Wow, what are the chances that 300 people viewed this...

Wow, what are the chances that 300 people viewed this announcement, but the very first to comment was .... (drum roll)... M S A S "Mondy Shareholder Advocacy Services"

Contractors have been compensated in shares of this company multiple times over the last 6 years. They are generally offered either cash or equity. Recently (lets call it an educated guess...) there has been an overwhelming preference for equity over cash, and its absolutely no wonder, given that they are at the literal "coal face" of what is turning into a world class project.

At this point in time, it looks like those who are buying up stock in the company are:

• Directors and Management: ~$3M over the last 12 months
• Off-take partners: $4.5M from the most recent placement
• Institutional Investors: $4M from the most recent placement
• Employee and Contractors: $2M from the most recent remuneration

Incredibly bullish imo

It's pretty clear why these groups are thirsty for equity. Consider this: Regal recently acquired 7% of our company for A$4M. The last time you could buy a stake this size in the company for this amount was back in November 2020.

Since that time GLN have achieved (in order):

• HMW PEA
• Massive resource upgrade
• HMW DFS P1
• HMW DFS P2
• Full permits for P1
• Export permits
• MOU for A$60M prepayment
• ~A130M sunk capex

And here is the kicker: lithium prices were 50% lower in November 2020 that they are today!

Its ridiculous when you take a step back and look at it this way. Was the company overvalued back in 2020? Maybe, or was it more so the memory of the most "appropriate valuation comparable" was fresh in investors minds? This was a transaction whereby Posco bought the northern adjacent tenements of GLN from Galaxy - tenements that were either equal or lesser quality than HMW and were pre-DFS, pre-permits, with no sunk capex and certainty did not come with an export permit for LiCl attached. The amount paid was ~A$420M, and at that time, spot Li was the SAME as it is today.

With the recent inclusion of Catamarca in the RIGI, along with its incredible incentives for capital investments corresponding to what GLN will soon be seeking (>US200M), look for the next six months to be the most interesting for the company so far. The market may not love GLN, but I have an overwhelming feeling the Industry does - lets just see how this plays out.

Hope you all checked your mail this week. (except MSAS of course - GLN doesn't have their address)

Good luck!