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2026-11-06
◂ Monitor GLN ASX

Galan Lithium Limited

Ramping Producer · Lithium · AR · AU · CA Rating locked: sign in to view v8.1 · gln-20261104t223111-full
Last 2026-11-06
A$0.21
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$267.1M
EV
A$254.8M
Cash
A$25.4M
Debt
A$0

Portfolio detail

Assets

5 assets

Core asset

Hombre Muerto West Phase 1

AR

Ramping Producer100% ownedLithium

Construction and commissioning complete; first LiCl concentrate processed; first sales targeted for Q4 CY2026; ramp to 4 ktpa LCE by H1 2027 and 5.2 ktpa by H2 2027

Producer · Ramping producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
—

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$460M8% discount
IRR36%Published return
Initial capexUS$104MPublished capital estimate
Operating cost3,263USD/t LCE

Phase 1 DFS post-tax NPV8 (July 2023 price deck, not in the downloaded set) with Authium restatement of operating cost to US$3,263/t LCE

Milestones3
  1. First LiCl concentrate sales

    Pending · High materiality

  2. 4 ktpa LCE throughput rate

    Pending · High materiality

  3. 5.2 ktpa LCE expansion

    Pending · Medium materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
HMW Phase 1 construction and environmental approvals and production licenceCatamarca Province, ArgentinaGranted—No
RIGI incentive approvalArgentina (national)Granted—No
Economic studies1
StudyStageStatusDateSummary
HMW Phase 1 DFS (3 July 2023), 4 ktpa LCE, nano-filtration not yet adoptedDFSReaffirmed2023-07-03Post-tax NPV8 US$460m, IRR 36%, initial capex US$104m before the Authium liming removal; company says the material assumptions still apply; the processing route has since changed to Authium nano-filtration.

Core asset

Hombre Muerto West Phase 2 to 4 (21 ktpa LCE, then up to 60 ktpa)

AR

DFS Unfunded Developer100% ownedLithium

Phase 2 DFS (October 2023) with construction permits held; no funding committed; excluded from base value.

Developer · DFS unfunded developer
Study
DFS
Post-tax NPV (study prices, attributable)
US$2.0bd
NPV restated at our deck (attributable)
Locked
IRR
4,300.0%s
Initial capex (100%)
US$278.0ms
Capital intensity
US$13,238/(t/yr)d
LoM AISC
—
Mine life
40.0 yrss
Published study economicsIssuer or study metrics
NPVUS$2B8% discount
IRR43%Published return
Initial capexUS$278MPublished capital estimate

Phase 2 DFS (Oct 2023) post-tax NPV8; not valued in the base

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured4.7M t866 mg/L Li (HMW measured)Lithium2025-01-29
Mineral Resourceindicated1.6M t894 mg/L Li (HMW indicated)Lithium2025-01-29
Mineral Resourceinferred1.5M t926 mg/L Li (HMW inferred)Lithium2025-01-29
Ore Reserveproven_and_probable806.4K t864.2 mg/L Li averageLithium2023-10-03
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Phase 2 (21 ktpa LCE) construction permitsCatamarca Province, ArgentinaGranted—Yes
Economic studies1
StudyStageStatusDateSummary
HMW Phase 2 DFS (3 October 2023), 21 ktpa LCEDFSReaffirmed2023-10-03Post-tax NPV8 US$2 billion, IRR 43%, initial capex US$278m, 40-year life; price deck and opex not in the downloaded set.

Material

Candelas lithium brine resource

AR

Resource Stage100% ownedLithium

JORC resource (January 2025); preliminary economic assessment referenced; no royalties; plan to use HMW infrastructure in Phase 4.

Resource / scoping · Resource stage
Contained metal (attributable)
1.6m td
Resource grade
683 mg/L
% Measured + Indicated
78.6%d
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated1.3M t689 mg/L LiLithium2025-01-29
Mineral Resourceinferred350K t661 mg/L LiLithium2025-01-29

Other

Greenbushes South lithium exploration (Western Australia)

AU

Early Explorer100% ownedLithium

Exploration licences E70/4629 and E70/4889 adjacent to the Greenbushes mine; helicopter gravity survey scheduled for November 2026.

Exploration · Early explorer
Ownership
10,000.0%
Commodity
Li2Or
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
A$547.8k

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements2
gbs-e70-4629Granted— None · No expiry supplied
gbs-e70-4889Granted— None · No expiry supplied
Milestones1
  1. Gravity survey data and interpretation

    Pending · Low materiality

Other

James Bay lithium (Quebec) JV with Redstone Resources (50%)

CA

Early Explorer50% ownedLithium

50/50 JV with Redstone (JV manager); no material activity in FY26.

Exploration · Early explorer
Ownership
5,000.0%
Commodity
Li2Or
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)