Ann: At The Market Raise, page-92

Todays Market cap is AU$78m.
Site works at HMW currently as shown above (top photo) on the best Li resource in Argentina as measured by grade and impurities.

Phase 1 capex was stated as AU$150m, and July 12 Ann noted we are 40% complete, so AU$60 so far invested in actual phase1 works.

By any reasonable measure the current mc is undervalued, by how much I don’t know, but a lot. If Lithium still has value, and at what, $US12,000/ton LCE it evidently still does, so a great holding like HMW has a value but it’s reflected to $0 in our mc.
And that’s before going into the process of drilling, assessing, consultants, to define the resource, government approvals, etc and the associated costs therein.

Our mc is a result of lowish LCE prices, and the vulnerability to further raises.
Whilst Galan carries no debt it isn’t likely to trade insolvent with a decent FO at the helm. So that risk is minimal.

A worldwide recession would dent EV take up considerably though through 2025-26 and thus LCE price recovery. Will there be one ? No one knows.

The short summary is that looking at the works to date, a beautiful picture imo, the market value of Galan is shown right there in those works alone. It could go lower, but that isn’t a reference to reality, more to human nature and fear.

Once the irrational pricing reasons are eliminated the only way is up, if you believe Lithium has a place of any value in the next 50 years in our world.