Galan Lithium (GLN) Q1 2026 earnings summary

Executive summary

• Secured $20 million equity placement from Clean Elements Fund, with full settlement due by November, ensuring funding for Phase 1 construction and first lithium chloride production in H1 2026.

• RIGI incentive regime approved by Argentine Government for HMW Project, providing fiscal stability and long-term benefits.

• Advanced construction at Hombre Muerto West (HMW), including Pond 4 design completion and nano-filtration plant fabrication in Sydney.

• Strategic expansion of Greenbushes South tenure in Western Australia, enhancing exploration portfolio.

Financial highlights

• Cash and cash equivalents at 30 September 2025 were $10.6 million, with no debt.

• $10 million from Tranche 2 of the Clean Elements placement is due in November 2025.

• Net cash used in operating activities for the quarter was $728,000; net cash used in investing activities was $5.56 million.

• Net cash from financing activities was $12.54 million, primarily from equity issuance.

• Payments to related parties totaled $0.35 million for director and consulting fees.

Outlook and guidance

• Fully funded to complete Phase 1 construction and deliver first lithium chloride production in H1 2026.

• Commissioning of the nano-filtration plant scheduled for early 2026.

• Strategic options for Greenbushes South and James Bay projects under evaluation, including joint ventures or spin-offs.