GALAXY RESOURCES LIMITED
ANNUAL FINANCIAL REPORT DECEMBER 2011
DIRECTORS' REPORT Insurance of Officers During the year, Galaxy Resources Limited incurred premiums to insure the directors, secretary and/or officers of the Company. The liability insured is the indemnification of the Company against any legal liability to third parties arising out of any Directors or Officers duties in their capacity as a Director or Officer other than indemnification not permitted by law. No liability has arisen under this indemnity as at the date of this report. The Company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an officer or auditor of the Company or of any related body corporate, against a liability incurred as such by an officer or auditor. Environmental Regulation and Performance The Consolidated Entity holds various environmental licenses and authorities, issued under both Australian and Peoples Republic of China (PRC) law, to regulate its mining, exploration and chemicals activities in Australia and PRC. These licenses include conditions and regulation in relation to specifying limits on discharges into the environment, rehabilitation of areas disturbed during the course of mining and exploration activities, and the storage of hazardous substances. There have been no material breaches of the Consolidated Entities licenses and all mining, exploration and chemicals activities have been undertaken in compliance with the relevant environmental regulations. Proceedings On Behalf Of the Company There are no proceedings on behalf of the Company under section 237 of the Corporations Act 2001 in the year ended 31 December 2011 or at the date of this report. Lead Auditor’s Independence Declaration In accordance with section 307C of the Corporations Act 2001, the directors received the attached independence declaration set out on page 50 and forms part of the directors’ report for the year ended 31 December 2011. Signed in accordance with a resolution of the Directors Dated at Perth this 20th day of March 2012. On behalf of the Directors
I KS Tan Managing Director
Page | 49