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2026-11-06
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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
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$267.1M
EV
A$254.8M
Cash
A$25.4M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$25.4M2025-06-30: 4,447,999 A$2025-09-30: 10,583,000 A$2025-12-31: 14,907,460 A$2026-03-31: 40,737,000 A$2026-06-30: 35,496,993 A$2026-09-30: 25,388,000 A$ Finite
Debt A$0 Net cash A$25.4M
Basic shares 1.3B 2026-10-02
Runway 2.38 quarters Appendix 5B item 8.7: cash 25.388m divided by quarterly outflows of 10.688m (operating 0.816m plus investing 9.872m). Excludes the Phase 1 expansion earthworks, the lease payments from November 2026 and the US$6m Authium prepayment, which is conditional on processing.

Liquidity

Financial position

Cash A$25.4m at 30 Sep 2026 and no debt. Runway is about two and a half quarters on the September quarter burn, before first sales. Cash fell A$10.1m in the quarter and A$30m was spent on exploration and development in FY26. Funding for the 5.2 ktpa expansion and any Phase 2 growth is not committed, so a further raising is likely before the cash is used up. The Authium prepayment is available only after processing and the lease payments start in November 2026.

Inventory composition1

Inventory carried at A$2.78m (balance sheet, 30 Jun 2026) is brine in the ponds; no concentrate or product is on hand.

Lithium brine in HMW evaporation ponds (estimated 9,000 t LCE at 30 Jun 2026; the company also quotes about 10 kt LCE)
A$2.8M carrying · 9,000 t LCE

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.4B

Ordinary shares: 1,264,403,843 at 30 Jun 2026 (AR note 12) plus 1,771,450 (Jul), 434,672 (PIP, Jul), 666,666 (Aug) and 260,000 (Aug) = 1,267,536,631 at 22 Sep 2026 (AR p73); plus 4,593,334 shares issued 1 Oct 2026 (Appendix 2A, 2 Oct 2026) = 1,272,129,965. Fully diluted adds in-the-money and nil-strike securities (90,909,090 at A$0.15, 500,000 at A$0.165, 5,000,000 at A$0.35, 960,780 nil, 21,263,334 rights) = 1,390,763,169 and exercise proceeds of A$15.47m. Out-of-the-money: 1,000,000 at A$0.50 and 47,645,627 listed at A$0.65. Source conflict: the 500,000 A$0.165 option expiry is 16 Aug 2028 in AR note 12 and 16 Jun 2028 in the Directors report; the note is used.

Security classes9
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share1.3B——
Unlisted options, exercisable A$0.15, 1 Sep 2028Option45.5MA$0.152028-09-01
Unlisted options, exercisable A$0.15, 5 Nov 2028Option45.5MA$0.152028-11-05
Unlisted options, exercisable A$0.165 (note 12 expiry 16 Aug 2028)Option500KA$0.1652028-08-16
Unlisted options, exercisable A$0.35, financing vesting conditionOption5MA$0.352029-11-20
Unlisted options, exercisable A$0.50 (out of the money)Option1MA$0.52027-11-05
Unlisted zero-exercise options (ESS, 13 Aug 2026)Option960.8KA$02029-08-13
Listed options GLNOB, exercisable A$0.65 (out of the money)Option47.6MA$0.652029-03-20
Performance and service rights (nil exercise)Performance Right21.3MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table6
MetricProjectPeriodPeriod typeValueStatus
Cash at year end, 30 June 2025 (restated comparative)CompanyFY25 year endPoint In Time4,447,999 AUDReported
Cash at quarter end, September 2025 (Appendix 5B)CompanySep 2025 quarterPoint In Time10,583,000 AUDReported
Cash at 31 December 2025 (half-year accounts)CompanyDec 2025 quarterPoint In Time14,907,460 AUDReported
Cash at quarter end, March 2026 (after A$40m placement)CompanyMar 2026 quarterPoint In Time40,737,000 AUDReported
Cash at 30 June 2026CompanyFY26 year endPoint In Time35,496,993 AUDReported
Cash at 30 September 2026 (Appendix 5B)CompanySep 2026 quarterPoint In Time25,388,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
First Licl Concentrate Saleshmw_phase1Q4 CY2026—— dateCurrent
Throughput Ratehmw_phase1H1 CY20274,0004,000 t/yr LCECurrent
Expanded Throughput Rate (Earthworks Started)hmw_phase1H2 CY20275,2005,200 t/yr LCECurrent

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-04Ann. 2026-01-29RaisingA$35.5M86.6M—Completed—
2026-05-06Ann. 2026-01-29RaisingA$5.5M13.4M—Completed—
2025-11-05Ann. 2025-06-20RaisingA$20M181.8M—Completed—
2026-11-01Ann. 2025-04-16LeaseA$12M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-30

Live arrangements in the FY26 Annual Report, the Authium announcements and the Phase 1 funding documents; no terminated arrangements identified in the documents read.

Galan sells 45 kt LCE of lithium chloride concentrate to Authium (delivered CIF USA) over 6 to 12 years, with a US$6m prepayment facility drawn at US$1m a month once brine is processed through Authium nano-filtration. Right of first refusal on extension.

Offtake · Active
Counterparties
Authium Limited
Applies to
Hombre Muerto West Phase 1 · Lithium
Economic direction
Benefit
Period
From 2025-04-16; no end date stated
Key terms
Contract quantity: 45,000 t LCE
Delivery term: 6 to 12 years, until 45 kt delivered
Delivery terms: CIF USA
Prepayment facility: 6 USD m
Prepayment interest: None within 6 months of drawdown; SOFR + 6% thereafter
How it affects our valuation

No valuation treatment is available for this arrangement.

Nano-filtration plant funded and operated by Authium, paid for through a lease whose payments are per tonne of concentrate processed (capped at 30,000 t at A$400/t) with fixed in-substance payments of A$12m; recognised as a right-of-use asset and lease liability.

Tolling Or Processing · Active
Counterparties
Authium Limited
Applies to
Hombre Muerto West Phase 1 · Lithium
Economic direction
Burden
Period
From 2025-04-16; no end date stated
Key terms
In-substance fixed payments over lease term: 12,000,000 AUD
Variable payment cap: 30,000 t LCE
Variable rate: 400 AUD/t
Lease liability at 30 Jun 2026: 13,043,754 AUD
Payments commence: November 2026
How it affects our valuation

No valuation treatment is available for this arrangement.

50/50 JV for James Bay and Taiga projects; Redstone is JV manager; no material activity in FY26.

Joint Venture · Active
Counterparties
Redstone Resources Limited
Applies to
James Bay lithium (Quebec) JV with Redstone Resources (50%) · Lithium
Economic direction
Mixed
Period
From 2023-12-08; no end date stated
Key terms
Galan interest: 50 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Approval under the RIGI regime (28 August 2025): 25% corporate tax rate, 30 years of fiscal stability, preferential FX access and import duty exemptions.

Other · Active
Counterparties
Argentine Government (RIGI committee)
Applies to
Hombre Muerto West Phase 1 · Hombre Muerto West Phase 2 to 4 (21 ktpa LCE, then up to 60 ktpa) · Lithium
Economic direction
Benefit
Period
From 2025-08-28; no end date stated
Key terms
Corporate income tax rate: 25 pct
Fiscal stability period: 30 years
Accelerated depreciation: 2 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Final 10 million shares to the Blue Sky vendors due on commencement of commercial production from a pilot plant (contingent liability, AR note 25).

Other · Conditional
Counterparties
Blue Sky Lithium vendors
Applies to
Hombre Muerto West Phase 1 · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Final allotment of shares: 10,000,000 shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Declared tenement commitments at Greenbushes not provided for in the financial statements.

Other · Active
Counterparties
Greenbushes tenement vendors
Applies to
Greenbushes South lithium exploration (Western Australia) · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Tenement option commitments at 30 June 2026: 291,658 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.