HMW Continues To Deliver With Positive Results At Santa Barbara

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce further advancements on its 100%-owned Hombre Muerto West Project (HMW Project) in Catamarca Province, Argentina.

Highlights:

• Exploration well completed to a depth of 455 metres.
• 72-hour airlift testing completed; average grade of 829 mg/l Li.
• Gravel and fractured breccia mainly encountered during drilling presenting great potential for a high porosity and permeability setting.
• New geophysical studies further confirm the presence of conductive (low resistivity) units, brine continuity and upside resource potential.
• Construction of 4^th brine production well at HMW commenced.
• HMW Reserve model and updated resource estimate on track for DFS

Drilling activities have also commenced for three (3) new production wells in the current HMW Project resource areas, starting with production well No 4 (PBRS-03-23) at Rana de Sal I. This well is set to be drilled to an expected depth of around 380 metres proximate to a previously explored location. These three new production wells are set to complement the existing wells to ensure full brine flexibility for the extended pilot plant activities. These wells, along with the three completed wells, are expected to be part of the long-term HMW Project production infrastructure.

Galan Exploration Manager, Álvaro Henriquez, commented:

“Drilling and geophysical results from Santa Barbara have exceeded expectations in terms of brine chemistry, sedimentary thickness, and permeable lithologies. Brine continuity has also been readily demonstrated through the additional geophysical campaign conducted across those tenements. These overall Santa Barbara results deliver further strong growth potential in previously unexplored areas of our Hombre Muerto West brine deposit.”

Brine reservoir potential confirmed at Santa Barbara

Initial exploration well completed

Maiden Santa Barbara exploration well, SB-01-23, was drilled in the Santa Barbara XXIV tenement (Figure 1). This diamond drillhole was completed to 455 metres depth.

The recovered cores indicate the presence of thick gravel, sand and fractured breccia succession (Figure 2 and Table 1). These lithologies are likely associated with a high permeability aquifer.

Figure 1. HMW Project plant image. Geophysical survey (orange lines) and exploration well SB-01-23 location (red) in Santa Barbara XXIV tenement. Location of production wells marked in blue and green.Datum: Posgar 2007, Argentina Zone 3

Figure 2. Core obtained from SB-01-23

Airlift testing delivers high-grade brine

A 72-hour airlift test was conducted on well SB-01-23 over the period 10 - 13 February 2023. A total of six (6) samples were recovered during the airlift test and chemical analysis was undertaken at Alex Stewart NOA laboratory in Jujuy, Argentina.

The average extracted lithium brine grade was 829 mg/L, with observed lithium brine grade ranges between 795 and 839 mg/L (Figure 3 and Table 2).

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