Quarterly Activities and Cash Flow Report

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to present this Quarterly Activities Report for the quarter ended 31 December 2024, as well as activities up to the date of this release.

Highlights

• Phase 1 operational works at HMW continue, with Galan being one of a few lithium companies in a position to move towards production due to the low- cost, high-grade nature of the project
• Approximately 7,900 inventory LCE tonnes in the evaporation ponds. Lithium grades, flow and evaporation rates in line with Phase 1 DFS
• Phase 2 HMW Mining Permit granted, securing the pathway for Galan’s continued development at HMW at an efficient commercial scale up to 21,000 tpa LCE
• Independent benchmarking highlights HMW as being within the first quartile of the lithium industry AISC cost curve ⁽¹⁾
• Candelas Mineral Resource upgrade provides Galan with total resources of 9.5 Mt LCE
• Galan now placed within the global top 10 of lithium construction and production projects (by LCE mineral resource)⁽²⁾
• Cash and liquid assets of A$3.6m at the end of the quarter. Chemphys placement funds of US$3 million received in January 2025; financing and offtake discussions progressing

Galan’s focus remains on its ongoing operational works at, and funding solutions for, the Company’s 100% owned Hombre Muerto West (HMW) lithium brine project in the Catamarca Province of Argentina.

The Company continues its phased development strategy at HMW and continues to work towards first production as a priority.

Commenting on the update, Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, said:

“The 2025 year has started very positively for Galan as we continue to move towards initial Phase 1 production at HMW. With significant operational progress having already been made at the project, our focus is on securing the required offtake and funding to put HMW into production. The finalisation of the US$3m placement to Chemphys provides the runway to get to this point.

At Candelas we have been able to announce an increased Mineral Resource Estimate, which now places our HMW assets, by resource, in the top ten lithium construction and production projects globally.

To achieve all this at a time when the lithium industry world-wide is facing considerable headwinds and where other projects are stalled or being wound back is testament to the quality of HMW and its high- grade, low-cost resource. We are looking forward to the rest of 2025 with considerable enthusiasm.”

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