Galan Lithium Limited (Galan or the Company) is pleased to provide its Quarterly Activities Report for the quarter ended 31 March 2022. The focus areas for the quarter were ongoing Definitive Feasibility Study (DFS) workstreams on the Hombre Muerto West (HMW) Lithium Project in Argentina, pilot plant and further drilling activities at HMW, as well as the first exploration sampling and mapping work at the Greenbushes South Lithium Project in Western Australia.


HIGHLIGHTS
  • HMW Project DFS on budget and on schedule for completion by end-CY2022.
  • Two pumping boreholes completed at HMW with short term pumping tests successfully performed on both wells; third borehole due to commence.
  • Diamond drillhole, PP-02-22, completed to a depth of 450m at Pata Pila licence; results confirm HMW Mineral Resource extends to the east at depth.
  • Further exploration drilling of new HMW target zones to commence this quarter.
  • HMW pilot plant S1 pond completed and full of brine; evaporation testing commenced.
  • Completion of 7,622 km of airborne magnetic and radiometric geophysics survey at Greenbushes South.
  • Pathfinder element concentrations from Greenbushes South soil samples and rock chips indicate prospective targets near the trace of the Donnybrook-Bridgetown Shear Zone.
  • Graeme Fox appointed as Chief Financial Officer.
  • Galan continues to adhere to Covid-19 protocols in Argentina, Chile and Australia with personnel and community health and safety its number one priority.
  • Exercised options deliver $2.2m cash injection.
  • Cash and investments on hand at end of the quarter was $59.2m.

Galan’s core strategy is based on rapid asset advancement to both realise, and further grow, underlying value. The Company’s exceptionally high-grade HMW resource stands at 2.3 Mt LCE @ 946 mg/l Li whilst total Indicated Resources in Argentina stand at 2.95 Mt LCE @ 858 mg/l Li. (1) These high-grade resources are complemented by two completed Preliminary Economic Assessment (PEA) studies (1) at HMW and Candelas. Both projects are 100%-owned and completely unburdened by any existing offtake, joint venture or royalty agreements