Quarterly Activities Report for the Period Ended September 2022

The Board of Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to provide this Quarterly Activities Report for the quarter ended 30 September 2022 to the date of this report. The main focus for the quarter was the ongoing Definitive Feasibility Study (DFS) and associated works/activities and further drilling at its high-grade Hombre Muerto West (HMW) Project in Argentina as well as continued exploration at the Greenbushes South lithium project in Western Australia.

HIGHLIGHTS

• HMW Mineral Resource increases 2.5 times to 5.8Mt contained lithium carbonate equivalent (LCE) @ 866 mg/l Li
• HMW retains its high grade, low impurity profile
• First time inclusion of a Measured Resource of 4.4Mt @ 883 mg/l Li
• Enlarged and upgraded resource is driven by increased tenure scale and further drilling delivering increased aquifer size and porosity assays
• Results to be incorporated into DFS, on track for delivery in Q1 2023 – potential production increase being explored
• Total Galan Resource (including Candelas) is 6.5Mt @ 839 mg/l Li
• New permit application submitted for permanent 200-person operational camp at Hombre Muerto West Project
• High-flow, high-grade, long term pumping test results continued
• New pegmatite discovery, anomalous lithium soils and pilot geophysics at Greenbushes South
• Galan continues to adhere to Covid-19 protocols in Argentina, Chile and Australia with personnel and community health and safety its number one priority
• Cash on hand at end of quarter was ≈A$47 million

Mineral Resources

On 24 October 2022, Galan announced a spectacular 2.5 times increase in its JORC (2012) reported Mineral Resource estimate for the Hombre Muerto West Project (HMW Project) located in Catamarca Province, Argentina. The revised Mineral Resource estimate was completed by the Australian-based team of leading independent geological consultants, SRK Consulting (Australasia) (SRK).

The total HMW Mineral Resource increased by 158% to 5.8 million tonnes of contained lithium carbonate equivalent (LCE) grading 866 mg/l Li. Within this is a Measured Resource of 4.4 Mt of LCE product grading 883 mg/l Li, which represents approximately 76% of the total HMW resource.

The initial HMW Project Mineral Resource Estimate (refer Galan ASX release dated 12 March 2020) was prepared by SRK and further updated by them on 17 November 2020. Subsequently, SRK incorporated new data gathered during exploration campaigns completed in 2021-2022 and also considered the acquisition of the Casa del Inca I tenement (now known as Casa del Inca III, see Figure 1 for location).

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