The Capex for the stage 1, is ~US$118m. Already spent ~30%. Cash...

The Capex for the stage 1, is ~US$118m. Already spent ~30%.
Cash on 31 March 24, A$9.77m,
+ cash raised from ATM, A$2.25m,
+ cash raised in May 2024 from JP & Terry at 46c, A$1.4m,
+ cash raising at 23c, $14.2m
Total cash around A$27.6m

If all of current cash were being spent on the stage 1 construction, then total completion would be around 45%, still requires around A$98m to complete the stage 1 construction.

I believe the best option for preserve shareholders value is to stop or slow down construction until lithium price improves. Alternatively, to seek sell assets like Candelas to fund the stage 1 of HMW.

If stopped construction, current cash reserve is far enough to weather current lithium sector downturn. As the sector has been down for 19 months, the recovery is not far from here, imo. If announced to stop construction, share price should rise, imo.

LEL is selling 90% of their Argentina (Solaroz brine project for $97m, low grade 305mg/l, selling at $33/ton LCE. Currently GLN 8Mt LCE @ ~860mg/l Li, is valued at around $11/ton LCE. GLN share price is off over 90% from its peak, overreaction is mainly attributed mismanagement of cashflow (funding for the stage 1).

All imo.