Galan Lithium (GLN) Q4 2025 earnings summary

Executive summary

• Secured $20 million binding equity placement with The Clean Elements Fund to fully fund Phase 1 construction at HMW, targeting completion in H2 2025 and production in H1 2026.

• Argentine Government approved the RIGI incentive regime for HMW, providing long-term fiscal and regulatory stability.

• Signed offtake agreement with Authium Limited for 45 kt LCE and access to a $6 million prepayment facility.

Financial highlights

• Ended June 2025 quarter with $4.4 million in cash and liquid assets and no outstanding debt.

• Net cash used in operating activities was $1.04 million for the quarter.

• Net cash used in investing activities totaled $8.09 million for the quarter.

• Raised $12.89 million from equity issues during the quarter.

Outlook and guidance

• HMW Phase 1 construction remains on track for completion in H2 2025, with first production expected in H1 2026.

• The Clean Elements placement, pending shareholder approval, is expected to provide sufficient funding for ongoing operations.

• Expects to maintain reduced expenditure until funding settlements are completed.