Galaxy Resources Ltd. (fka GALXF)

[Cory Groshek]

Galaxy Resources Denies Signing Lithium Deal With Panasonic

LINK: http://www.barrons.com/articles/galaxy-resources-denies-signing-lithium-deal-with-panasonic-1507091375

Galaxy Resources (GXY.AU) said it is in talks with Tesla (TSLA) battery supplier Panasonic (6752.JP) regarding the supply of lithium but has denied signing any agreement.

In response to an ASX query regarding a report in the Australian Financial Review the Australian miner said:

The facts in the article set out in your letter and referred to above are not factually correct. Galaxy is uniquely positioned in the global lithium market and is currently engaged in discussions with a number of parties in the battery supply chain, including Panasonic, as part of its normal business, however these discussions are at this stage informal. The Company is also in confidential discussions with car manufacturers in respect of the long-term supply of lithium but these discussions are also at this stage informal.

The Company will make an announcement on ASX if these various discussions are completed. At this point in time, no agreements have been signed.