Ann: Galan Move to 100% Title of Candelas Project, page-11

Yes, nice little reminder from Galan on our Candelas project....Candelas is such a HUGE sleeper for Galan and would be the crown jewel of many other Li explorers. I'm convinced our current 685kt LCE @ 672mg/l Li (with low impurities) will increase materially once we get back to drilling over there and apply our vastly improved understanding of the salar and geological data. I can see Candelas getting to 2MT with likely higher grade from targeting drilling. The RO water is a HUGE bonus and extremely valuable.

Here is a very useful and eye opening analogy for just how valuable Candelas is and how its not even minutely factored into our share price yet:

Argosy Rincon Resource: 245kt @ 325mg/L
Argosy Rincon Additional Exploration Target: 262kt to 479ktpa
Argosy Rincon Pilot Production: 2ktpa
Argosy Rincon Expansion Production: 10ktpa
Argosy Rincon Total Production: 12ktpa
Argosy Market Cap: ~AU$1B

Galan Candelas Resource: 685kt @ 672mg/L
Galan Candelas Exploration Target: Undisclosed but I would guess an additional ~1 MT at high grade
Galan Candelas Production: 14ktpa
Galan TOTAL Market Cap = ~AU$350mm (mostly HMW related)
Galan CANDELAS related Market Cap = Probably only $20-30mm!! CRAZY!

I find this comparison staggering - Imagine what Argosy would do with Candelas with their tech and the available RO water!! If Candelas was within Argosy it would immediately double their MC to $1B I would guess! Holy cow, Candelas resource is currently more than Rincon's total exploration target and its double the grade and only going to get bigger!!! I think Jerko and JP need to meet and talk!!! So much immense value being left on the table with Candelas sitting there idle....but glad to se they re moving on it posy HMW DFS...