Hi Mondy, I would be expecting a Glencore site visit soon,...

Hi Mondy, I would be expecting a Glencore site visit soon, perhaps late Jan early Feb. I was assuming ~8w for DD but given the holiday break they probably lost a few weeks. The site visit will likely mark the end of DD and final internal Glencore report(s) then to follow. I hope it’s all wrapped up by end of Feb.

Unlikely therefore to see any Glencore prepayment funds I would say until March/April (guessing) so I still expect some kind of small interim/bridging finance to see Galan through and maintain the excellent construction progress. This could come via a small equity raise or a small debt raise or both. I would expect/hope they have been very busy over the break on this bridging finance as cash will be getting low soon.

Great to see the liner install commenced and I’m looking forward to the first pond fill in the next few months (hopefully by end Feb?). Getting the first evaporation started well before summer is huge!!

FYI - I am assuming the bullet in today’s announcement stating a resource upgrade in Q1-25 was a typo and should have read Q1-24 (ie next few months). No way they would bother highlighting in a bullet something that’s due a year away, and we were promised a resource upgrade when the Catalina north area land deal was done a while ago so it’s well overdue…but will cut them some slack here given focus is on construction and not delivering even more resource (they already have enough for 40years @ a whopping 60ktpa LCE!!). I expect this next resource upgrade will add another 1-2MT of very high grade low impurity brine, but ultimately I’ve always estimated Galan will get to well over 10MT on its HM tenements, perhaps closer to 15 that 10 eventually…but that’s more that they will ever need so can hopefully high grade the areas to develop in Phase 3/4 and sell off some areas perhaps ? I still think HMW on its own will eventually support 60ktpa and so Candelas can be sold off or JVd out, perhaps to a DLE player given it has excellent water availability and DLE needs water (that’s what I’d do as it lets Galan focus on its Tier 1 low risk low cost traditional HMW brine project while also gaining exposure via a JV to new tech DLE via candelas and the different money and Investors DLE brings).

Galan will be the standout Li recovery stick of 2024, mark my words!