Ann: Galan Presentation - RIU Sydney Resources Round-Up, page-4

HUGE improvement!! My favourite parts;

Slide 5, top blue bubble confirming early concentrate sales "Targeting first-phase Li concentrate output from HMW in CY24"

Slide 8, last bullet point "Both Galan projects completely unburdened by existing offtake, joint venture or royalty agreements – highly strategic positioning"

Slide 9, second bullet point "Substantial exploration upside remains across Galan’s tenure". Id like to next see a numerical exploration target and expect it should be 1-3 MT.

Slide 12, second last bullet "Significant potential cost synergies and value enhancements available from integrated development; not captured in PEA" The current Candelas economics assume a standalone development, in reality it will be an integrated phase of HMW and so will share a lot of capex and opex, making it even more valuable that it already is! People have not realised this to date!

What's missing for me:A point on the current pump test work, this is a key step in the derisking of the project and proving up data for DFS so I would of included it. We have already drilled two pumping borehole wells completed with a third well is underway. Short-term pumping tests were successfully and long-term hydraulic pumping tests imminent (based on last update). The huge positive here is that it looks like all the hydraulic assumptions in the PEA are supported or better (i.e. better yields) based on what they have seen in these short-0term tests and the long-term ones will further prove that.

Nice work GLN!