The Galaxy Resources Limited (ASX: GXY) share price hit a 52-week low of $1.96 today after the lithium miner disappointed investors with its operating update for the quarter ending December 31 2018.
Galaxy has lithium mining tenements in Mt Cattlin in Western Australia and Sal de Vida in Argentina, although Sal de Vida as yet remain undeveloped with the company admitting it's actively seeking partners to help share the financial cost of getting the site to production.
In Australia the Mt Cattlin site produced 33,780 dry metric tonnes of lithium spodumene concentrate over the quarter and total sales came to 39,682 dry metric tonnes at a cash margin of US$288 per dry metric tonne sold.
Galaxy had a whopping 17% of its outstanding shares 'short sold' as at 24 January 2019 according to the latest ASIC report, which is another factor likely keeping a lid on the share price.
