Galaxy Resources Limited is leveraging its portfolio of world-class development assets to create a sustainable, large scale, global lithium chemicals business. Galaxy advises the completion of the 2021 Feasibility Update for its wholly owned, Sal de Vida Brine Project located in Catamarca Province, Argentina. With achievement of this milestone, Galaxy will continue to advance the Project and move into the detailed design and construction phase. Galaxy has been internally developing a simplified evaporation flowsheet for the Sal de Vida Project. Over the past 12 months test work and piloting on site have steadily and successfully improved product quality to battery grade specifications. Technical analysis of piloting has been verified independently by the Minerals business unit of the Australian Nuclear Science and Technology Organisation's ("ANSTO") facility in Sydney, Australia. Wellfield drilling commenced in late 2020 to construct an additional eight production wells and explore the aquifer at depths not previously drilled. Depth extension drilling from two completed production wells increased the size of the brine aquifer and depth of the basement model. These two wells also achieved higher average lithium grades of 933 mg/L compared to the resource grade of 754mg/L lithium. This resulted in a 27% resource increase and 13% reserve increase announced on 14 April 2021. Higher brine grade was not factored into the feasibility study or plant design basis as the data has only recently become available. For clarity, the plant has been designed on an input brine grade of 802 mg/L lithium. Higher brine grade will have a significant positive impact on the Project as the existing pond and process plant designs can easily accommodate increased feed grade within design tolerance parameters and therefore any increase in brine feed grade will result in increased plant production. Minimal additional capex would be required apart from minor increase to product storage and handling facilities. The impact on operational costs will be minimal with production costs largely variable as reagent consumption would increase in line with production rates. Results from the remaining production well drilling, including lithium grade increase, will be incorporated into a revised resource and reserve statement in Third Quarter 2021. At the same time, an update on the production capacity increase will be provided. Further upside also remains in the following areas and activities will also be undertaken in 2021 to realise these benefits: Automation of aspects of the plant is expected to strengthen the quality control processes required to consistently achieve battery grade quality product. Power generation is currently designed to be sourced from diesel generators; however, a study assessing options to reduce carbon emissions and develop alternative sustainable supply strategies for all stages of development is underway. A photovoltaic solution is being investigated for Stage 2 and will be brought forward to Stage 1 if possible. Natural gas remains an option to replace diesel for baseload power generation and Galaxy is examining two options for supply of gas to the project. The execution plan for 2021 focuses on transitioning from the early works phase into full scale execution of the project. Early works will include construction and filling of the first ponds by year end, procurement of long lead items to support pond commissioning, detailed design work for the plant and potentially early orders of specific processing equipment. Project execution later in the year will focus on commissioning the first string of operational ponds before commencing the plant construction and progressing towards operational readiness. This schedule allows for brine evaporation to occur during plant construction, allowing evaporated brine to feed the plant once commissioned. Galaxy is targeting first lithium carbonate production in late 2022. In First Quarter 2021 Galaxy completed PFS level engineering on Stages 2 and 3 expansions. The PFS has used the Canadian Institute of Mining, Metallurgy and Petroleum as the minimum engineering standard to be achieved and this is a prerequisite for the conversion of Mineral Resources to Mineral Reserves. The basis of design for Stage 2 & 3 is a duplication of Stage 1 with each additional phase assessed to produce 10,700 tpa of lithium carbonate battery grade product. The additional wellfields (made of eight production wells each) have been located in the southwest region of the tenement. The additional processing capacity will be achieved by adding to the existing plant in a staged approach. Synergies are expected with labour, reagents and product handling. The PFS confirms capital and operating assumptions for the processing plant expansion and additional evaporation ponds according to ACCE Class 5. Project delivery synergies from continuity of engineering, and allocated contingency have not yet been determined and are expected to be realised as further work is completed. Development capital and operating costs: Project development capital expenditure for all three stages combined is estimated to be USD 466 million and incudes the same key design assumptions as Stage 1 detailed in Table 4. OPEX for all stages is estimated to be US$3,352 per tonne LC, a slight reduction to Stage 1 OPEX largely due to labour synergies. While the fundamental approach is to replicate Stage 1 with increased wells, pumps, evaporation ponds and plant capacity, it is expected that many synergies will be realised including project delivery and development capital and operating costs. Continuity of people, systems and processes, engineering efficiencies and targeted allocation of contingency are expected. However, the PFS level does not accommodate these expected synergies other than minor indirect cost reductions. Further upside is expected as more detailed engineering on these stages advance. The Feasibility for all stages demonstrates strong financial outcomes with a Pre-tax NPV8% real of USD 2.1 billion. For the purpose of determining the operating parameters, Stage 1 ramp up and production quality assumptions have been used. It is proposed that once the commissioning of Stage 1 commences, the development of Stage 2 will occur in parallel. As Stage 2 comes online with increased production, the development of Stage 3 will commence. Through the final delivery phases of Stage 1, Galaxy will continue to assess the staged developed assumptions and optimise the business case.