

per

sona

l use

onl

y

Slide 13[xx]GalaxyResourcesLimited(ASX:GXY) 13

NEVSubsidiesInChina

ANEVquotatradingscheme,economicincentivesfortheconsumerandchangesinconsumerpreferencescounteringsubsidyreductioneffectRevisedSubsidyPolicyForNEVsForThePeriod2016-2020

§ SubsidiesforpassengerNEVsreducedby~20%in2017(comparedto2016subsidies)

§ Subsidiesforlargecommercialvehiclesreducedby~40-70%in2017(comparedto2016subsidies)dependingonvehicletypeandsize

— SubsidyceilingsintroducedoncommercialNEVsbasedonthelengthofvehicle

§ AdditionalsubsidiesawardedbyLocalGovernmentsrestrictedto50%ofthevalueofCentralGovernmentincentives

§ SubsidyfundingnowawardedafterthesaleofNEVs,previouslybefore- changestosubsidypoliciesareexpectedtotriggeramoretransparent,efficientandcompetitivemarketinbatterymakingandautomanufacturing

§ AlternativeeconomicincentivesandtechnologythresholdsarebeingintroducedtocontinuetopromotetheuptakeofNEVs

Drivingrange(DR)

Autotype Energydensity DR≥50km 100km≤DR<150km 150km≤DR<250km DR≥250km

BEV 90-120Wh/kg RMB20k(US$2.9k) RMB36k(US$5.2k) RMB44k(US$6.4k)

BEV >120Wh/kg RMB22k(US$3.2k) RMB39.6k(US$5.7k) RMB48.6k(US$7.4k)

PHEV na US$3.5k

2017SubsidiesForPassengerNEVs

Source:Deutsche

For

per

sona

l use

onl

y

Slide 14[xx]GalaxyResourcesLimited(ASX:GXY) 14

NEVAdoptionNotReliantOnSubsidies

ChinacontinuesitsleadinginvestmentintoNEVsandhasintroducedanumberofpolicymeasuresaimedatcontinuingtoencourageuptakeGovernmentPolicy&Investment

ChinaLicensingRestrictions

Shanghailicenseplatesusedtodistinguishbetweencartypes

Blueplates:ICEvehicles Greenplates:NEVvehicles

§ Certificateofentitlement(COE)requiredforcarpurchase

— CostofaCOEinShanghaiforaninternalcombustionengine(ICE)vehicle:US$15kforanindividual;US$30kforacompany

§ InBeijing(BJ)andShanghai(SH):

— TherighttopurchaseanICEvehicleissubjecttoalottery

— Successrates:4%(SH);0.2-0.3%(BJ)

§ DrivingrestrictionsforICEvehicles

§ NONEOFTHEABOVERESTRICTIONSFORPROSPECTIVENEVOWNERS

§ Committeddomesticinvestment– Committedbuildoutofanationwidecharginginfrastructuretosupport5millionNEVsby2020

§ MandatoryNEVtargets– GovernmentinitiatingcreditsystemencouragingautomanufacturerstotargetNEVproductionpercentagesof8%,10%and12%overthenext3years

§ LimitingICEproduction– Penaltiesformanufacturersexceedingcertainproductionthresholds

For

per

sona

l use

onl

y

Slide 15[xx]GalaxyResourcesLimited(ASX:GXY)

FutureDemandGrowth– NotJustChina&EVs

Lithiumdemandprojectedtogrow4xfromhistoricalc.200ktLCEperannumtoover800ktLCEby2025

Lithiumindustryneedstobringonline600kt+ofincrementalsupply(equiv.circa+70ktgrowthpa)tomeetdemandbalance– majorchallengesincludenumberof“shovel-ready”projectstofundintoproductionandcapitalavailabletofinancethoseprojects

-

200

400

600

800

1,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025NonLiBapplications LiBapplications

LithiumCarbonateDemand(kt LCE)

Source:UBS

15

§ ROWelectricvehiclesalesexpectedtocloselymatch(*UBS)China’s7msalesby2025(totalimplied560kt+LCEparequired,basedon50KWh/vehicle)

§ Energystoragewillalsostarttofactorinfuturegrowthofdemand– currentestimatesat+/- 50ktLCEpaby2025

For

per

sona

l use

onl

y

Slide 16[xx]GalaxyResourcesLimited(ASX:GXY)

ImpactOnRequiredCathodeCapacity

ContinuedinvestmentincathodeproductioncapacityexpansionrequiredtofacilitategrowthalongsidetheexpecteddemandgrowthforLiB applications

ImpliedCathodeDemand(BasedOnBatteryGradeLCE)1

16

Source:UBS,BenchmarkMinerals,CompanyDisclosure,Bloomberg,CJSecuritiesNotes:1. BatterygradeLCEdemandbasedonUBSestimates;ImpliedcathodevolumeassumesthattheaverageLCEintensitypertonne ofcathodeis0.42. LFP=LithiumIronPhosphate,NCM=NickelCobaltManganese

ChinaNEVCathodeMixTransitioningFromLFPtoTernary

By2020,projectedNEVcathodemixtoreachanestimated85%/15%mixbetweenternaryandLFP

28%

72%

42%

58% 2015 2016 2017E 48% 52%

c.90 c.160

c.730

c.225c.400

c.1825

2016 2020 2025BatterygradeLCE(kt) Impliedcathodevolume(kt)

Substantialinvestmentrequiredtomeetprojecteddemandforlithium-ionbatteryapplications

NCM LFP

§ Demandgrowthinlithiumionbatteryapplicationstoplacestrongpressureonsupplyofcathodematerials

— Majorityofnewexpansionsarefocusedonhigh-endcathodesforautomotivebatteries

§ Duetoenhancedenergydensitydemands,growthinautomotivebatterydemandisdrivingternary(NCM)andNCAcathodetobecometheincreasinglydominantchemistry

§ ConsumerelectronicstoupholddemandforLCO,potentialswitchtoternarychemistriesifcobaltsupplybecomesproblematic

For

per

sona

l use

onl

y

Slide 17[xx]GalaxyResourcesLimited(ASX:GXY)

1GWhofexistingcapacity1

1GWhofplannedcapacity1

HUNGARY

SWEDEN

GERMANY

CAPACITYUNDISCLOSED

EUROPE CAPACITY

UNDISCLOSED

17

GrowthInitiativesThroughoutTheValueChain

Structuralchangesinelectrificationoftransportationandcontinuedpolicysupportgloballyisacceleratinginvestmentalongthelithiumvaluechain

PlannedConstruction/ExpansionOfSelectedGigafactories

Source:BenchmarkMinerals,CompanyDisclosure,Bloomberg,CJSecurities

AnnouncedExpansionsofCathodeProducers

€400mcommitmenttobuildcathodeproductionfacilitiesinEurope

€300minvestmentcommittedtocathodecapacity

¥4bninvestmenttoincreasecathodecapacitybyc.12ktpa

Planstoexpandcapacityfrom8ktpain2016to31ktpain2020,mainlyforNCM

For

per

sona

l use

onl

y

Slide 18[xx]GalaxyResourcesLimited(ASX:GXY) 18

GlobalInvestmentInLiB Manufacturing

§ ChinavsROW:Chinahasatotalc.160GWhofcapacityvsROWaggregatecapacityofc.120GWh

—Represents57%ofglobalcapacityannouncedtodate

§ LCERequired: Iffullyutilisedtoday,atotalof280GWhcapacitywilluse224ktLCEofbatterygradematerialvsonlyc.90ktLCEofmaterialthatwasusedinbatteriesin2016

§ CapitalInvestment: UsingtheTeslaGigafactory capitalintensityofc.US$150m/GWh,anestimatedUS$40B+ofcapitalinvestedtodatetobuildoutgloballithiumbatterymanufacturingcapacity

Significantinvestmentisbeingmadeintoincreasingglobalbatterymanufacturingcapacity,drivenprimarilybyChina

- 20

40

60

80

100

120

140

160

180

China Korea UnitedStates Japan Others

GWh/year

Comissioned UnderConstruction Announced

GlobalBreakdownofLithium-IonBatteryProjectCapacity

Source:BenchmarkMinerals,BloombergNewEnergyFinance

Capacityexpectedtogrow2xfrom2017Elevelsto2020

28.2GWh64.8GWh

102.8GWh

2015 2016 2017E

Lithium-IonBatteryManufacturingCapacity

For

per

sona

l use

onl

y

Slide 19[xx]GalaxyResourcesLimited(ASX:GXY)

- 20,00040,00060,00080,000100,000120,000140,000160,000180,000

2015

Start-

China

Price

Big3-

Li2C

O3

price

Lithium

Carbon

atePric

e

Lithium

Hydroxi

dePric

e

GrossPricing/t

NetPricing/t

40000

80000

120000

160000

200000

Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 BGLi2CO3 BGLiOH

Impact&TrendsOnLithiumPricing

19

Continuedstrengthinlithiumpricesisaclearindicationthatdemandgrowthislikelytobeoutpacingsupplysidegrowth

Source:CLA,CompanyEstimates,CJSecurities

HistoricalLithiumPrices(RMB/t) HistoricalLithiumPricesLTM(RMB/t)

LithiumCarbonatePriceComparison(RMB/t)– August2017

US$6.1K

US$19.6K1 US$17.8K1US$14.0K

§ SubstantialgrowthindemandforlithiumchemicalsunderpinnedbyasignificantexpansioninNEVuptakeinChina -Li2CO3 pricesareup29%versus2016year-end

§ Chinadomesticlithiumproductionin2016was87ktLCEvs70ktLCEin2015– JantoJuly2017alreadyrecorded101%increaseto73ktLCE oflithiummaterialimports(lithiumconcentrate,carbonate,andchloride;excludingDSO)vssameperiodin2016

§ 8%retractioninLiOH pricessince2016-end– mostgrowthdependentonex-ChinademandfromJapan(NCM-811/NCA)

100,000

140,000

180,000

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 BGLi2CO3 BGLiOH

For

per

sona

l use

onl

y

Slide 20[xx]GalaxyResourcesLimited(ASX:GXY) 20

Structuralchangesinelectrificationoftransportationandcontinuedpolicyandregulationsupportisacceleratinginvestmentalongthelithiumvaluechain

Otherupstreamresourcesintegratedwithdownstream

conversion

Lithium-IonBatteryValueChain

DownstreamUpstream

RawMaterials LithiumChemicalsConverters

CathodeProducers LiB Manufacturers

Limitedindependentfeedstocktoday– majorconvertersinvestedintospodumene projects

Majorexpansionsplannedovernext3yearsfromexistingproducers,

estimatedtoadd100kt+LCEinconversioncapacity

Chinacathodecapacityrapidlyexpanding– mixalsotrending

awayfromLFPtoNCMcathodechemistries

Certainproducerstargetingupto100ktofexpanded

cathodematerialproductioncapacityby2020

Batterymanufacturingcapacityalsoexpandingtomeetrapiddemandgrowth

fromNEVsector

NEVLiB productionexpectedtoatleastdouble

2017levelstoover200GWhby2020

DownstreamCapacityExpansionInChina

Greenbushes

MtMarion

For

per

sona

l use

onl

y

Slide 21[xx]GalaxyResourcesLimited(ASX:GXY) 21

For

per

sona

l use

onl

y

Slide 22[xx]GalaxyResourcesLimited(ASX:GXY)

Competent&QualifiedPersons’Statement

CompetentPersonStatement

SaldeVidaAnyinformationinthisreportthatrelatestorelatestotheestimationandreportingoftheSaldeVidaProjectMineralResourcesandMineralReservesisextractedfromthereportentitled“SalDeVida:RevisedDefinitiveFeasibilityStudyConfirmsLowCost,LongLifeandEconomicallyRobustOperation”createdon22August2016whichisavailabletoviewon www.galaxylithium.com andwww.asx.com.au.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedinthe originalmarketannouncementandthatallmaterialassumptionsandtechnicalparametres underpinningtheMineralResourcesandMineralReservesestimatesintherelevantmarketannouncementcontinuetoapplyandhavenotmateriallychanged.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncement.

JamesBayTheinformationinthisreportthatrelatestorelatestotheestimationandreportingoftheJamesBayexplorationresultsisextractedfromtheannouncemententitled“JamesBayUpdate:DrillingCampaignDeliversThick,HighGradeResults ”createdon27June2017whichisavailabletoviewon www.galaxylithium.com andwww.asx.com.au.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginalmarketannouncementandthatallmaterialassumptionsandtechnicalparametersunderpinningtheexplorationresultsintherelevantmarketannouncementcontinuetoapplyandhavenotmateriallychanged.TheCompanyconfirmsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncement.TheinformationinthisreportthatrelatestoMineralResourcesattheJamesBayProjectisbasedonworkcompletedbyMr JamesMcCann,whoisaMemberoftheOrdredesGeologues duQuebec,aRecognised OverseasProfessionalOrganisation.Mr McCannisafulltimeemployeeofGalaxy,andhassufficientexperiencewhichisrelevanttothestyleofmineralisation andtypeofdepositunderconsiderationandtotheactivitywhichheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2004editionofthe ‘AustralianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.Mr McCannconsentstotheinclusioninthereportofthemattersbasedonhisinformationintheformandcontextitappears.ThisinformationwaspreparedandfirstdisclosedundertheJORCCode2004andithasnotbeenupdatedsincetocomplywithJORCcode2012onthebasisthattheinformationhasnotmateriallychangedsinceitwaslastreported.

MtCattlin

TheinformationinthisreportthatrelatestorelatestotheestimationandreportingoftheMtCattlinProjectMineralResourcesandMineralReservesisextractedfromthereportentitled“MtCattlinUpdate:RevisedResource&ReserveStatement”createdon4August2015publishedbyGeneralMiningLimited(ASX:GMM)whichisavailabletoviewonwww.asx.com.au.TheCompanyconfirmsthatitisnotawareofanynewinformationordatathatmateriallyaffectstheinformationincludedintheoriginalmarketannouncement madebyGMM.TheCompanyunderstandsthattheformandcontextinwhichtheCompetentPerson’sfindingsarepresentedhavenotbeenmateriallymodifiedfromtheoriginalmarketannouncement.

CautionRegardingForwardLookingInformationThisdocumentcontainsforwardlookingstatementsconcerningGalaxy.Forward-lookingstatementsarenotstatementsofhistoricalfactandactualeventsandresultsmaydiffermateriallyfromthosedescribedintheforwardlookingstatementsasaresultofavarietyofrisks,uncertaintiesandotherfactors.Forward-lookingstatementsareinherentlysubjecttobusiness,economic,competitive,politicalandsocialuncertaintiesandcontingencies.ManyfactorscouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedinanyforward-lookinginformationprovidedbythe Company,oronbehalfoftheCompany.Suchfactorsinclude,amongotherthings,risksrelatingtoadditionalfundingrequirements,metalprices,exploration,developmentandoperatingrisks,competition,productionrisks,regulatoryrestrictions,includingenvironmentalregulationandliabilityandpotentialtitledisputes.ForwardlookingstatementsinthisdocumentarebasedonGalaxy’sbeliefs,opinionsandestimatesofGalaxyasofthedatestheforwardlookingstatementsaremadeandnoobligationisassumedtoupdateforwardlookingstatementsifthesebeliefs,opinionsandestimatesshouldchangeortoreflectotherfuturedevelopments.

NotForReleaseintheUnitedStatesThisannouncementhasbeenpreparedforpublicationinAustraliaandmaynotbereleasedintheUnitedStates.Thisannouncementdoesnotconstituteanofferofsecuritiesforsaleinanyjurisdiction,includingtheUnitedStatesandanysecuritiesdescribedinthisannouncementmaynotbeofferedorsoldintheUnitedStates absentregistrationoranexemptionfromregistrationundertheUnitedStatesSecuritiesActof1933,asamended.AnypublicofferingofsecuritiestobemadeintheUnitedStateswillbemadebymeansofaprospectusthatmaybeobtainedfromtheissuerandthatwillcontaindetailedinformationaboutthecompanyandmanagement,aswellasfinancialstatements.

22

For

per

sona

l use

onl

y