Galan’s 100% Owned HMW Project Resource Increases To 6.6Mt LCE @ 880 mg/l Li (72% In Measured Category)

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce a further consolidating 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).

Highlights:

• HMW Total Mineral Resource increases to 6.6Mt contained lithium carbonate equivalent (LCE) @ 880mg/l Li
  
• No cut-off grade applied to the Resource estimate
• Third significant resource upgrade since March 2020
• Consistent high grade with low impurities
• Measured Resource of 4.7Mt @ 873mg/L Li (72% of Resource)
• Impressive total Resources (including Candelas) of 7.3Mt @ 852 mg/l Li; one of the highest-grade Li resources in Argentina
• Solid resource foundation for Galan’s four stage long term production target

The maiden HMW Project Mineral Resource Estimate (refer Galan ASX release dated 12 March 2020) was prepared by SRK and was further updated on 17 November 2020 and again on 24 October 2022. Each upgrade has not only significantly increased the global JORC Resource inventory but also elevated the JORC Resource category and hence confidence in the HMW Resource inventory. This latest resource upgrade enhances Galan’s objective to achieve the conditions necessary to commence construction and commercial production at HMW in the shortest practical timeframe.

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

“This latest increase in the high grade, low impurity HMW Resource highlights the potential enormity of the brine resource that sits within Galan’s 100% owned tenements in Argentina. We have continued to acquire tenements and continued to drill holes since our maiden resource was announced at HMW. The initial HMW resource in March 2020 was 1.08Mt LCE @ 946Mg/L Li. This now sits at a world class size of 6.6Mt contained LCE at 880mg/l Li. Coupled with our Candelas resource, Galan has a very solid foundation, and more importantly confidence, that its Hombre Muerto Salar resources fully support its four-stage lithium production target of up to 60ktpa LCE.”

Figure 1: Galan Lithium Limited’s Western Basin tenure, Hombre Muerto Salar Argentina (shaded area shows updated resource footprint and related tenements)

This latest revised Mineral Resource estimate incorporates geological and geochemical information obtained from nineteen (19) drillholes totalling 5,918 metres within the Pata Pila, Rana de Sal, Casa del Inca, Del Condor, Pucara del Salar, Delmira, Don Martin and Santa Barbara tenements (see figure 1). A total of 610 brine assays were used as a foundation of the estimation, all of which were analysed at Alex Stewart International laboratory (Jujuy). The QA/QC program includes duplicates, triplicates, and standards. In total, 325 QA/QC samples were considered using Alex Stewart (duplicates) and SGS in Argentina (triplicates) as the umpired laboratory.

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