Ann: A$25m Capital Raise to Support Full Funding of HMW Phase 1, page-47

Given very difficult lithium market conditions and subject to completing the MOU and the full capital raise it is not a bad outcome.
GLN will have ridden out the Lithium storm to become a small but low cost of production high grade producer with cash flow, something many others likely won't achieve.
That said, retail shareholders have been shafted more so by the industry downturn rather than anything else as evidenced broadly across the sector.
Still a lot of water to go under the bridge, however, by the time they get there perhaps late 2025 the supply side will have shrunk as the pain takes its toll on higher cost lower grade producers we may even see a stronger Lithium market.
The demand side looks pretty gloomy near term too as China struggles.
Im going to leave my scrip in the bottom draw and keep my fingers crossed.