Spectacular 2.5x Increase In HMW Resource – Now 5.8mt LCE @ 866 mg/l Li (76% In Measured Category)

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

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

“Even the Galan team has been amazed by the scale of this updated Resource for Hombre Muerto West. The outcome is game changing in terms of the step-up in the overall technical and economic potential of this world-class lithium brine asset. This is a function not only of the size of the increase in resource, but also the big step-up in confidence classification that has been achieved. This potential is now set to be incorporated into our ongoing Definitive Feasibility Study (DFS) work, which is on track for completion during Q1 2023.

This amazing result could not have been achieved without the concerted efforts of our tireless and loyal teams in South America and Australia, who continue to deliver outstanding exploration and evaluation results, and savvy tenement acquisitions. Thank you to all. We look forward to continuing to advance the HMW Project rapidly towards its development and production of critical lithium supply. The entire Galan team is aligned towards maximising the future benefits of this flagship asset, and our broader portfolio.”

The revised Mineral Resource estimate incorporates geological and geochemical information obtained from fifteen (15) drillholes totalling 4,384 metres within the Pata Pila, Rana de Sal, Casa del Inca and Del Condor tenements. A total of 236 brine assays were used as a foundation of the estimation, all of which were analysed at Alex Stewart International laboratory (Jujuy). An improved QA/QC program was implemented, including duplicates, triplicates, and standards. In total, 98 QA/QC samples were considered using Alex Stewart (duplicates) and SGS in Argentina (triplicates) as the umpired laboratory. New porosity data was obtained from 131 core samples derived from five (5) drillholes located in the Pata Pila (2) and Rana de Sal (3) tenements in support of the HMW Mineral Resource Estimate. Porosity analysis was undertaken at SGS in Argentina and Daniel B. Stephens & Associates (DBS&A) in New Mexico (United States). To complement directly obtained brine samples and core, approximately 51 km of total surface resistivity (CSAMT and TEM) have been completed since the start of the project. Furthermore, Zelandez has conducted 1,766 metres of downhole geophysical logging in 5 (five) drillholes located in the Pata Pila (2) and Rana de Sal (3) tenements.

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