Galan Lithium (GLN) Q3 2025 earnings summary

Executive summary

• Secured binding offtake and operating agreements with Authium for Hombre Muerto West (HMW), including US$6m in prepayments and Authium-funded processing plant, reducing upfront and operating costs.

• Raised approximately A$13m via placement and plans for an additional A$4m through a share purchase plan to support HMW Phase 1 construction and working capital.

• Total mineral resources increased to 9.5 Mt LCE at 841 mg/L, with a significant resource upgrade at the Candelas project.

• Construction at HMW targeted for completion in H2 2025, with first lithium chloride production expected in H1 2026.

Financial highlights

• Cash and liquid assets at quarter end were A$1.4m; gross proceeds of A$10.98m from placement received post-quarter.

• Net cash used in operating activities for the quarter was A$0.76m; net cash used in investing activities was A$8.09m.

• Net cash from financing activities was A$6.63m for the quarter, mainly from equity issues.

• Estimated quarters of funding available at quarter end was 0.2, with additional funding secured post-quarter.

Outlook and guidance

• HMW Phase 1 construction expected to complete in H2 2025, with first production in H1 2026.

• Combination of equity and offtake prepayment funding expected to meet business objectives for 2025.