Galan Lithium (GLN) H2 2024 earnings summary

Executive summary

• Loss after tax for FY2024 was $9.5 million, compared to $7.6 million in FY2023.

• Cash and cash equivalents at year-end were $4.3 million, down from $45.2 million last year.

• Significant capital raisings and equity placements were completed to fund project development.

• Construction of Hombre Muerto West (HMW) Phase 1 is 45% complete, targeting production in H2 2025.

• Entered into a US$40 million offtake prepayment MOU with Chemphys for HMW lithium chloride.

Financial highlights

• Revenue from interest and other income totaled $898,898 (FY2023: $1,064,254).

• Exploration expenditure (including acquisitions) was $50.1 million (FY2023: $35.6 million).

• Net administration and employee expenses were $3.7 million (FY2023: $3.4 million).

• Share-based payments expense was $4.75 million.

• Total assets increased to $174.3 million (FY2023: $128.0 million), with exploration and evaluation assets at $131.6 million.

Outlook and guidance

• HMW Phase 1 production is forecast for H2 2025, with plans to transition directly to Phase 2 construction.

• Ongoing strategy to advance shareholder value through exploration, acquisitions, and joint ventures.

• Directors confident in ability to raise additional funds as required.