GLN

2.86%

17.0¢ galan lithium limited

Ann: Quarterly Activities and Cash Flow Report, page-93

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boslo

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01/05/24

11:49

Post #: 73605339
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Originally posted by Tigerthecat: ↑

Thanks Surfdown. It is very weird that the reserves would be so low compared to the resources, particulry for an acquifer where you are basically just sucking up salty groundwater. Would really like to understand what the technical issue with the reserves is.

The company announced that the environmental block on the issuance of new permits did not apply to HMW as it was outside the area of complaint, but it has to be a risk.

Right now there is a danger that this stock is going into a classic death spiral, as all potential funders withdraw as they believe the company is going into distress and they can get a much better price, while the market can see that too, and sells out, hoping also to buy in at a much lower price. I managed to get out at 54c, but will buy back in if I think a turnaround is in sight.

The best thing the company could do right now is announce a halt to construction and an accelerated search for a strategic partner. It could probably line up a small (eg $10m) loan facility to see it through G&A/C&M for a few months if necessary. JP has done an amazing job getting this project up and running, but he has now lost all credibility in the market. In the interest of protecting his own investment, and obviously that of everyone else, he should step aside as MD. They need to find an Aussi CEO that Perth trusts.

The company also needs a credible new Chairman (who doesn't do side deals for himself) and recruit a seasoned development Finance Director who should be on Board and have a loud voice. It is not too late to stop a complete share price collapse, but the Board needs to act quickly and very decisively.

Am guessing that any strategic or rescue investor would also demand serious changes to the Board and leadership.

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Surfdown is talking nonsense, Galan has so many issues but this isn't one of them.

GLN Price at posting: 27.5¢ Sentiment: None Disclosure: Held
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(20min delay)
Last 17.0¢		Change -0.005(2.86%)		Mkt cap ! $123.8M

Open	High	Low	Value	Volume
17.0¢	17.0¢	16.3¢	$733.2K	4.383M

Buyers (Bids)

No.	Vol.	Price($)
5	292428	16.5¢

Sellers (Offers)

Price($)	Vol.	No.
17.0¢	11584	2

View Market Depth

No.	Vol.	Price($)
5	292428	0.165
27	1957794	0.160
12	1755850	0.155
20	901100	0.150
8	1007483	0.145

Price($)	Vol.	No.
0.170	11584	2
0.175	249852	6
0.180	284676	12
0.185	235052	5
0.190	175555	6

Last trade - 16.10pm 01/11/2024 (20 minute delay)

GLN (ASX) Chart

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