The company has three active projects at present. A couple of them appear to be only semi-active; the Mt. Cattlin (Australia) mine has been shut since July 2012 and the James Bay (Canada) project is still under exploration. The Sal de Vida (Argentina) lithium project is the only one left on which the market can hang some valuation. Galaxy's corporate website displays a summary of some NI 43-101 data for Sal De Vida's claimed 2P reserves. I cannot find the full 43-101 report for that project anywhere on Galaxy's website or in a SEDAR search of the company's filed reports. If a company has to make it this difficult to verify its claims, I cannot waste my time evaluating its operational potential.
I did download the company's annual report for the year ended December 31, 2014 straight from its investor relations page. Galaxy had a total net loss of over -AUD$56M in 2014, which wasn't nearly as bad as 2013's restated loss of over -AUD$104M. A reduced loss is still a loss. Their total current liabilities have exceeded total current assets in both 2013 and 2014, and with only AUD$13M in cash on hand they will absolutely have to raise a lot more money just to keep the lights turned on. It is impossible to determine whether their fundraising serves an operational purpose without access to a 43-101 report describing how the company should further develop its most viable project.
The stock trades in the pennies, typically under US$0.04 throughout the summer of 2015. One look at the EPS of -US$0.05 tells me this company is losing more than what the market thinks it is worth. There is no way that such a company will ever belong in my own portfolio. A company with aspirations to be galaxy-sized needs to have more than a big black hole of important information.
Full disclosure: No position in Galaxy Resources (GXY.AX) at this time.