The increase for the six months to June 30, has delivered the company 97,7000 tonnes of lithium oxide in the ground, plus a further 21,000t Li2O sitting in surface stockpiles.
Total resources were 118,000t comprising 11.8Mt grading 1.25% Li2O, 1.3% iron and 174 parts per million tantalum pentoxide, with 88% now classed as measured or indicated.
The company has completed some 17,900m of drilling to improve its understanding of the orebody, and as part of a massive brownfield and greenfield exploration programs at Mt Cattlin and its surrounding tenements it is planning to complete 23,200m by the end of February.
There will be a further 10,000m to target open extensions of the Mt Cattlin orebody to the west and north beyond the extent of current drilling.
The company is particularly keen to interrogate the area between the Dowling pit and the tailings dam,
At its mine site, the company has also commenced spending on capital improvement projects, such as installation of an ultra-fines dense media separation circuit and process optical sorting, which will further optimise processing efficiencies and is expected to assist in improving plant recoveries from 52-56% to a targeted 70-75%.
That should lead to improved reserves once improved recovery parameters are established.
Galaxy expects to further update reserve classifications once the ongoing round of infill resource development drilling has been completed. The immediate focus has been around the proposed Floater Road pit area.
It has engaged an external contractor to scope out cut-back and/or shallow underground mining options that fall outside the current pit shell to captures the full resource.
In the last quarter, the company saw production ramp up 9% to support a run-rate at Mt Cattlin of between 170,000-180,000tpa with the aim of ramping up to 220,000-240,000tpa, while margins were pushed up 20%, giving it cash margins of US$534 per tonne.
The company has almost $70 million in cash and securities and is debt-free.
It stands to pocket around US$280 million from the sale of the northern Salar del Hombre Muerto assets in Argentina to South Korea's Posco later this quarter.
The proceeds from the transaction will help Galaxy fund the Sal de Vida project.
Shares in Galaxy closed Friday at A$2.78, capitalising the company at $1.1 billion. Over the past year it has traded between $1.71 and $4.54.