Hombre Muerto West (100% ownership)

Galan’s flagship Hombre Muerto West (HMW) Lithium Project is part of the Hombre Muerto basin, one of the most prolific salt flats in the world. The basin is located in the Argentinean Puna plateau of the high Andes Mountains at an elevation of approximately 4,000 metres above sea level. The Project is 90 km north of the town of Antofagasta de la Sierra, in the Province of Catamarca, Argentina, and is located to the Southwest of the Salar del Hombre Muerto.

The HMW Project is in close proximity to other world class lithium projects owned by Allkem Resources, Posco and Livent. The Project is around 1,400 km northwest Buenos Aires, the capital of Argentina and 170 km west-southwest of the city of Salta.

Project Overview

  • Highest grade, lowest impurity lithium brine assets in Argentina
  • 7.3Mt LCE total resource @ 852 mg/l Li1
  • Commercial agreement with the Catamarca Government signed in April 2024 in support of the grant of permits to enable the commercialisation of lithium chloride concentrate2
    • Allows for local and international export sales
    • Is an important prerequisite required for the grant of Phase 2 permits
    • Includes a commitment by Galan to pursue further downstream processing routes
  • Significant regional infrastructure and investment with excellent government and community support
  • Staged production plan up to 60ktpa LCE
  • Pending due diligence (underway) binding Phase 1 production offtake secured with Glencore
  • 20+ year history of production within salar

HMW (Mineral Resource Statement (Western sector & Santa Barbara), May 20233 *

(Inclusive of Ore Reserves)

Definitive Feasibility Study Results – Compelling Economics

  • Phase 2 DFS announced 3 October 2023
  • 1st quartile on the industry cost curve
  • LiCl concentrate production of 21 ktpa LCE
  • Low operating cost of U$S3,510/t LCE is lower than most spodumene producers, equivalent to SC6 $US310/t - US$350/t
  • All In Sustaining Cost (AISC) US$7,000/t LCE, +40 yr life
  • Unlevered post-tax NPV8% of US $2b
  • Post-tax IRR of 43%, approx. <3 year payback
  • Post-tax Free annual cashflow US$236m

* Wood Mackenzie Disclaimer
“The foregoing information was obtained from the Lithium Cost Service a product of Wood Mackenzie.”
“The data and information provided by Wood Mackenzie should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by Wood Mackenzie in writing. To the fullest extent permitted by law, Wood Mackenzie accepts no responsibility for your use of this data and information except as specified in a written agreement you have entered into with Wood Mackenzie for the provision of such of such data and information.”

Targeting first-phase HMW Li concentrate production in H1 2025

* Notes:
1. No cut-off grade is applied to the updated Mineral Resource Estimate as minimum assays values are above expected economic concentrations (Li 620 mg/L).
2. Specific yield (SY) values used are as follows: Sand – 23.9%, Gravel – 21.7%, Breccia – 8%, Debris – 12%, Fractured Rock – 6%, and Halite – 3%.
3. The conversion for LCE = Li x 5.3228, and KCl = K x 1.907.
4. (*) The Candelas North Mineral Resource Statement was announced on 1 October 2019.
5. There may be minor discrepancies in the above table due to rounding.