lithium asia conference seoul, korea 8-9 september 2010 ... · e‐bike lithium battery packs...

meeting a lithium future

Lithium Asia ConferenceLithium Asia Conference

Seoul, KoreaSeoul, Korea

8-9 September 2010

Galaxy Resources Limited

8-9 September 2010


By Iggy Tan

Galaxy Resources LimitedGalaxy Resources Limited

Managing Director


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The following presentation represents Galaxy’s management’s best judgment at the time of presentation. The contents include forward looking statements prepared on the basis of assumptions which may prove to be incorrect. This presentation should not g p p p y p pbe relied upon as recommendation or forecast by Galaxy Resources Limited. No representation or warranty is made as to accuracy, completeness or reliability of the information

Competent PersonspInformation that relates to Mineral Resources in this report is based on information compiled by Mr. Robert Spiers who is a fulltime employee of Hellman & Schofield Pty Ltd. Information that relates to Exploration Results including exploration data and geological interpretations is based on information compiled by Mr Philip Tornatora who is a full time employee of Galaxy. Mr Spiers and Mr Tornatora are Members of the Australian Institute of Geoscientists and qualify as Competent Persons as defined in the 2004 JORC Code. Mr. Spiers and Mr Tornatora consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Information in this report that relates to Mineral Ore Reserves is based on information compiled by Mr. Glenn Williamson who i f ll ti l f Mi i R Pt Ltd M Willi h ffi i t i hi h i l t t th t l fis a full time employee of Mining Resources Pty Ltd. Mr. Williamson has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Personas defined in the 2004 JORC Code. Mr. Williamson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.


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GALAXY RESOURCES LIMITEDGALAXY RESOURCES LIMITED meeting a lithium futureGALAXY RESOURCES LIMITEDGALAXY RESOURCES LIMITED

Australian CompanyS & P / ASX 300Australian CompanyS & P / ASX 300Lithium for Lithium Ion BatteriesAustralian mine and resourceLithium for Lithium Ion BatteriesAustralian mine and resourceDown stream value adding in China

Project Finance in place

Down stream value adding in China

Project Finance in place Project Finance in place 100% Off take CompletedProject Finance in place 100% Off take Completed


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CORPORATE STRUCTURECORPORATE STRUCTURE meeting a lithium futureCORPORATE STRUCTURECORPORATE STRUCTURE

ASX Code: GXYShares on Issue: 190 millionC t P i $1 16Current Price: $1.16 (6 Sept 2010)

Market Cap: $220 millionMajor Shareholders:Major Shareholders:Creat Resources 19.9%HSBC CUSTODY NOMINEES 12.6% ROBERT HEALY 5.8% NATIONAL NOMINEES LIMITED 5 1% $250

$300 Galaxy Market Capitalisation (Undiluted)

NATIONAL NOMINEES LIMITED 5.1% ADEMSA PTY LTD 4.8% UBS NOMINEES 4.1% CITICORP NOMINEES 3.1% STATE ONE 2.7% $100

$150

$200

rket Cap

A$m

STATE ONE 2.7%EQUITY TRUSTEES LTD 2.3% ROMADAK PTY LTD 1.8% ANZ NOMINEES 1.6% SIMCOCKS PENSIONS LTD 1.2%

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SIMCOCKS PENSIONS LTD 1.2%

Jul

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FAST TRACK PRODUCT TO MARKETFAST TRACK PRODUCT TO MARKETmeeting a lithium future

FAST TRACK PRODUCT TO MARKETFAST TRACK PRODUCT TO MARKET

SpodumeneConcentrate

Lithium

Minerals PlantPit

Lithium Carbonate

Lithium Carbonate Producer

Lithium Battery Producers

Electric Vehicle

17,000 17,000 tpatpa LCLC


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Our VisionWorld Player in Lithium

Our Vision

Second largest spodumene hard rock mine in the world

World’s fourth largest Lithium Carbonate producerWorld s fourth largest Lithium Carbonate producer

China’s largest Lithium Carbonate producer

Lowest cost producer in China

Premium supplier of battery grade


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GROWTH IN OTHER AREAS BEFORE EVsGROWTH IN OTHER AREAS BEFORE EVsmeeting a lithium future

GROWTH IN OTHER AREAS BEFORE EVsGROWTH IN OTHER AREAS BEFORE EVsU

nits

Energy Storage

Electric Vehicles

US$2 5b 2015

atte

ry U

Starter Batteries

Energy Storage US$2.5b 2015

Porsche

Li B

a

Po er Tools

E-BikesFast Adoption

Porsche

Growth 25 30%

Power Tools

ElectronicsTimeGrowth 25-30%

199

200

200

2002

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200 4

200

2006

200

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201 1

2012

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2014

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2016

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Galaxy Resources Limited Source: Galaxy Resources

9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0

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FORECAST GROWTH OF E BIKESFORECAST GROWTH OF E BIKESmeeting a lithium future

E Bikes Sales in Asia till 2016E Bikes Sales in Asia till 2016

China to remain as major driverChina to remain as major driver

E Bikes Sales in Asia till 2016E Bikes Sales in Asia till 2016

3033

35.538

40.544

35

40

45

50

China CAGR 8.2% till 2016 Year 2016 Sales of US$20millionP d i i A i 44 bik

China CAGR 8.2% till 2016 Year 2016 Sales of US$20millionP d i i A i 44 bik 2

57.5

10

14

1921

23.527

5

10

15

20

25

30

Li Ion Battery Pack Sales Globally 2009

Production in Asia – 44 m bikes paPRC bike weight restrictions L ti f thi th ill

Production in Asia – 44 m bikes paPRC bike weight restrictions L ti f thi th ill

0.2 0.2 0.32

0

5

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2016

0.8

1

1.2

ks in Millions

y yLarge proportion of this growth will be lithium battery e bikes *Large proportion of this growth will be lithium battery e bikes *

0.2

0.4

0.6Li ion Battery Pack


0

China USA Europe Japan Others

* Source: Galaxy Resources Limited

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LITHIUM E BIKE BATTERIESLITHIUM E BIKE BATTERIES meeting a lithium futureLITHIUM E BIKE BATTERIESLITHIUM E BIKE BATTERIES

10

E‐Bike Lithium Battery Packs Supply & Demand (2011‐2015)

6

8

10Demand Supply Gap

2

4

cks in M

illions

‐4

‐2

0

2011 2012 2013 2014 2015

Battery Pac

‐8

‐6


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GROWTH IN CAR BATTERIESGROWTH IN CAR BATTERIES meeting a lithium futureGROWTH IN CAR BATTERIESGROWTH IN CAR BATTERIES

Car lead acid batteries will covert to lithium ion batteries *Prosche 911 GT3 offers lighter lithium battery optionCar lead acid batteries will covert to lithium ion batteries *Prosche 911 GT3 offers lighter lithium battery optionProsche 911 GT3 offers lighter lithium battery optionInnovations (air bags, electric windows, electric mirrors etc all started with high end cars

Prosche 911 GT3 offers lighter lithium battery optionInnovations (air bags, electric windows, electric mirrors etc all started with high end carsgg

Galaxy Resources Limited * Source: Galaxy Resources Limited

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MASS ENERGY STORAGE MASS ENERGY STORAGE meeting a lithium future

MASS ENERGY STORAGE MASS ENERGY STORAGE

AES Corp 2MW Ancillary Unit


AES Corp 2MW Ancillary Unit

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MASS ENERGY STORAGEMASS ENERGY STORAGEmeeting a lithium future

MASS ENERGY STORAGEMASS ENERGY STORAGE

China targeting 20% from renewable source by 2020B tt t ll i bl bl t tChina targeting 20% from renewable source by 2020B tt t ll i bl bl t tBattery storage allows variable renewable to competeChina - 1 MW of wind power installed every hourG t t t f t

Battery storage allows variable renewable to competeChina - 1 MW of wind power installed every hourG t t t f tGovernment contracts for energy storageGovernment contracts for energy storage


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CHINA WILL DRIVE GROWTH OF EVsCHINA WILL DRIVE GROWTH OF EVsmeeting a lithium future

CHINA WILL DRIVE GROWTH OF EVsCHINA WILL DRIVE GROWTH OF EVs

10% vehicles emission free by 201350% hi f EV & H b id b 203010% vehicles emission free by 201350% hi f EV & H b id b 203050% ownership of EVs & Hybrids by 2030Rolling Five Year Plan “973 Plan”1 000 i 10 iti

50% ownership of EVs & Hybrids by 2030Rolling Five Year Plan “973 Plan”1 000 i 10 iti 1,000 new-energy cars in 10 cities program40,000, including buses, when it is implementedS b idi f EV d l t d hi (60 000 )

1,000 new-energy cars in 10 cities program40,000, including buses, when it is implementedS b idi f EV d l t d hi (60 000 ) Subsidies for EV car development and ownership (60,000 yuan) CNOOC invested US$ 730m in Tianjin LishenSubsidies for EV car development and ownership (60,000 yuan) CNOOC invested US$ 730m in Tianjin Lishen


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DEMAND AT NEAR PRE-GFC LEVELSDEMAND AT NEAR PRE-GFC LEVELSmeeting a lithium future

DEMAND AT NEAR PRE-GFC LEVELSDEMAND AT NEAR PRE-GFC LEVELS

SQM - 48% increase in Lithium revenue* SQM sales increase from 9 kt to 16.4 kt* SQM - 48% increase in Lithium revenue* SQM sales increase from 9 kt to 16.4 kt* Talison – Can’t supply enough PRC spodumeneChina Spodumene imports up 146%*Talison – Can’t supply enough PRC spodumeneChina Spodumene imports up 146%*China Li Carb Imports up 221%*China Li Carb Exports up by 36%* China Li Carb Imports up 221%*China Li Carb Exports up by 36%* Price will pick up to pre GFC levels in next 12-18 monthsPrice will pick up to pre GFC levels in next 12-18 monthsChina Statistics H1 2009 H1 2010 % Var

t ttonnes tonnes

Spodumene Imports 48,000 118,000 146%

Li Carb Exports 916 1242 36%

Li C b I t 920 2953 221%


Li Carb Imports 920 2953 221% * H1 2009 vs H1 2010* H1 2009 vs H1 2010

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Mt Cattlin Spodumene MineMt Cattlin Spodumene MineMt Cattlin Spodumene MineMt Cattlin Spodumene Mine


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SPODUMENE MINESPODUMENE MINEmeeting a lithium future

SPODUMENE MINESPODUMENE MINE

1 Mtpa processing137 000 tpa 6 0% Li2O 1 Mtpa processing137 000 tpa 6 0% Li2O 137,000 tpa 6.0% Li2O Spodumene16 year mine life

137,000 tpa 6.0% Li2O Spodumene16 year mine lifeMine & ConcentratorCapital around A$79mMine & ConcentratorCapital around A$79mShip to ChinaShip to China


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MT CATTLIN COMMISSIONINGMT CATTLIN COMMISSIONINGmeeting a lithium future

MT CATTLIN COMMISSIONINGMT CATTLIN COMMISSIONING

No Lost Time InjuriesCommenced dry commissioning last weekNo Lost Time InjuriesCommenced dry commissioning last weekCommenced dry commissioning last weekOn schedule and on budgetConcentrate production by end Sept

Commenced dry commissioning last weekOn schedule and on budgetConcentrate production by end Sept p y pFirst shipment in Nov 2010

p y pFirst shipment in Nov 2010


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Tantalum Circuit

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Jiangsu Lithium Carbonate PlantJiangsu Lithium Carbonate PlantJiangsu Lithium Carbonate Plant

“World Class Processing Plant”

Jiangsu Lithium Carbonate Plant

“World Class Processing Plant”World Class Processing PlantWorld Class Processing Plant


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CHINESE LITHIUM CARBONATE PRODUCERSCHINESE LITHIUM CARBONATE PRODUCERSmeeting a lithium future

CHINESE LITHIUM CARBONATE PRODUCERSCHINESE LITHIUM CARBONATE PRODUCERS

Xinjiang

8x Costs2nd

Aba GuangshengZibo Xin Fu

Pan Asia Nantong

Ni Co Guorun8x Costs

1 t

GALAXY

Jiangxi GanfengSichuan Shehong

1st


Jiangxi Jiang

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JIANGSU LITHIUM CARBONATE PLANTJIANGSU LITHIUM CARBONATE PLANTmeeting a lithium future

Zhangjiagang Free Trade ZoneZhangjiagang Free Trade ZoneZhangjiagang Free Trade ZoneJiangsu ProvinceInternational Port

Zhangjiagang Free Trade ZoneJiangsu ProvinceInternational Port International Port 3,379 enterprises 120 international companies

International Port 3,379 enterprises 120 international companies plike Dow Chemical, Dow Corning, Chervron Philips, Dupont

plike Dow Chemical, Dow Corning, Chervron Philips, DupontDupontDupont


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Galaxy Resources Limited Artist Impression - Jiangsu Lithium Carbonate Plant

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Jiangsu Lithium Carbonate Plant

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LOWEST COST PRODUCERLOWEST COST PRODUCERmeeting a lithium future

LOWEST COST PRODUCERLOWEST COST PRODUCER

No internal transport (x 8)No need to purchase spodumeneNo internal transport (x 8)No need to purchase spodumeneNo need to purchase spodumeneLarge scale plant 3xNo labour quotas

No need to purchase spodumeneLarge scale plant 3xNo labour quotasqUnloading and handlingCheap acid and soda ash

qUnloading and handlingCheap acid and soda ash Subsidies and incentivesSubsidies and incentives


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JIANGSU UPDATEJIANGSU UPDATEmeeting a lithium future

JIANGSU UPDATEJIANGSU UPDATE

No Lost Time InjuriesAll site infrastructure completedNo Lost Time InjuriesAll site infrastructure completedAll site infrastructure completedWaiting final outstanding tendersOrders for critical path items completed

All site infrastructure completedWaiting final outstanding tendersOrders for critical path items completed p pHatch to issue final schedule and construction budget –Oct 10

p pHatch to issue final schedule and construction budget –Oct 10


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OFF TAKE ARRANGEMENTSOFF TAKE ARRANGEMENTSmeeting a lithium future

OFF TAKE ARRANGEMENTSOFF TAKE ARRANGEMENTS

Mitsubishi as major partner in Japan (30%)Completed 100% off take of all productionMitsubishi as major partner in Japan (30%)Completed 100% off take of all productionp pTop 13 Major Cathode Producers in ChinaSecured only new capacity coming on line

p pTop 13 Major Cathode Producers in ChinaSecured only new capacity coming on lineMost are already expandingMost are moving to Government targetsMost are already expandingMost are moving to Government targets

China’s demand is approx 20-25,000 tpaWe have stitched up China’s future growthChina’s demand is approx 20-25,000 tpaWe have stitched up China’s future growthp gp g


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WORLD CLASS DISTRIBUTION WORLD CLASS DISTRIBUTION meeting a lithium futureWORLD CLASS DISTRIBUTION WORLD CLASS DISTRIBUTION

Tianjin Warehouse

Galaxy Planty

Changsha Warehouse


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FundingFundingFundingFunding


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PROJECT CONSTRUCTION FULLY FINANCEDPROJECT CONSTRUCTION FULLY FINANCEDmeeting a lithium future

PROJECT CONSTRUCTION FULLY FINANCEDPROJECT CONSTRUCTION FULLY FINANCED

Project capital costs – A$145 millionPrivate Beijing Investment - Creat GroupProject capital costs – A$145 millionPrivate Beijing Investment - Creat GroupPrivate Beijing Investment Creat Group19.99% placement at A$33 millionRaised additional A$65 million

Private Beijing Investment Creat Group19.99% placement at A$33 millionRaised additional A$65 million

Project loan of A$105 millionRZB A t i B kProject loan of A$105 millionRZB A t i B kRZB – Austrian BankCDB – Leading Chinese BankDrawdown expected mid Sept 10

RZB – Austrian BankCDB – Leading Chinese BankDrawdown expected mid Sept 10Drawdown expected mid Sept 10Drawdown expected mid Sept 10


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THE LITHIUM RUSHTHE LITHIUM RUSH meeting a lithium futureTHE LITHIUM RUSHTHE LITHIUM RUSH

20 100 Lithium companies in 18 months Like the Uranium rush of 90s20 100 Lithium companies in 18 months Like the Uranium rush of 90sLots of exploration companiesFirst movers will establish themselves as prod cers

Lots of exploration companiesFirst movers will establish themselves as prod cersproducersWe have stitched up China’s future growthproducersWe have stitched up China’s future growth

Galaxy is the next project into productionThere is a 2-3 year gap of new projects behind Galaxy is the next project into productionThere is a 2-3 year gap of new projects behind GalaxyGalaxy


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SIGNOMBOX INDEX SIGNOMBOX INDEX meeting a lithium future

SIGNOMBOX INDEX SIGNOMBOX INDEX


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AN INDUSTRIAL PRODUCTAN INDUSTRIAL PRODUCT meeting a lithium futureAN INDUSTRIAL PRODUCTAN INDUSTRIAL PRODUCT

LC is not a commodity LC is not a commodity LC is not a commodity Supplying high tech industrySubject to qualification

LC is not a commodity Supplying high tech industrySubject to qualification Technical SupportTechnical MarketingW h th t i i Chi

Technical SupportTechnical MarketingW h th t i i ChiWe have that experience in ChinaWe have that experience in China


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BRINES VS HARD ROCKBRINES VS HARD ROCK meeting a lithium futureBRINES VS HARD ROCKBRINES VS HARD ROCK

Top 3 Brine <10% market share in PRCCost is important but product suitability is Top 3 Brine <10% market share in PRCCost is important but product suitability is Cost is important but product suitability is criticalChina used to hard rock based LC

Cost is important but product suitability is criticalChina used to hard rock based LCGXY will be the largest producer in ChinaBrine companies are too concentrated in S h A i

GXY will be the largest producer in ChinaBrine companies are too concentrated in S h A iSouth AmericaSouth America


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GALAXY LAUNCHES EV GRADEGALAXY LAUNCHES EV GRADE meeting a lithium futureGALAXY LAUNCHES EV GRADEGALAXY LAUNCHES EV GRADE

Previous capability of 99.5% LCExtra purification stepPrevious capability of 99.5% LCExtra purification stepp p17,000 tpa capacity of “EV Grade” 99.9%Largest producer in the world of “EV Grade”

p p17,000 tpa capacity of “EV Grade” 99.9%Largest producer in the world of “EV Grade”Can produce 99.99% “EV Plus Grade”

EVs will drive for higher purity product

Can produce 99.99% “EV Plus Grade”

EVs will drive for higher purity productEVs will drive for higher purity productGXY has positioned itself for this futureEVs will drive for higher purity productGXY has positioned itself for this future

Galaxy Resources Limited “EV Grade” and “EV Plus Grade” are pending trademarks of Galaxy “EV Grade” and “EV Plus Grade” are pending trademarks of Galaxy

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Industrial Technical EVBattery EV PlusIndustrial Grade

Technical Grade

EVGrade

Battery Grade

EV PlusGrade

% % % % %<99.0% LC 99.0% LC 99.5% LC 99.9% LC 99.99% LC


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BATTERY & EV GRADE FOCUSBATTERY & EV GRADE FOCUS meeting a lithium futureBATTERY & EV GRADE FOCUSBATTERY & EV GRADE FOCUS

T 3 B i LC d ll t T 3 B i LC d ll t Top 3 Brine LC producers - small amount of Battery gradeGXY- Originally all battery grade (17 000

Top 3 Brine LC producers - small amount of Battery gradeGXY- Originally all battery grade (17 000 GXY- Originally all battery grade (17,000 tpa LC)Now all EV Grade capacity (17,000 tpa LC)

GXY- Originally all battery grade (17,000 tpa LC)Now all EV Grade capacity (17,000 tpa LC)

WHEN IN PRODUCTION GALAXY WILL BE THE WORLDS LARGEST WHEN IN PRODUCTION GALAXY WILL BE THE WORLDS LARGEST WHEN IN PRODUCTION, GALAXY WILL BE THE WORLDS LARGEST SUPPLIER OF EV GRADE LITHIUM

WHEN IN PRODUCTION, GALAXY WILL BE THE WORLDS LARGEST SUPPLIER OF EV GRADE LITHIUM


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Ore Handling

Washing Filtration

Li Carbonate Precipitation

Calcination Ion Exchange

BicarbPurification

Milling Impurity Removal

Washing Filtration

Packaging

Sulphation Impurity Precipitation Drying

Leaching Residue Removal

Micronising


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SUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELS meeting a lithium futureSUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELSSodium Levels (ppm)

Comparative Anaysis by Wollongong Universit

Potassium Levels (ppm)Comparative Anaysis by Wollongong Universit

SQM

Pan Asia

Comparative Anaysis by Wollongong Universit

SQM

Pan Asia

p y y g g

Galaxy

FMC

Tianqi

Galaxy

FMC

Tianqi

0 50 100 150 200 250 300

Galaxy

Magnesium Levels (ppm)Comparative Anaysis by Wollongong Universit

Iron Levels (ppm)Comparative Anaysis by Wollongong Universit

5 10 15 20 25 30 35

y

SQM

Pan Asia

i i

SQM

Pan Asia

Galaxy

FMC

Tianqi

Galaxy

FMC

Tianqi


0 20 40 60 80 0 5 10 15 20

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SUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELS meeting a lithium futureSUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELS

Sulphate Levels (ppm)Comparative Anaysis by Wollongong University

SQM

Pan Asia

FMC

Tianqi

Galaxy

FMC

0 500 1000 1500


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SUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELS meeting a lithium futureSUPERIOR PURITY LEVELSSUPERIOR PURITY LEVELS

Chloride Levels (ppm)Comparative Anaysis by Wollongong University

SQM

Pan Asia

FMC

Tianqi

Galaxy

FMC

0 20 40 60 80 100 120 140


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HARD ROCK VS BRINE LC HARD ROCK VS BRINE LC meeting a lithium futureHARD ROCK VS BRINE LC HARD ROCK VS BRINE LC

Discharge Performance after 5 Cycles (mAh/g)Comparative Anaysis by Wollongong University

Pan Asia

Galaxy Hard Rock based lithium carbonate

seems toHard Rock

Tianqi

Pan Asia seems to outperform Brine

based lithium carbonate

FMC

SQM

Brines

110 115 120 125 130 135 140 145 150

FMC


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lithium asia conference seoul, korea 8-9 september 2010 ... · e‐bike lithium battery packs...

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