Galan Moves To 100% Ownership of Greenbushes South Lithium Project

Galan Moves To 100% Ownership of Greenbushes South Lithium Project

Lithium Australia NL (ASX: LIT) (Lithium Australia or the Company) is pleased to announce that it has executed a Binding Term Sheet with Lithium Australia Limited (ASX:LIT) to acquire its remaining 20% interest in the Greenbushes South tenements and its 20% participating interest in the Greenbushes South Joint Venture. At completion, Galan will hold a 100% interest in the Greenbushes South Lithium Project which comprises four granted exploration licenses, one pending exploration license and seven prospecting licenses (Figure 1).


Highlights:

  • Galan to acquire the remaining 20% of the Greenbushes South Lithium Project (‘the Project’) from Lithium Australia Limited (ASX:LIT)
  • At completion, Galan will own 100% of the Project, which is located only 3 km south of the world-class Greenbushes Lithium Mine
  • Joint venture partnership with LIT terminates on completion of the acquisition
  • The acquisition, along with its 100% interest in E70/6264, consolidates Galan’s significant package of exploration ground in a world-class lithium district

The Greenbushes South Lithium Project (‘the Project) is located 250 km south of Perth, in Western Australia. Covering an area of approx. 315 km2, the Project was originally acquired by Lithium Australia Limited due to its predicted strike projection of the geological structure associated with the Greenbushes Lithium Mine (‘Greenbushes’).

In March 2022 airborne geophysics was flown to develop pegmatite targets for all of Galan’s tenements. Following on, in August 2022, a pegmatite associated with spodumene-bearing rocks was discovered at E70/4790. This tenement is approximately 3 km to the south of the Greenbushes mine. Further geological mapping, soil sampling and geophysical investigations are being used to determine drill targets within E70/4790. These aforementioned ground-based methods are also being applied to Galan’s other granted tenements in the region.

Greenbushes is currently the largest hard-rock lithium mine in the world and has been in production since 1983. It is operated by Talison Lithium Pty Ltd, a private company now owned by joint venture partners Tianqi Lithium Corporation / IGO Limited JV (51%) and Albemarle Corporation (49%).

Galan’s Managing Director, JP Vargas de la Vega, said:We are delighted to acquire full ownership of this highly prospective project in one of the world’s most renowned lithium districts. We have the necessary personnel in place to undertake the pending exploration programmes and workload at Greenbushes South and are extremely excited with what is to come there. Galan is in total control of its destiny with full ownership of its lithium projects in Argentina and Australia.”

Key terms of the transaction

  • Cash payment of $2,000,000;
  • The issue of GLN fully paid shares to the value of A$1,000,000 to LIT, with the number of shares to be issued to be calculated based on the volume weighted average price of GLN shares traded on the ASX for the five (5) days preceding the date of completion.
  • On completion, the Joint Venture will terminate.
  • LIT has the first right to negotiate an offtake agreement with Galan in respect of 20% of Galan’s share of lithium product from the tenements


Click here for the full ASX Release

This article includes content from Lithium Australia, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

LIT:AU
The Conversation (0)
Charger Metals

Charger Metals Inks $42.5M Deal with Rio Tinto for Lake Johnston Lithium Project

The farm-in agreement allows Rio Tinto to earn up to a 75 percent interest in the Lake Johnston project.

Charger Metals (ASX:CHR) farm-in agreement with Rio Tinto (ASX:RIO) for its Lake Johnston lithium project in the Yilgarn region of Western Australia, was highlighted in an article published on Australian Mining.

Keep reading...Show less
Lithium periodic symbol highlighted on periodic table.

European Metals Receives US$36 Million Grant for Cinovec Lithium-Tin Project

European Metals Holdings (ASX:EMH,LSE:EMH,OTCQX:EMHXY) confirmed the approval of a US$36 million Just Transition Fund (JTF) grant for its Cinovec lithium-tin project on Monday (April 28).

The JTF is run by the European Commission, supporting projects that align with the economic diversification and reconversion of concerned territories such as Bulgaria, the Czech Republic and Hungary.

JTF states on its website that the number of supported projects varies annually, depending on the proposals. The grant also forms part of the European Union’s efforts to transition to clean energy and achieve climate goals.

Cinovec was chosen as it was designated as a strategic project under the Critical Raw Minerals Act in March, underlining its importance in Europe’s journey toward securing stable supply of critical raw minerals. It was also declared a strategic deposit by the Czech government, a designation that accelerates certain permitting processes.

"The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec Project,” commented European Metals Executive Chair Keith Coughlan in a press release. “This confirmation builds on recent project momentum and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible."

Keep reading...Show less
Atlantic Lithium (ASX:A11)

Atlantic Lithium


Keep reading...Show less
Lithium metal chunks and a label on a gray surface.

Atlantic Appeals for Fiscal Re-evaluation for Ewoyaa Lithium Project

Atlantic Lithium (ASX:A11,LSE:AAL,OTCQX:ALLIF) is appealing to the Ghanaian government to re-evaluate fiscal terms regarding its flagship Ewoyaa lithium project, which is located in the country.

The company’s board of directors acknowledged media reports on the situation in a press release late last week, saying it wants to ensure the successful development of the asset.

Atlantic notes that lithium prices have significantly declined since the mining lease for Ewoyaa was granted in October 2023, and is urging officials to adjust fiscal terms based on current price levels. Lithium prices remained low in 2024, and the downtrend has continued in 2025, with some price segments falling to four year lows.

Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, said at the Benchmark Summit in March that lithium carbonate prices are expected to remain about where they are, at US$10,400 per metric ton.

“But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices,” he explained at the Toronto-based event.

Australian spot spodumene concentrate prices have also declined.

Starting the year at the US$990 per metric ton level, values contracted through the first quarter of 2025 and are now sitting at the US$765 level, a 23.5 percent drop from January 2024's price of US$1,000.

Keep reading...Show less
European Metals

USD 36 Million Just Transition Fund Grant Approved for Cinovec Project

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to announce the following update in relation to grant funding by the European Union for the Cinovec Project (“Cinovec” or “the Project”).

Keep reading...Show less
Lithium periodic symbol and electric vehicle.

7 Biggest Lithium-mining Companies in 2025

For a long time, most of the world's lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.

Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.

While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.

Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.

Keep reading...Show less

Latest Press Releases

Related News

×