New Risk • Apr 07
New major risk - Revenue and earnings growth Earnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m (AU$6.1k revenue, or US$4.2k). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (40% increase in shares outstanding). Revenue is less than US$1m (AU$6.1k revenue, or US$4.3k). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Jan 29
Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 41 million. Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 41 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 86,600,000
Price\Range: AUD 0.41
Discount Per Security: AUD 0.0246
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,400,000
Price\Range: AUD 0.41
Discount Per Security: AUD 0.0246
Transaction Features: Subsequent Direct Listing Announcement • Jan 23
Galan Lithium Limited Announces Management Changes Galan Lithium Limited confirms the formal appointment of Mr. Ofer Amir, Founder of the Clean Elements Fund, to its Board as a Non-Executive Director as foreshadowed in the ASX announcement dated November 5, 2025. Mr. Amir brings strong European capital markets expertise to Galan. Further, Katherine Garvey has been appointed as Galan’s new Company Secretary, replacing Mr. Mike Robbins who has served the Company through multiple stages of growth and development in his role since 2013. Ms Garvey is a corporate lawyer with significant experience in the resources sector. Katherine advises companies on a variety of corporate and commercial matters including capital raisings, finance, acquisitions and disposals, Corporations Act and ASX Listing Rule compliance, corporate governance and company secretarial issues and has extensive experience drafting and negotiating various corporate and commercial agreements. The effective date of these appointments is January 23, 2026. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m (AU$6.1k revenue, or US$4.2k). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Major Estimate Revision • Jan 21
Consensus revenue estimates increase by 221% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$2.48m to AU$7.96m. Forecast losses expected to reduce from -AU$0.0089 to AU$0.00 per share. Metals and Mining industry in Australia expected to see average net income growth of 25% next year. Consensus price target up from AU$0.29 to AU$0.60. Share price rose 15% to AU$0.46 over the past week. Announcement • Oct 13
Galan Lithium Limited, Annual General Meeting, Nov 17, 2025 Galan Lithium Limited, Annual General Meeting, Nov 17, 2025. Location: at the park business centre, 45 ventnor avenue, wa 6005, west perth Australia New Risk • Sep 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Revenue is less than US$1m (AU$941 revenue, or US$619). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (AU$2.7m net loss in 2 years). Announcement • Jul 29
Galan Lithium Limited Announces Incentive Regime for Hmw Project in Argentina Galan Lithium Limited advised that the Comite Eval Ecuador de Proyectos RIGI, responsible for awarding the Argentine Government's Regimen de Incentivo para Grandes Inversiones (the incentive regime for large-scale investments referred to as the "RIGI"), has approved the RIGI for Galan's Hombre Muerto West ("HMW") Project in Catamarca Province, Argentina. Galan now expects to receive official approvals relating to the RIGI in due course. The RIGI is a landmark investment framework introduced as part of the Government of Argentina's new economic reform agenda, aimed at encouraging large-scale investment in key sectors, including mining. The RIGI provides long-term certainty on tax and foreign exchange regulations, as well as streamlined permitting, both critical enablers for project financing, efficient construction and operation of the HMW Project over its multi-decade life. HMW will be only the sixth project to receive the RIGI approval in Argentina and the second in the mining sector, following the recent award to Rio Tinto's Rincon project. Key Benefits of the RIGI for the HMW project: Reduced Corporate Income Tax: a significant 10% reduction in corporate income tax rate to 25%. Fiscal Stability: Certainty around income tax, royalties, and export duties for 30 years. Foreign Exchange: Preferential access to currency markets for imports and dividend repatriation. Customs & Tariff Exemptions: Reduced barriers for importing critical equipment and materials. Accelerated Depreciation: Improved cash flow through tax-effective project development. HMW is a multi-decade, lithium brine project in Argentina with compelling economics. Phase 1 provides for a 4ktpa LCE operation, producing a 6% LiCl concentrate product over a projected 40-year life (1). Galan expects first Phase 1 production in H1 2026 and has secured an offtake agreement for 45,000 t LCE of production. Beyond Phase 1, the Company will undertake a phased scaling approach, eventually ramping up to 60ktpa at the conclusion of Phase 4. This approach mitigates funding and execution risk and will allow for continuous process improvement. With a world class resource and a cost profile within the first quartile globally, HMW is a clear demonstration of the benefits of a high-quality lithium brine asset. These benefits are allowing Galan to progress through development and into production with a lower capital intensity and lower risk profile when compared to hard rock lithium (spodumene) projects. As importantly, lithium chloride is a key component for lithium iron phosphate (LFP) batteries, which have become the dominant battery product globally. With the ability to be cost effectively converted into a lithium dihydrogen phosphate or lithium carbonate, lithium chloride, as will be produced at HMW, is an ideal source for LFP batteries. The Galan Board has authorised this release. Please refer to the Mineral Resource Statement for Galan's Total Resources of 9.5Mt LCE. Recent Insider Transactions • Jul 02
Non-Executive Director recently bought AU$96k worth of stock On the 30th of June, Terry Gardiner bought around 926k shares on-market at roughly AU$0.10 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$227k more in shares than they have sold in the last 12 months. Announcement • Jun 21
Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million. Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 90,909,091
Price\Range: AUD 0.11
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • May 27
Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 13.361603 million. Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 13.361603 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,545,455
Price\Range: AUD 0.11
Discount Per Security: AUD 0.0066
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 99,832,755
Price\Range: AUD 0.11
Discount Per Security: AUD 0.0066
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: AUD 0.11
Discount Per Security: AUD 0.0066
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,090,910
Price\Range: AUD 0.11
Transaction Features: Subsequent Direct Listing New Risk • Apr 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (111% increase in shares outstanding). Revenue is less than US$1m (AU$941 revenue, or US$596). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$121.8m market cap, or US$77.2m). Announcement • Jan 30
Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 11.801001 million. Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 11.801001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 69,533,340
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,857,143
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Transaction Features: Subsequent Direct Listing Announcement • Oct 25
Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 0.620697 million. Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 0.620697 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,911,399
Price\Range: AUD 0.105
Transaction Features: Subsequent Direct Listing New Risk • Oct 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$9.5m Forecast net loss in 3 years: AU$32m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m (AU$941 revenue, or US$633). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$32m net loss in 3 years). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$83.4m market cap, or US$56.1m). Breakeven Date Change • Oct 14
Forecast to breakeven in 2025 The analyst covering Galan Lithium expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$287.2k in 2025. Announcement • Oct 11
Galan Lithium Limited, Annual General Meeting, Nov 15, 2024 Galan Lithium Limited, Annual General Meeting, Nov 15, 2024. Location: at hall chadwick, 283 rokeby road, subiaco wa 6008, Australia New Risk • Sep 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 71% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m (AU$3.6k revenue, or US$2.5k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$11m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$65.6m market cap, or US$45.1m). New Risk • Sep 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 13% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 13% per year for the foreseeable future. Revenue is less than US$1m (AU$3.6k revenue, or US$2.4k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$11m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (46% increase in shares outstanding). Market cap is less than US$100m (AU$55.7m market cap, or US$37.3m). Breakeven Date Change • Sep 13
Forecast to breakeven in 2026 The 2 analysts covering Galan Lithium expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$33.5m in 2026. Average annual earnings growth of 79% is required to achieve expected profit on schedule. Announcement • Aug 14
Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 13.91385 million. Galan Lithium Limited has completed a Follow-on Equity Offering in the amount of AUD 13.91385 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 56,521,740
Price\Range: AUD 0.23
Discount Per Security: AUD 0.0138
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,973,262
Price\Range: AUD 0.23
Discount Per Security: AUD 0.0138
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Aug 08
Energy Exploration Technologies, Inc made a non-binding indicative proposal to acquire Argentinian Lithium Assets from Galan Lithium Limited (ASX:GLN) for $100 million. Energy Exploration Technologies, Inc made a non-binding indicative proposal to acquire Argentinian Lithium Assets from Galan Lithium Limited (ASX:GLN) for $100 million on August 6, 2024. As per the terms, EnergyX will pay $50 million in cash and will issue common shares which values at $50 million. The proposal is subject to due diligence and negotiation and execution of definitive, binding transaction documentation and consideration by Galan’s board. Announcement • Aug 07
Galan Response to AFR Street Talk Article Galan Lithium Limited (ASX:GLN) refers to a recent media report that it has received a takeover bid. Galan advises that it has not received a takeover bid but that it has received an unsolicited, confidential, conditional, non-binding indicative proposal from NXT Energy Solutions Inc. (OTCPK:NSFD.F) (Energy Exploration Technologies Inc.) (EnergyX) in relation to a potential acquisition of Galan's Argentinian lithium assets (Proposal). The Proposal is to acquire assets and real property held by Galan related to its holdings in Salar del Hombre Muerto and Candelas (Project Assets) for USD 50 million in cash, and common shares in EnergyX which EnergyX values at USD 50 million. EnergyX is a corporation incorporated under the laws of Puerto Rico and its securities, including its common shares, are not quoted or traded on any stock exchange. Under the Proposal EnergyX would also provide: USD 50 million, which it is noted would not be payable to Galan but rather to EnergyX's wholly owned subsidiary which would own the Project Assets, with those funds to be committed and wholly dedicated to completing the first commercial phase of lithium production at Hombre Muerto West and maintaining the Project Assets and a 10% gross revenue royalty to Galan for 10 years starting from commercial production. Galan has been seeking to negotiate a confidentiality agreement with EnergyX in respect of the Proposal. The confidentiality agreement currently sits with EnergyX. The Proposal is conditional on, amongst other things, completion of satisfactory due diligence and negotiation and execution of definitive, binding transaction documentation. The Proposal remains subject to consideration by Galan's board, and given the early stage nature of discussions and its conditionality, there is no certainty a transaction will eventuate. Given the Proposal contemplates the disposition of Galan's main undertaking, Galan shareholder approval would be a necessary condition to completion under a binding agreement, if such an agreement were to eventuate. Galan confirms that it is in compliance with ASX Listing Rules, particularly, Listing Rule 3.1, and will keep shareholders informed in accordance with its continuous disclosure obligations. New Risk • May 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 60% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Revenue is less than US$1m (AU$3.6k revenue, or US$2.4k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$38m net loss in 2 years). Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$108.3m market cap, or US$71.8m). Announcement • May 20
Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 14.000001 million. Galan Lithium Limited has filed a Follow-on Equity Offering in the amount of AUD 14.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 56,521,740
Price\Range: AUD 0.23
Discount Per Security: AUD 0.0138
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,347,828
Price\Range: AUD 0.23
Discount Per Security: AUD 0.0138
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Mar 21
Galan Lithium Limited, Annual General Meeting, Apr 22, 2024 Galan Lithium Limited, Annual General Meeting, Apr 22, 2024, at 11:30 W. Australia Standard Time. Location: Hall Chadwick, 283 Rokeby Road, 6008 Subiaco Western Australia Australia Agenda: To consider the ratification of the prior issue of 35,261,150 placement shares listing rule 7.1A; to consider the ratification of the prior issue of 608,415 placement shares listing rule 7.1; to consider the ratification of the prior issue of 35,869,565 placement options; to consider the approval of director participation in placement - MR JUAN PABLO VARGAS DE LA VEGA; to consider the approval of director participation in placement - MR RICHARD HOMSANY; and to discuss other matters. New Risk • Feb 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$144.9m (US$94.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 43% per year for the foreseeable future. Revenue is less than US$1m (AU$3.6k revenue, or US$2.4k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$45m net loss in 3 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (AU$144.9m market cap, or US$94.5m). Recent Insider Transactions • Dec 15
MD & Director recently bought AU$130k worth of stock On the 12th of December, Juan Pablo de la Vega bought around 250k shares on-market at roughly AU$0.52 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Juan Pablo has been a buyer over the last 12 months, purchasing a net total of AU$235k worth in shares. Recent Insider Transactions Derivative • Oct 13
Non-Executive Chairman exercised options to buy AU$690k worth of stock. On the 12th of October, Richard Homsany exercised options to buy 1m shares at a strike price of around AU$0.21, costing a total of AU$213k. This transaction amounted to 104% of their direct individual holding at the time of the trade. Since December 2022, Richard has owned 959.07k shares directly. Company insiders have collectively bought AU$520k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Oct 12
Galan Lithium Limited, Annual General Meeting, Nov 16, 2023 Galan Lithium Limited, Annual General Meeting, Nov 16, 2023, at 11:00 W. Australia Standard Time. Location: Hall Chadwick, 283 Rokeby Road Subiaco Western Australia Australia Agenda: To consider and adoption of remuneration report; to consider and approve election of Director; to consider and approve of 10% placement capacity; and to consider any other matter. Breakeven Date Change • Oct 06
No longer forecast to breakeven The 2 analysts covering Galan Lithium no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of AU$55.7m in 2026. New consensus forecast suggests the company will make a loss of AU$49.0m in 2026. Announcement • Oct 05
Galan Lithium Limited (ASX:GLN) and Infinity Stone Ventures Corp. (CNSX:GEMS) entered into a definitive agreement to acquire Taiga, Camaro and Hellcat Lithium Projects in James Bay Lithium Province from Infinity Stone Ventures Corp. (CNSX:GEMS) and others for CAD 0.64 million. Galan Lithium Limited (ASX:GLN) and Infinity Stone Ventures Corp. (CNSX:GEMS) entered into a definitive agreement to acquire Taiga, Camaro and Hellcat Lithium Projects in James Bay Lithium Province from Infinity Stone Ventures Corp. (CNSX:GEMS) and others for CAD 0.64 million on October 3, 2023. Pursuant to the terms of the agreement, in consideration for the Company’s interest in the Property, the Company will receive total cash consideration of CAD 0.5 million and 0.25 million shares in the capital of Galan. Completion of the transaction is subject to the satisfaction or waiver of all conditions set out in the Agreement, customary closing condition, as well as the receipt of all regulatory and stock exchange approvals. Closing of the transaction is anticipated to occur on or about October 5, 2023. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 46% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$23m free cash flow). Earnings are forecast to decline by an average of 46% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$29m net loss in 3 years). Shareholders have been diluted in the past year (14% increase in shares outstanding). Recent Insider Transactions Derivative • Aug 23
Non-Executive Director exercised options and sold AU$241k worth of stock On the 22nd of August, Terry Gardiner exercised 500k options at a strike price of around AU$0.21 and sold these shares for an average price of AU$0.69 per share. This trade did not impact their existing holding. Since September 2022, Terry has owned 6.58m shares directly. Company insiders have collectively bought AU$49k more than they sold, via options and on-market transactions, in the last 12 months. Breakeven Date Change • Aug 22
Forecast to breakeven in 2026 The 2 analysts covering Galan Lithium expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$55.8m in 2026. Average annual earnings growth of 43% is required to achieve expected profit on schedule. Recent Insider Transactions • Jul 18
MD & Director recently bought AU$105k worth of stock On the 14th of July, Juan Pablo de la Vega bought around 115k shares on-market at roughly AU$0.91 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Juan Pablo's only on-market trade for the last 12 months. New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$23m free cash flow). Earnings are forecast to decline by an average of 41% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$24m net loss in 3 years). Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Jun 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 41% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 41% per year for the foreseeable future. Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$24m net loss in 3 years). Shareholders have been diluted in the past year (11% increase in shares outstanding). Breakeven Date Change • Mar 22
No longer forecast to breakeven The analyst covering Galan Lithium no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of AU$500.3k in 2025. New forecast suggests the company will make a loss of AU$1.11m in 2025. Breakeven Date Change • Mar 15 The analyst covering Galan Lithium previously expected the company to break even in 2025. New forecast suggests the company will make a profit of AU$480.9k in 2025.
Recent Insider Transactions • Feb 21
Non-Executive Director recently bought AU$126k worth of stock On the 16th of February, Daniel Schuster bought around 105k shares on-market at roughly AU$1.20 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$340k more in shares than they have sold in the last 12 months. Announcement • Feb 08
Galan Lithium Limited Announces Move to 100% Title of Candelas Project in Catamarca, Argentina The Board of Galan Lithium Limited announced that it has moved to 100% full ownership of the Candelas Project in the Catamarca Province, Argentina. The Candelas Project is supported by a full Preliminary Economic Assessment and a JORC 2012 Resource and lies approximately 40 km ESE of the HMW Project. It is hosted within a 15 km by 3-4 km wide structurally controlled basin infilled with sediments that host the Li-bearing brines. The mineral resource estimation was undertaken by SRK Consulting (Australasia) (SRK) and was based upon results from a total of eight (8) holes drilled in the North and Central Zones at Candelas for a total of 3,537 metres. On 30 November 2021, the Company announced the results of a PEA study for its 100% owned Candelas Project in Catamarca Province, Argentina. The study, at a minimum, complies with the Canadian NI 43- 101 regulation known as a PEA and is equivalent to a JORC Scoping Study. For further PEA information, including Cautionary Statement, refer to the Galan ASX Announcement dated 30 November 2021 entitled "Excellent Preliminary Economic Assessment Results for Candelas Project in Catamarca, Argentina". The Study estimated a production profile of 14,000 tonnes per annum of battery grade lithium carbonate product including some technical grade product for the first three (3) years.The preparation of the Project's PEA was managed by Ad Infinitum and Galan's Project Manager for the engineering inputs including the recovery method, project layout and infrastructure, capital cost and operating cost estimates and overall economic evaluation. The other sections of the study were managed by consultants and employees of Galan Lithium Limited. Once the Hombre Muerto West DFS is complete, Galan's geological team will undertake a thorough review of all Candelas data. Reverse osmosis studies have shown that the Candelas project has a reliable water source. The results from these studies indicate there will be minimal to no need to access water from the Los Patos river. Announcement • Jan 17
Galan Lithium Limited Announces Successful 2022 Pumping Test Program Galan Lithium Limited announced the successful completion of the 2022 brine pumping test campaign at its flagship Hombre Muerto West Project in Catamarca Province, Argentina. Strong extraction and production well chemistry results from all three long-term brine pumping tests support the Definitive Feasibility Study as it approaches completion. Further exploration drilling and sampling has continued across the HMW Project tenements to complement surface geophysical work. A total of three production pumping wells were completed during the second half of 2022 - two at Pata Pila and one at Rana de Sal. Each production pumping well was constructed at previous exploration platforms and included diamond drill holes to confirm the stratigraphic characteristics of the reservoir, production capacity, and optimum design for production wells. Each test consisted of an initial step test, a 72-hour constant rate and recovery test, and then a long-term pumping and recovery test period. Brine levels were constantly monitored through multiple monitoring wells, each of which was specifically designed to monitor the brine levels response of individual hydrogeological units (shallow and deep). Brine chemistry was also analysed from each pumping well. The results from the three production wells tested at HMW, confirm that the HMW Project is ready to provide the brine flow and quality for the 4Ktpa LCE pilot development, expecting construction in H2 2022. The third and final long-term pumping test at the HMW Project was undertaken on well PPB-02- 22 between 8 November and 8 December 2022 (30 days). The average flow rate over the duration of this test was 21.2 L/s, with a range between 19.0 and 23.2 L/s. A total of 121 samples were recovered during the LTPT test and chemical analysis was undertaken at Alex Stewart NOA laboratory in Jujuy, Argentina. The average extracted lithium grade was 838 mg/L, with a range between 815 and 866 mg/L. During the LTPT, measured drawdown at observation well PP-02-22 reached less than 6 metres, indicating the presence of a highly transmissive zone. Subsequent analysis of the aquifer transmissivity is higher when compared to the previous LTPTs at Pata Pila and Rana de Sal. This was expected due to the coarser sediments recovered during PPB-02-22 drilling and its more proximal location along the alluvial fan. A new surface geophysical survey at the HMW Project was conducted by Quantec Geoscience Argentina during November and December 2022. This new survey used the Transient Electromagnetic Method and consisted of 13 lines which spanned more than 23 km. With this new data, the deposit has been fully constrained within the resource area, providing a better geometric resolution. Additionally, this work provides further confidence in exploration targeting future resource expansion - for example, in the Santa Bárbara tenements where drilling is now in progress at drillhole, SB-01-22. With the aim of expanding the HMW Project resource and reserves, exploration well PS-01-22 has been drilled at Pucara del Salar. This diamond drill hole is 300m deep with recovered core indicating the presence of highly fractured rock, expected to be associated with a high permeability zone. Airlift results from PS-01-22 indicate the presence of high-grade brine, with lithium concentrations reaching up to 988 mg/L and averaging 974 mg/L. Announcement • Dec 20
Galan Lithium Limited Announces Maiden Drilling Program at the Newly Defined Fry's Block Located Within its 100% Owned Greenbushes South Lithium Project Galan Lithium Limited announced a maiden drilling program at the newly defined Fry's Block located within its 100% owned Greenbushes South Lithium Project. Diamond drilling is scheduled to commence in late January 2023, pending receipt of program of works approvals. The Greenbushes South Lithium Project (the Project) is located 250 km south of Perth, in Western Australia and covers an area of approximately 315 km2. The Project tenements are located along the trace of the Donnybrook-Bridgetown Shear Zone geologic structure, which hosts the lithium- bearing pegmatites at the Greenbushes Lithium Mine (Greenbushes). The maiden drill campaign is designed to test delineated pegmatites hosted within the Donnybrook-Bridgetown Shear Zone structure. Greenbushes is currently the large hard-rock lithium mine in the world and has been in production since 1983. It is operated by Talison Lithium Pty Ltd, a private company now owned by joint venture partners Tianqi Lithium Corporation /IGO Limited JV (51%) and Albemarle Corporation (49%). The five-hole diamond drilling program has been developed to test three interpreted pegmatite targets at the Fry's Block Prospect on E70/4790. The shallow-angled drilling program follows recent successful fieldwork campaigns, including highly encouraging geophysics and soil sampling results. Located approximately 3 km from the operational Greenbushes mine, the potential pegmatite targets at Fry's Block are thought to be part of a more extensive, interfingering geologic system. Diamond drilling has been selected to capture the sample and geometry of the pegmatites, details of their magmatic histories as well as any potential irregularities in grade distribution. Exploration within E70/4790 tenement is ongoing, with additional ground geophysics planned as a follow-up to historical and pending soil transects to aid in the identification of blind pegmatites at depth. Announcement • Nov 22
Galan Lithium Limited Provide an Update on the Various Evaluation Workstreams in Progress on Hombre Muerto West Project Galan Lithium Limited provided an update on the various evaluation workstreams in progress on its 100%-owned Hombre Muerto West Project in Catamarca Province, Argentina. Further excellent long-term pump test results: The long-term pumping test at the PBRS-01-21 well (Rana de Sal) was conducted between 14 September and 16 October 2022, at a constant rate of 25 litres per second. This was the second long-term pumping test conducted at the HMW Project, following the one completed on the PPB-01-21 well (Pata Pila) during July 2022. A total of 141 assays were received from the test and analysed at Alex Stewart NOA laboratory (Jujuy). Lithium grades varied between 941 and 997 mg/L, with an attractive mean value of 967 mg/L. Grades remained relatively stable thorough the entire test period showing a remarkably steady distribution. The third long-test pumping test at the HMW Project is currently being undertaken on the PPB-02-22 well (Pata Pila), which is located approximately 930 metres upgradient from the PPB-01-21 well. The test on PPB-02-22 is approximately half complete and is running at a steady flow of 20 L/s. Brine samples and levels are being regularly obtained for laboratory analysis. Results from all three long-term pumping tests are set to form part of the foundational information for the HMW Project Reserves estimation being undertaken by SRK (Australia). To date, the flow and chemical results from PPB-01-21, PBRS-01-21 and PPB-02-22 have demonstrated that the brine feed from these three wells conceptually supports, in terms of both volume and quality, the requirements of the extended 4ktpa LCE pilot plant. Exploration drilling ongoing: Exploration drilling at the HMW Project continues as planned. After drilling two holes at the Del Condor tenement (DC-01-22 and DC-02-22), the diamond drill rig is finalising a new observation well at the Pucara del Salar tenement, located north of Rana de Sal. Drilling is also planned at the Santa Barbara southern tenements shortly thereafter. Evaporation testing and pilot plant ramp-up: Two site-based brine evaporation batch tests have both successfully achieved 6% lithium concentration with low impurities. This is a significant de-risking achievement as it has proven the planned brine evaporation path at the HMW Project location. It also validates the process design and simulation model delineated by Galan, which is being used to upscale and extend the size of the original pilot plant and complete the HMW Project Definitive Feasibility Study (DFS). The original pilot plant ramp-up is progressing to schedule. The addition of raw brine continues to support the required brine volumes to commence continuous production of lithium chloride concentrate expected in Second Quarter CY2023. The continuous production of substantial volumes of 6% Li concentrated brine, will further facilitate Galan's ability to engage with potential off take partners. In particular, product purchasers will be able to readily undertake conversion trials so as to validate and confirm the ability of the brine concentrate to be converted into high-quality Li products. DFS and EIA advancing: Key workstreams for the HMW Project DFS are progressing well, including recent completion of the mass balance and general design of the ponds system. The equipment list is also rapidly progressing with an estimate of key quantities expected to commence within two weeks. Galan is on schedule to deliver the DFS during First Quarter CY2023. The Environmental Impact Assessment (EIA) study for the HMW Project also remains on schedule. The baseline studies have been finalised and the study team is currently developing the environmental and social impacts analysis. No major issues have been identified and Galan remains on track to deliver a robust and positive EIA in First Quarter CY2023. Announcement • Nov 18
Galan Lithium Limited Declines Re-Election of Jinyu (Raymond) Liu as Director Galan Lithium Limited announced that at its Annual General Meeting held on November 18, 2022, declined the re-election of Mr. Jinyu (Raymond) Liu as Director. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Chairman Richard Homsany was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
Galan Lithium Limited Submits Application to Increase the Scope of the Piloting Stage for Hombre Muerto West Project Galan Lithium Limited announced the submission of an application to significantly increase the scope of the piloting stage for its 100%-owned Hombre Muerto West Project (HMW Project) in Catamarca Province, Argentina. If the application is successful, the construction of the expanded pilot pond system could commence in mid-2023, allowing Galan to accelerate the ramp up of brine evaporation at the HMW Project. The scaled-up piloting to 4ktpa LCE is expected to deliver targeted first-phase, high-quality 6% Li concentrate on a semi-commercial scale. It is also designed to de-risk the targeted full-scale pond construction methodology and evaporation path, as well as provide better defined cost information for final HMW Project capital and operating estimates. Along with the additional 120 Ha of evaporation ponds, the scaled up pilot plant application includes reagents treatment area, administration and warehouse facilities, laboratory, power supply (including solar plant) and the original small pilot facility to trial production of lithium carbonate. If the extended brine evaporation piloting is successful, and subject to the approval of the exploitation permit of the HMW Project, the concentrated brine from the piloting stage could be added into the HMW Project production scale-up (currently under evaluation), effectively shortening the overall ramp up timeframe of the full-scale HMW Project development. Announcement • Oct 24
Galan Lithium Limited Announces 2.5X Increase in Hmw Resource - Now 5.8Mt Lce @ 866 Mg/L Li Galan Lithium Limited reported Mineral Resource estimate for the Hombre Muerto West Project (HMW Project) located in Catamarca Province, Argentina. The revised Mineral Resource estimate was completed by the Australian based team of leading independent geological consultants, SRK Consulting (Australasia) (SRK). The initial HMW Project Mineral Resource Estimate was prepared by SRK and further updated by them on 17 November 2020. Subsequently, SRK incorporated new data gathered during exploration campaigns completed in 2021-2022 and also considered the acquisition of the Casa del Inca I tenement. The revised Mineral Resource estimate incorporates geological and geochemical information obtained from fifteen (15) drillholes totalling 4,384 metres within the Pata Pila, Rana de Sal, Casa del Inca and Del Condor tenements. A total of 236 brine assays were used as a foundation of the estimation, all of which were analysed at Alex Stewart International laboratory (Jujuy). An improved QA/QC program was implemented, including duplicates, triplicates, and standards. In total, 98 QA/QC samples were considered using Alex Stewart (duplicates) and SGS in Argentina (triplicates) as the umpired laboratory. New porosity data was obtained from 131 core samples derived from five (5) drillholes located in the Pata Pila (2) and Rana de Sal (3) tenements in support of the HMW Mineral Resource Estimate. Porosity analysis was undertaken at SGS in Argentina and Daniel B. Stephens & Associates (DBS&A) in New Mexico (United States). To complement directly obtained brine samples and core, approximately 51 km of total surface resistivity (CSAMT and TEM) have been completed since the start of the project. Furthermore, Zelandez has conducted 1,766 metres of downhole geophysical logging in 5 (five) drillholes located in the Pata Pila (2) and Rana de Sal (3) tenements. Mineral Resources have also been reclassified based on the new data, resulting in the Measured Resource now exceeding 4.4 million tonnes of contained lithium carbonate equivalent (LCE) product grading 883 mg/L Li. The total Mineral Resource (Measured + Indicated + Inferred) has increased by approximately 158% to now sit at over 5.8 million tonnes of contained LCE grading at 866 mg/L Li. A summary of the updated HMW Mineral Resource is provided in the Mineral Resource Statement. No cut-off grade has been applied to the updated Mineral Resource estimate as minimum block grades of 620 mg/L Li exceeded the anticipated economic threshold. This exceptional characteristic of the HMW reservoir reflects the highly homogenous brine quality throughout the tenements which permits the aggregation of the complete ore body and simplifies future operational, and process constrains. Summary of Resource Estimate and Reporting Criteria; The original Mineral Resource Estimate (MRE) was completed by SRK Consulting (Australasia) (SRK) in March 2020 and was based upon results from 1,054 metres of drilling within the Pata Pila, Rana de Sal and Casa del Inca tenement holdings at Hombre Muerto West. The hydrogeologic domains were constrained to logged units within the drillholes and supported by interpretation Controlled Source Audio-Frequency Magnetotellurics (CSMAT) and Transient Electromagnetic (TEM) geophysical profiles. Mineral Resource Estimates for lithium (reported as Li2CO3 equivalent) and potassium (KCl equivalent) were completed by SRK. According to SRK, the Hombre Muerto West MRE is hosted within geologically well-defined zones of high-grade lithium mineralisation including significant mineralised hydrogeologic domains. The units within the domains show some variation in thickness along strike and depth, refer Figure 2. Location & Tenure; The HMW Project is located on the western shore of the Hombre Muerto Salar, a world-renowned lithium bearing salar located in the Argentinean Puna plateau region of the high Andes at an elevation of approximately 4,000m above sea-level. The HMW Project comprises various exploration areas (note that the Catalina and Pucara tenements are not included in the HMW resource), covering a total estimated polygon area of 7.5km strike, up to 2.5km in width and up to 718m in depth. It lies adjacent to Livent Corporation, Allkem Limited and POSCO's Sal de Vida projects. It is approximately 1,400 km northwest of the capital of Buenos Aires and 170 km west-southwest of the city of Salta. Announcement • Oct 13
Galan Lithium Limited, Annual General Meeting, Nov 18, 2022 Galan Lithium Limited, Annual General Meeting, Nov 18, 2022, at 09:30 W. Australia Standard Time. Location: Hall Chadwick 283 Rokeby Rd Subiaco Australia Agenda: To consider adoption of Remuneration Report; to consider re-election of Director - Mr Chris Chalwell; to consider re-election of Director - Mr Jinyu (Raymond) Liu; to consider increase in Aggregate Non-Executive Director Remuneration; to consider approval of Galan Lithium Ltd Securities Incentive Plan; to consider approval of Potential Term Benefits under Galan Lithium Ltd Securities Incentive Plan; to consider approval to Amend Constitution; to consider approval of Issue of Performance Rights to Mr Juan Pablo Vargas De La Vega, Director; to consider approval of Issue of Performance Rights to Mr Richard Homsany, Director; and to transact other business. Recent Insider Transactions • Sep 09
Non-Executive Director recently bought AU$60k worth of stock On the 6th of September, Christopher Chalwell bought around 50k shares on-market at roughly AU$1.19 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$60k. Insiders have collectively bought AU$290k more in shares than they have sold in the last 12 months. Announcement • Aug 31
Galan Lithium Limited Announces High-Flow, High-Grade Pumping Test Results Continue Galan Lithium Limited provided an update on the well pumping test and exploration programs for its 100%-owned Hombre Muerto West Lithium Project (HMW Project), located on the Western Basin of the Hombre Muerto salar in Catamarca Province, Argentina. The pumping tests are an integral part of the current DFS for the HMW Project. Well pump testing program delivering excellent results: Pata Pila: The 30-day long term pumping test at the first Pata Pila well (PPB-01-21) was successfully completed at the end of July. The sustained pumping rates were solid, ranging between 17 and 20 L/s. More than 150 brine samples were collected during this testing phase, with laboratory analysis returning an average Li grade of 874 mg/L (from a range of 821 to 927 mg /L). The hydraulic testing of the second pumping well at Pata Pila (PPB-02-22) is set to commence shortly. This well is located approximately 800m upgradient in the Pata Pila alluvial fan. Rana de Sal: The first pumping well at Rana de Sal (PBRS-01-21) is currently under hydraulic testing. Following an initial step test, a 72-hour constant rate and recovery test was recently performed. During this test, the pumping rate was stabilised at 20 L/s and drawdown was measured in three monitoring wells. Eighteen (18) brine samples were also collected during this testing phase, with laboratory analysis returning outstanding Li grades ranging between 932 and 957 mg/L, with a mean of 945 mg/L. A long term (30-day) pumping test is set to commence shortly on PBRS-01-21, with an expected initial flow rate in the range of 22 to 27 L/s. Pumping tests are expected to conclude in early October 2022. All data obtained during the testing campaign is being analysed by SRK as part of the development of the Resource and Reserve model for the HMW Project. Exploration drillholes at Rana de Sal intercept thick sedimentary unit: Two diamond drill (DDH) exploration wells were recently completed at Rana de Sal, RS-02-22 and RS-03-22. Both exploration wells are upgradient of PBRS-01-21 where pumping tests are being conducted. Both holes intersected thick sedimentary facies before hitting basement at 270 and 390 metres below surface, respectively. The boreholes were completed with a 2-inch slotted PVC, and brine samples were recovered using the airlift method (conducted over 72 hours). Preliminary Lithium grades returned from laboratory analysis ranged between 923 and 1,035 mg/L, consistent with the high extracted grades at pumping well PBRS-01-21. Extended exploration at Casa del Inca and Del Condor tenements: Exploration drilling continues at the HMW Project with the next drillhole (CI-01-22) located at Casa del Inca. This drillhole is designed to validate the potential hydrogeological extension of the brine reservoir between the Pata Pila alluvial fan and salar margin below recent lava flows in Casa del Inca, as suggested by surface resistivity surveys. Drilling at CI-01-22 shows a fractured basalt unit overlying unconsolidated sands and gravels. The drillhole was completed to a depth of 155m. Following the finalization of CI-01-22, drilling will commence in del Condor (DC-01-22) with the aim of improving certainty in the area connecting Rana de Sal and Pata Pila for the updated resource. Announcement • Aug 02
Galan Lithium Limited Updates on its Exploration Activities at the Greenbushes South Lithium Project Galan Lithium Limited provided an update on its ongoing exploration activities at the Greenbushes South Lithium Project (a joint venture between the company (80%) and Lithium Australia Limited (20%)) (Greenbushes South). Discovery of new outcropping pegmatite with 500m+ strike length remains open along strike with geological mapping ongoing. New soil assays spatially associated with prior pegmatite discovery reveal up to 215 ppm Li; further soil and rock chip assay results pending. UltraFine+ assay method also confirms presence of anomalous pathfinder element concentrations (As, Cs). Pilot ground geophysics program in process, consisting of passive seismic (HSVR), gravity and resistivity methods. Processed HSVR and gravity data outcomes expected in next few weeks. Geological mapping activities ongoing; large new outcropping pegmatite discovered: Geological mapping continues within Exploration Licence E70/4790. Recent new field discoveries include a pegmatite in three main outcrops spanning an area approximately 500m x 400m. There are also strong indications that this pegmatite remains open and continues along strike. This builds on the previous pegmatite discovery (200m x 40m) announced in June 2022. Detailed mapping and geochemical sampling are ongoing. Initial geochemical results; anomalous lithium concentrations up to 215 ppm: The company has received the first batch (65 in total) of geochemical assays from the soil sampling grids traversing the initial pegmatite discovery. The results confirm anomalous concentrations of lithium up to 215 ppm, as well as for pathfinder elements such as and Cs. A further 170 assays from this soil sampling program are pending, as well as the assays for 15 rock chip samples taken from the earlier mapped pegmatite outcrops. The returned soil results were assayed using the UltraFine+ assay technique that delivers high fidelity multi-element analysis derived from the ultrafine (< 2 m) fraction of soil samples. The UltraFine+method is an analytical process flow developed by CSIRO and LabWest which often returns stronger signals well above instrumental detection limits, usefully increasing signal-to-background ratios. The company has now submitted all historical soil samples from Greenbushes South to be re-assayed utilising this method. Ground geophysical initiatives; HSVR and gravity results pending: A pilot study utilising ground-based geophysical techniques to explore blind (buried) pegmatite targets has been completed in the Greenbushes South project areas. The survey consists of passive seismic (HSVR) and gravity surveys conducted by Atlas Geophysics. Data processing is underway and results are expected to be available in the coming weeks. Additionally, a resistivity study is also planned to be completed by GBG in the next few weeks to further aid in defining the orientation of pegmatite at depth. Announcement • Jul 14
Galan Lithium Limited Provides Update on Hombre Muerto West Lithium Project Galan Lithium Limited provided an update on the long-term pump testing program for its 100%-owned Hombre Muerto West Lithium Project (HMW Project), located on the Western Basin of the Hombre Muerto salar in Catamarca Province, Argentina. These tests are an integral part of the current Definitive Feasibility Study (DFS) for the HMW Project. The well pump testing program is advancing at the HWM Project in order to evaluate the hydraulic properties of the target brine bearing aquifers. A series of hydraulic tests have been successfully performed on the first pumping well at Pata Pila (PPB-01-21). These include a step test and constant rate test. Long term (30-day) pumping tests at PPB-01-21 began on 30 June and are set to conclude on 30 July 2022. Brine levels and samples for geochemical analysis will be collected throughout the testing period. This series of pump tests are planned to be conducted across a further three wells, being a second well at Pata Pila and two wells at Rana de Sal. Testing of the first well at Rana de Sal (PBRS-01-21) is expected to commence in the next few days. All well pump test data is to be incorporated into the upcoming HMW Resource/Reserve model. This will form part of the current DFS for the HMW Project, being undertaken by Hatch Engineering. Constant rate test outcomes at Pata Pila: High lithium grades and brine flow rates The constant rate test was performed for 72 hours and observed with three (3) different piezometers. Aquifer response during the pumping test indicates favorable conditions (permeability) for brine production with expected flowrates between 15 20 L/s per well at Pata Pila. Fourteen brine samples were collected throughout the duration of the test and analyzed for lithium (Li) at the Alex Stewart laboratory. Chemical results positively confirm a high-grade brine resource, with an increasing Li grade during pumping, stabilising at approximately 910 mg/L. The site operations and sampling procedures were supervised by SRK Consultants. Data from the first batch of twenty (20) core samples obtained from the Pata Pila Diamond Drillhole undergoing Relative Brine Release Capacity (RBRC) testing has been received. These analyses were conducted at the Daniel B. Stephens & Associates (DBS&A) laboratories based in Albuquerque, USA. The RBRC results are positive with specific yield values consistent with reported values in the literature for medium-to-fine sand lithologies, and as previously described with respect to the core samples. The RBRC values ranged between 10.1% and 21.0%, with a mean specific yield value of 14.1%. A second batch consisting of 39 core samples has already been selected by SRK geologists on site and is being prepared for transportation to the DBS&A laboratory. This batch includes samples from both Rana de Sal and Pata Pila. Recent Insider Transactions • Jun 29
MD & Director recently bought AU$60k worth of stock On the 22nd of June, Juan Pablo de la Vega bought around 57k shares on-market at roughly AU$1.05 per share. This was the largest purchase by an insider in the last 3 months. This was Juan Pablo's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 27
Non-Executive Director recently bought AU$53k worth of stock On the 22nd of June, Christopher Chalwell bought around 50k shares on-market at roughly AU$1.06 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$89k more in shares than they have sold in the last 12 months. Announcement • Jun 15
Galan Lithium Limited Provides an Update on its Ongoing Exploration Activities at the Greenbushes South Lithium Project Galan Lithium Limited provided an update on its ongoing exploration activities at the Greenbushes South Lithium Project (a joint venture between Galan (80%) and Lithium Australia Limited (20%) (Greenbushes South). Airborne geophysics processed and key target zones identified: Galan has received the processed data and target generation report from the recent airborne geophysical survey campaign for its Greenbushes South tenement (E70/4790). This survey provided high-resolution radiometric and magnetic data from a fixed-wing aircraft flying at an average of 45 metres of terrain clearance, a significant improvement for resolution over previous publicly available data sets. Southern Geoscience Consultants (SGC) provided processing and interpretation of this new data as well as the development of key target zones for lithium-bearing pegmatites. Target generation incorporated structural and lithological information (provided by the airborne data), as well as field mapping and surface geochemistry undertaken by Galan. The new magnetic, radiometric and DEM data gives more precision to the location of the mineralising Donny-Brook Bridgetown Shear Zone (DBSZ), associated with the Greenbushes pegmatite. The final report from SGC identified twelve pegmatite targets within Galan's granted E70/4790 tenement, and an additional six pegmatite targets within Galan's pending tenements. Sampling and mapping program commenced; pegmatite outcrop discovered Following the above, Galan initiated a soil sampling and field mapping program over the first of the newly identified targets on E70/4790. Field mapping activities over the GS11 target area revealed an outcrop of approximately 200 m long by 40 m wide pegmatite. This pegmatite has similar macroscopic mineralogy to those pegmatites described at the Greenbushes Lithium Mine to the north. The assemblages are albite-quartz ± microcline ± muscovite ± garnet. The pegmatite lens hosts several tourmaline-rich zones at a metre scale and is recognized by coarse-grained tourmaline and high abundances of interstitial albite quartz and muscovite. Galan has sampled four representative rock chip samples from the surficial pegmatite at GS11. A partially completed soil assay program has also been undertaken, with 65 soil samples to date at 50 m x 100 m grid spacing across the potential target zone centred over the pegmatite outcrop. The soil sampling program is aimed at delineating potential pegmatites at depth through the detection of elevated levels of pathfinder elements at the surface (As, Sn, Cs, Ta, Rb). Galan has submitted these rock and soil samples for assay and is awaiting results. Completion of the soil grid over GS11, and further follow-up soil and rock chip sampling work on other targets along the major structure that hosts the mineralisation are planned in third quarter, 2002. The results will help guide the geophysical survey to test for blind pegmatites. Conservation Management Plan reaches final revisions Galan has also received its final revisions from the Department of Biodiversity, Conservation and Attractions (DBCA) for the Conservation Management Plan (CMP) for its planned exploration activities on pending Greenbushes South tenements (E70/4889, P70/1702 & P70/1703). The CMP outlines the proposed exploration and prospecting activities, management, and communications for work within the Hester State Forest (30) /Proposed Nature Reserve (154). Galan has provided the DBCA with its planned soil sampling and ground geophysics activities within these state forests. Planned activities are aimed to commence during third quarter 2022. The DBCA has indicated that subject to the final revisions of the CMP, the pending tenements will then be submitted for ministerial approval to undertake these low-impact exploration activities. Announcement • May 31
Galan Lithium Limited Announces Long Term Pumping Tests to Commence at HMW Project Galan Lithium Limited announced the initiation of the long-term pumping test program at its 100%-owned Hombre Muerto West Lithium Project (HMW Project), located on the Western Basin of the Hombre Muerto salar in Catamarca Province, Argentina. These tests are an integral part of the current Definitive Feasibility Study (DFS) for the HMW Project. The program consists of four (4) platforms. Two (2) are located at Pata Pila (PPB-01-21 (constructed) and PPB-02-22 (under construction)), with the other two located at Rana de Sal (RSB-01-22 (constructed) and RSB-02-22 (to be constructed)). The pump tests and subsequent analysis work is expected to be completed by the end of third quarter of CY2022. Each platform consists of one pumping well and 2 to 3 nearby monitoring wells. The construction of each monitoring well was specifically designed by WSP (Chile) to provide the optimal hydraulic information from the test and the expected evolution of the future production well field. The pumping tests are comprised of two phases: The first phase characterizes the hydraulic information and consists of an initial step-drawdown test, a recovery test and a constant rate test for a total of one week. Brine samples are also collected on each test. The second phase is the execution of a long term (30 days) production pilot test. Several brine samples will be obtained during this phase. The main objectives of these tests are to: Determine the hydraulic properties of the brine reservoir (permeability, vertical anisotropy and storage coefficient) for each aquifer unit; Verify the maximum sustainable pumping rate for each pumping well; and Register hydraulic parameters (flow rate and brine level), chemical and physical parameters evolution of the brine during each test. These tests are set to provide the critical information required for the planned Reserve model, to be conducted by SRK (Australia), as part of the DFS. The Reserve model will provide the basis for the production capacity parameters of the HMW Project, and the expected brine feed for the life-of-mine. Breakeven Date Change • Apr 27
Forecast breakeven date moved forward to 2023 The analyst covering Galan Lithium previously expected the company to break even in 2024. New forecast suggests losses will reduce by 56% to 2022. The company is expected to make a profit of AU$800.4k in 2023. Average annual earnings growth of 132% is required to achieve expected profit on schedule. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Non-Executive Chairman Richard Homsany was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 15
Non-Executive Director recently sold AU$82k worth of stock On the 8th of April, Daniel Schuster sold around 38k shares on-market at roughly AU$2.17 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought AU$19k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Apr 09
Non-Executive Director exercised options to buy AU$694k worth of stock. On the 1st of April, Daniel Schuster exercised options to buy 324k shares at a strike price of around AU$0.25, costing a total of AU$81k. This transaction amounted to 16% of their direct individual holding at the time of the trade. Since June 2021, Daniel's direct individual holding has decreased from 324.44k shares to . Company insiders have collectively sold AU$4.4m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 07
Galan Lithium Limited Announces Extensional Drilling Success At HMW Project Galan Lithium Limited announced the successful completion of the first drill hole in the latest drilling campaign at its 100% owned Hombre Muerto West Lithium Project (HMW Project), which is located on the Western Basin of the Hombre Muerto salar in Catamarca Province, Argentina. Diamond drillhole, PP-02-22, was completed at Pata Pila to a final depth of 450m. The Pata Pila licence covers large alluvial fan areas lying adjacent to Livent Corporation's (NYSE: LVHM) tenure in the region. The key purpose of PP-02-22 was to extend knowledge in the Pata Pila licence area so as to build-out the hydrogeological models required to confirm Reserve estimates at the HMW Project. The drillhole was designed to provide key geological data for testing extension to the existing HMW Project Mineral Resource, in both horizontal and vertical dimensions, from the salar limits. Announcement • Mar 31
Galan Lithium Limited Provides Update on the Intensive Site and Study Activities in Progress for its Hombre Muerto West Lithium Project in Catamarca Province, Argentina Galan Lithium Limited provided an update on the intensive site and study activities in progress for its 100%-owned Hombre Muerto West Lithium Project (HMW) in Catamarca Province, Argentina. Drilling of two pumping borehole wells has now been completed. These two wells are located at Pata Pila (to 225m depth) and at Rana de Sal (to 200m depth). Short-term pumping tests were successfully performed on both wells. Long term hydraulic pumping tests are set to commence in May 2022, once monitoring wells are constructed. Drilling of the third pumping borehole is set to commence shortly. Construction of the initial evaporation pond (S1), covering approximately 3,000 m2, has now been completed. Commencement of brine filling is imminent as all quality control inspections have been completed. Commencement of brine filling sees the initiation of the evaporation testing activities of the Pilot Plant. This is a major milestone given that it marks the commencement of large-scale piloting activities at HMW. The data set to be obtained from this initial evaporation trial will allow the calibration of the simulation model to predict the completion time for achieving the first batch of brine concentrate with 6% of Li contents produced by the pilot plant. The new expanded camp at HMW has been operational since mid-January 2022. An additional 20,000 litre diesel tank and residual storage area have also been constructed. An exploration diamond drillhole, EXP-002, is currently underway at Pata Pila. This drillhole is strategically located on higher ground and approximately 1km west from the Livent tenement boundary. This drillhole is expected to provide key geological data for testing extension to the existing Mineral Resource, in both horizontal and vertical dimensions, from the Salar's limit. An update to the existing HMW Mineral Resource estimate is expected to be completed by Third Quarter CY2022. Downhole probe at Rana de Sal (Pumping Borehole No 2): Borehole geophysics were conducted on borehole well, PBRS-01-21, within the Rana de Sal I tenement. Several geophysical probes were used including Borehole Magnetic Resonance (BMR), Conductivity and Temperature probe, Natural Gamma and Caliper. The BMR method provides an accurate characterisation of pore structure in the subsurface by measuring signals from magnetic resonance. PBRS-01-21 was profiled up to 200m depth with data strongly correlating with the geological logging done by Galan's geological team. Significant high porosity zones were observed along the profile. Consistent higher values of mobile (free) brine were recognised between 150 and 190 metres depth (approximately), in a gravel unit, which is considered potentially favourable for brine production. This BMR profile strengthens the hydrogeological conceptual model and allows Galan to better recognise units for the construction of productive wells in the considered Mineral Resource area. These profile results continue to support SRK's Mineral Resource estimate models. Recent Insider Transactions • Feb 10
Non-Executive Director recently bought AU$76k worth of stock On the 3rd of February, Terry Gardiner bought around 50k shares on-market at roughly AU$1.51 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Feb 09
Galan Lithium Limited Appoints Graeme Fox as Chief Financial Officer Galan Lithium Limited announced that it has appointed Mr. Graeme Fox to the role of Chief Financial Officer (CFO). Mr. Fox is an Australian CPA qualified accountant and experienced business analyst, with over 25 years of experience in the mining, contracting and transport industries, with a focus on strategic planning, financial modelling, investment evaluation, management accounting and compliance. During the last 20 years, Graeme's career has been focussed in the resources sector, including diverse roles throughout the value chain, working with BHP, WMC & Macmahon. Recent Insider Transactions Derivative • Jan 18
Non-Executive Director exercised options and sold AU$1.7m worth of stock On the 17th of January, Terry Gardiner exercised 1m options at a strike price of around AU$0.21 and sold these shares for an average price of AU$1.90 per share. This trade did not impact their existing holding. Since June 2021, Terry's direct individual holding has increased from 6.40m shares to 6.51m. Company insiders have collectively sold AU$4.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Jan 09
Non-Executive Director exercised options and sold AU$420k worth of stock On the 7th of January, Terry Gardiner exercised 307.14k options at around AU$0.25, then sold 250k of the shares acquired at an average of AU$1.93 per share and kept the remainder. Since June 2021, Terry has owned 6.40m shares directly. Company insiders have collectively sold AU$3.5m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 20
MD & Director exercised options and sold AU$1.7m worth of stock On the 17th of December, Juan Pablo de la Vega exercised 1m options at a strike price of around AU$0.21 and sold these shares for an average price of AU$1.87 per share. This trade did not impact their existing holding. For the year to June 2021, Juan Pablo's total compensation was 65% salary and 35% non-salary. Since March 2021, Juan Pablo has owned 17.29m shares directly. Company insiders have collectively sold AU$3.1m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Dec 13
Galan Lithium Limited Provides a Progress Update Report for its 100% Owned Hombre Muerto West (HWM) Project (The Project) in Catamarca Province, Argentina Galan Lithium Limited provided a progress update report for its 100% owned Hombre Muerto West (HWM) Project (the Project) in Catamarca Province,Argentina. The Project has no third party royalty or offtake commitments. The construction of the new temporary camp at HMW is well advanced and it should be operational early January. Once completed, Galan will have access to two fully functional camps (the other at Candelas) to support the ongoing activities associated with the HMW studies. A larger, permanent camp will be completed during 2022. A new rotary rig, sourced under a new contract with a local Argentinian company, has commenced drilling at Rana de Sal with a second rig (diamond drilling) planned to arrive in early January 2022. If required, Galan has the option to bring in a third rig depending on the drilling progress made during January. Along with this new line of work, Galan intends to follow up with a passive seismic campaign which is expected to begin during the summer of 2022. The seismic data would further assist with the hydrogeological study to delineate the extension of the lithium brines and the depth of basin at the Project. The combination of the drilling campaign and geophysics will give Galan more robust data which is central for HMW's Feasibility Study is expected to formally commence soon. Recent Insider Transactions Derivative • Dec 05
Non-Executive Director exercised options and sold AU$941k worth of stock On the 3rd of December, Christopher Chalwell exercised 1.36m options at around AU$0.22, then sold 659k of the shares acquired at an average of AU$1.65 per share and kept the remainder. Since March 2021, Christopher has owned 2.30m shares directly. Company insiders have collectively sold AU$1.4m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Oct 01
Galan Lithium Limited Announces First Bore Hole Completed - Further Brine Potential Revealed Galan Lithium Limited announce the successful completion of the first drill hole in their latest drill campaign at Hombre Muerto West. Drillhole PB-01-21 was completed at Pata Pila, to a final depth of 220m and the bore hole will soon be cased. The purpose of the drill hole will be to conduct pumping tests to help build the hydrogeological models required as part of the work to build reserve estimates at the Hombre Muerto West project located on the Western Basin of the Hombre Muerto salar in Argentina. Excellent recovery of cuttings for the entire hole has revealed a highly detailed stratigraphy downhole. The Pata Pila licence covers large alluvial fan areas lying adjacent to Livent Corporation's tenure. Announcement • Jul 20
Galan Lithium Limited Initiates Candelas Scoping Study Galan Lithium Limited announced the imminent commencement of a scoping study for the Company's Candelas project. Candelas is Galan's second key project and is also located on Hombre Muerto West salt flat (on the southeast) in the well-known South American Lithium Triangle in Catamarca, Argentina. The scoping study for the Candelas Project will be performed by Galan's in-house engineering team whilst Ad-Infinitum in Chile will oversee the chemical processing and other relevant study sections. The study is expected to be finalised during Fourth Quarter 2021. Announcement • Jul 14
Galan Lithium Limited Announces Proof of Concept Tests Achieved Battery Grade Quality 99.88% Galan Lithium Limited announced these exciting proof of concept test work results for the precipitation of battery grade lithium carbonate product at its flagship Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina. Highlights: Proof of concept laboratory test of HMW Project's Lithium Carbonate Equivalent (LCE) achieves 99.88% of purity (minimum requirement of Battery Grade Quality of >99.5% LCE); The test feedstock was the high quality brine concentrate, with lithium contents >6%, obtained through the evaporation test done at Antofagasta; The test also delivered great results for the removal of SO4, B, Ca and Mg, which can be difficult contaminants to remove; The test was overseen by specialist consultants Ad-infinitum who also identified cost saving opportunities for further improving the results with a higher LCE purity. The first laboratory test work for producing lithium carbonate was conducted in Antofagasta under the supervision of specialised consultancy firm, Ad-Infinitum. The test used as a feedstock the high quality brine concentrate with >6% of Li contents obtained through the evaporation test work also undertaken in Antofagasta. The test procedure and test work activities were developed and supervised by Ad-Infinitum. They initially optimised the concentration stage, producing a purer product thus reducing reagent consumption and opex costs. Importantly at the next stage, further reagent cost reductions were identified, as a cleaner concentrate requires less reagents and volume impurities to be removed for the precipitation of lithium carbonate. As a result, the battery grade was obtained with no requirement to do undertake an additional purification step using dissolution with CO2. The assay of the lithium carbonate sample was completed at an external laboratory located in Santiago. The delivered result achieved 99.88% of lithium carbonate contents exceeding the minimum quality of 99.5% for battery grade products. On the back of the developing test procedures, Ad-Infinitum also identified other opportunities for further improving results. These opportunities will be adopted in the future test work activities at both laboratory and pilot plant levels with the possibility to further improve the quality of the battery grade lithium carbonate product. This proof of concept milestone adds more flexibility to the adoption of a preferable processing design for the HMW Project. The study team is working on different alternatives to optimise the combined outcome for the pond design and lithium carbonate plant design. Announcement • May 17
Galan Lithium Limited Commences Early Foundation Works for Its Feasibility Study At Hombre Muerto West (Hmw) Project Galan Lithium Limited announced that it has commenced early foundation works for its feasibility study at its Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina. It has also kicked off fieldwork associated with the Greenbushes South JV (GLN 80%- LIT 20%). Initial geological fieldwork has also commenced at the Greenbushes South JV project. Other Works The following early works items have started or are due to start: Aerial survey to supply the topography data required at Feasibility Study level quality; Design of the mass balance for the brine concentrate with 6% of Li plus design of the pilot plant; Process design and mass balance of lithium plant for 6% of Li but also considering a lower Li content for selecting the optimum lithium plant design; and Upgrade the design of the pond system for up to 25.000 tpa of LCE with potential production including two stages, to be assessed Preparation works for the FS have already commenced with the engagement of Ad-Infinitum for creating the design of the pilot plant and a specialised topography and ponds designing consultants for the preparation of a revised design of the evaporation ponds system, which should include the most favourable terrain at Rana de Sal and Del Condor mining tenements. In parallel, discussions with engineering firms for the resolution of the final engineering assignment of the FS have been conducted and are well advanced. Work at the Greenbushes South JV had commenced. The Galan team has been granted initial private access to parts of the relevant geological areas of interest to proceed with field work that includes soil and rock chip sampling as well as mapping. Desktop geological work is also planned in the near future on the recently granted E70/4777 tenement ~25km north of the Greenbushes mine. Another JV tenement, E70/5680, was also recently granted. Announcement • Mar 04
Galan Lithium Limited Provides an Update of Low Use Energy and Lithium Carbon Footprint Solution for Hombre Muerto West Project Located in the South American Lithium Triangle in Catamarca, Argentina Galan Lithium Limited provided an update of its low use energy and lithium carbon footprint solution for its Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina. HMW Project Update; Chemical laboratory work for the HMW Project is now 85% complete. The work is being performed by lithium experts Ad-Infinitum in Antofagasta, Chile. The brine concentration model prediction shows a sound correlation between actual laboratory results and the predictive brine evaporation model. Furthermore, these results can be seen across the prediction of the concentration of lithium and impurities. In parallel, Ad-Infinitum has been optimising the evaporation route options during the PEA/Scoping Study by testing different reagents in the evaporation process to produce high grade lithium chloride concentrate. Galan took a solutions based approach to deal with the closure of the various engaged Universities in Antofagasta whilst other local labs have not been taking further samples due to heavy restrictions implemented in the region to contain the spread of COVID-19. As a result, delays were encountered due to the logistical challenges to send brine to the lab in Santiago, some 1,400km away. Nevertheless, testing continues to advance with final lab results expected by the end of this month. Meanwhile at site at HMW, the preparation for future Study activities continues. A new site for the HMW camp and pilot areas has been located. The new camp will provide better support to the crew while also reducing travelling time that is currently 40km east of Candelas. Is New 90 Day High Low • Jan 27
New 90-day high: AU$0.64 The company is up 412% from its price of AU$0.13 on 29 October 2020. The Australian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 27% over the same period. Announcement • Jan 22
Galan Lithium Limited Initiats Work Programme for Greenbushes South Lithium Project Galan Lithium Limited (Galan or the Company) announced that it has formulated a work programme for its recently acquired 80% interest in the Greenbushes South Lithium Project from Lithium Australia NL. The project area is deemed to have had a low level of exploration maturity, with no available drilling results for lithium or lithium pathfinders. Numerous MINDEX occurrences of lithium, beryl, tin feldspar tourmaline and mica are found in the project area, potentially indicating lithium-Caesium-Tantalum mineralisation associated with pegmatites. Critically, the project area due south of the Greenbushes mine is highly prospective due to potential for along strike extensions south into the project area. This project area is host to a large strike length of the Donnybrook - Bridgetown Shear Zone hosting the Greenbushes mine deposit. Recent Insider Transactions • Jan 13
Non-Executive Director recently sold AU$633k worth of stock On the 11th of January, Christopher Chalwell sold around 2m shares on-market at roughly AU$0.42 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$618k more than they bought in the last 12 months. Is New 90 Day High Low • Jan 06
New 90-day high: AU$0.42 The company is up 180% from its price of AU$0.15 on 07 October 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. Announcement • Dec 23
Galan Lithium Limited Announces Results of a Preliminary Economic Assessment (PEA) for its 100% owned Hombre Muerto West Project in Catamarca Province, Argentina Galan Lithium Limited announced the results of a Preliminary Economic Assessment (PEA) for its 100% owned Hombre Muerto West Project in Catamarca Province, Argentina. The PEA, at a minimum, complies with the Canadian NI 43-101 regulation known as a PEA and is equivalent to a JORC Scoping Study. The PEA process has provided significant economic outcomes for the HMW Project which Galan believes can be finessed and enhanced further to optimise the Project's obvious potential. The Study estimated a production profile of 20,000 tonnes per annum of battery grade lithium carbonate product. The analysis provides outcomes that are considered very competitive with compelling results for the lithium industry. The preparation of the Project's PEA was carried out by several well-regarded consultants. The mineral resource estimate was prepared by SRK, the lithium recovery method was designed by Ad-Infinitum, while Worley Chile reviewed the potential recovery method, the project's potential layout and infrastructure, capital and operating cost estimates and preliminary economic evaluation. The other sections of the study were managed by employees of Galan Lithium Limited. The Hombre Muerto West (HMW) Project is part of the Hombre Muerto basin, one of the most globally prolific salt flats, located in the Argentinean Puna plateau of the high Andes mountains at an elevation of approximately 4,000 m above sea level (asl). The project is in the geological province of Puna, 90 km north of the town of Antofagasta de la Sierra, province of Catamarca. The HMW Project is located to the West and South of the Salar del Hombre Muerto. The HMW Project is in close proximity to other world class lithium projects owned by Galaxy Resources, Posco and Livent. It is around 1,400 km northwest of the capital of Buenos Aires and 170 km west-southwest of the city of Salta (in a straight line). The mineral resource estimation was undertaken by SRK Consulting (Australasia) Pty Ltd. (SRK) and was based upon results from drill holes within the Pata Pila and Rana de Sal tenement holding at Hombre Muerto West for a total of 1,054 metres. The mineral resource estimates undertaken by SRK were determined for lithium and potassium. Lithium is reported as lithium carbonate (Li2CO3) equivalent, and potassium as potassium chloride (KCI). 
