Last reminder that the AGM proxy/online votes must be submitted...

Last reminder that the AGM proxy/online votes must be submitted by tomorrow morning.

Also, as stated above, if the performance rights get approved shareholders will be impacted immediately by virtue of valuations which are done on a fully diluted basis. This means the share price targets/valuations will drop immediately by 2.85% (in addition to the 2.85% reduction that has already occurred as of the last AGM). Now this may not sound like much because the share price can go up or down 2 or 3% on any given day. The difference here is that the 2.85% will never come back on the next swing up - it is lost forever. This would be absolutely fine if shareholders were receiving some incremental value for the cost of this 2.85%, but in this case we are not as the new performance targets are not above the previous set of targets that were approved last AGM. In fact, what this does do is incentivise management for a cheaper takeover (or sale of assets), should the prospect come up in the future.

Lastly, let me show you a chart of the share price since the market was notified of Resolution 4 at the last AGM (a.k.a. "the blank cheque" or "broadcasting news of the intention of doing a CR before actually doing the CR!?!"). I have circled this point in red below. Not only did the share price decline for 3 and a half months after notice of this resolution was given (and voted on) but Galan missed out on significant gains that many other lithium stocks experienced throughout this period. In fact, you can see from the chart that Galan never fully recovered from this (perhaps now with the resource upgrade we are starting to claw our way back). My point here is that these AGM resolutions matter, that they are worth voting on, because if shareholders are not happy they will vote with their feet (sometimes instead of voting), which is then reflected in the share price which impacts all of us, and it takes the market quite some time to forget about these things.


Note: In the chart above the blue line is AGY and the orange line is LKE.

Anyway... vote for what you think is right... I will say no more on the issue.