Galan Lithium (GLN) Q2 2026 earnings summary

Executive summary

• Phase 1 construction at Hombre Muerto West (HMW) is on schedule for first production in H1 2026, aligning with anticipated lithium market recovery.

• Strategic expansion of Greenbushes South tenure in Western Australia enhances exposure to a key lithium district.

• Early completion of a $20M placement from Clean Elements Fund secures funding for Phase 1 construction.

Financial highlights

• Cash balance at 31 December 2025 was $15M, with no debt and an undrawn US$6M prepayment facility.

• Net cash used in operating activities for the quarter was $1.05M; net cash used in investing activities was $4.49M.

• Proceeds from equity issues during the quarter totaled $10.1M.

• Cash and cash equivalents at period end were $14.9M.

Outlook and guidance

• First production at HMW expected in H1 2026, with potential to expand Phase 1 capacity from 4,000 tpa LCE to above 5,000 tpa LCE.

• Exploration at Greenbushes South to commence in H2 FY2026, subject to permitting.