Ann: Capital Raising Presentation, page-5

Nice to see someone actually starting to question the limited amount of disclosure from this company in all facets - Where are the updated production forecasts... give us a pro-forma profit and loss management showing profit and cash flow from the 4kt operation based on today's prices.. It never seeks to amaze me how all the Galan holders try and spin every single announcement as positive. What is more concerning to me is the fact that the source and use of funds will be fully depleted from this capital raise and the stage 1 project won't be finished (there is still actually no cash buffer, which anyone who has operated a company before knows you need a decent amount of cash in reserves before even starting production to limit risk). A nice little note down the bottom (which I highlighted to bring to the attention of investors) says that all SPP funds will be used for working capital and more construction costs.. so stage 1 still won't be finished... I'll be surprised if they raise the money they are after in the SPP especially when the share price will go below the offer price. Galan were clearly chasing a lot more funds for the capital raise but enough sophisticated investors have seen the mismanagement here - red flags were everywhere and hence why Glencore and Chemphys didn't give them a cent. Galan were desperate and will be even more desperate in the future, the market will not re-rate this company unless it is sold in the short term, as the smart investors know that more capital raises will need to be done based on the below so why pay up now when you know you will get a better chance to buy in at a lower share price in the near distant future. As I've said before, the only thing that will save investors in Galan now is a new board or a sale (either cash or a scrip for scrip takeover, I am sure holders would take scrip in rio tinto - a company who actually knows how to run a fully fledged mining company). Cheers, CP.