Shares in Galaxy are up by more than a staggering 90% since the start of August, reaching a new six-year high of A$3.73 today.

Since the end of August, the company has seen institutions on its register rise from 42% to just under 47%.

“We’re seeing much more of the non-mining, non-resources investor,” Tse said on a teleconference today, adding that Galaxy had received interest from sovereign wealth funds.

Mt Cattlin produced 47,075 dry metric tonnes of lithium concentrate for the September quarter, up by 43% over the three months to June 30.

Cash costs dropped by 18% to US$320 per dry metric tonne, while the average sales price jumped by 17% to $843/dmt, resulting in quarterly earnings before interest, tax, depreciation and amortisation of A$21.6 million.

Tse said the company’s rapid share price rise was also likely a result of strong operational performance at Mt Cattlin – which was set to continue next year.

 “If we can do what we plan to do next year, and produce 25,000t of lithium carbonate equivalent, that would mean we essentially step up to probably rank number five, or number six, in terms of global lithium production,” he said.

“We’re moving up in the lithium world … there aren’t many pure-play lithium companies.”

While Galaxy is still finalising contracts for 2018, Tse is expecting lithium prices to continue to rise due to tight supply conditions.

“We’re in that awkward stage at the moment where we’re doing documentation … but I think general guidance would be an improvement in price,” he said.

Galaxy is also working on strategic partnerships, financing and offtake for the Sal de Vida brine project in Argentina, which is expected to be finalised in the “near-term”.

The company had $57.4 million in cash at the end of the quarter and $8.5 million in debt.

Shares in Galaxy were up by 2% to $3.61 in afternoon trade, capitalising the company at $1.4 billion.