Ann: Greenbushes South Drilling Update, page-8

It’s pretty interesting laying out the Greenbushes South timeline.

I think I’ve shared this before, but this is what I mapped out a while ago (updated today to include a few recent ann’s)

• 14 Jan 2021, GLN acquires 80% share of Greenbushes South from LIT. Acquisition price was 1,221,000 FPO’s in GLN, at an estimated value of $0.37/sh so total acquisition price of $451,770 (although share price on date of issuance was $0.50). Announcement talked about completion of an eventual PFS. Follow up presentation said “initial focus will be on tenure that covers a southern strike projection of the geological structure that hosts Greenbushes”.
• 21 Jan 2021: announces “work programme initiated” for Greenbushes South (field work i.e. mapping, rock chip and soil samples).
• 27 Jan 2021: raises $10M, some of which was for Greenbushes South initial exploration programme.
• 15 Apr 2021: announces review of CSIRO historic datasets, “to commence sampling and mapping next month”.
• 10 Jun 2021: completes reconnaissance field work, “mapping indicates the major geological structure hosting the world class Greenbushes LCT pegmatite transects the current holdings”.
• 15 Nov 2021: announces potential targets identified, awaiting assays from over 400 soil samples. JP says “the new data keeps indicated that our tenements are highly prospective for lithium given their proximity to the Greenbushes mine”.
• 24 Mar 2022: positive anomalous soil assays delinate shear zone.
• 15 Jun 2022: first pegmatite lens discovered at Greenbushes South, “soil samples and rock chips from GS11 site sent to geochemical assay. Further fieldwork on GS11 and other key targets scheduled from July”.
• 1 Aug 2022: new outcropping pegmatite with 500m+ strike length. First assays received from earlier soil sampling, anomalous concentrations of “up to 215 ppm”. JP says “initial exploration outcomes have been excellent”.
• 13 Dec 2022: GLN moves to 100% ownership of Greenbushes South. To purchase the remaining 20% stake, GLN makes a cash payment of $2,000,000 and issues FPO’s worth $1,000,000. JV then to be terminated but LIT retains right to negotiation offtake for 20% of product from the tenements. This puts Galan’s valuation on the Greenbushes South prospect at 100% ownership at $15,000,000.
• 20 Dec 2022: maiden drill programme to commence at Greenbushes South “in late January 2023 pending receipt of program of works approvals”. Is a five-hole diamond drilling programme to test pegmatite targets at Fry’s Block prospect (E70/4790).
• 27 Feb 2023: GLN receives program of works approvals and commences drilling that week. Initial campaign of 2,500 metres. Importantly they show a photo revealing Fry’s Block (E70/4790) is immediately to the south of Greenbushes South (see below)
• 6 March 2023: announces drilling underway, calls this “Galan’s Key Greenbushes South Project tenement” noting “E70/4790 is located only 3 km south of the Greenbushes Lithium Mine”.
• 22 May 2023: raises $31.5M, says this includes “Contingency for extra work at Greenbushes”.
• 31 Jul 2023: quarterly report includes an update, stating: “Drilling complete… awaiting assay results”. A total of 3,735 metres were drilled over 19 weeks (on reflection, this is almost 50% more than their original target which was possibly a clue that they weren’t getting anything exciting and were extending out the campaign). Makes mention of “non-mineralised pegmatites”.
• 21 Sep 2023: announces “Extended maiden drilling campaign completed”, eight holes for 3,885 metres. “Drilling to date has not detected any significant lithium mineralisation”.