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Galan Lithium - Quarterly Activities Report

• Completion of an oversubscribed A$50 million Institutional Placement
• Next round of drilling commenced at Hombre Muerto West with second rig being outsourced to commence further drilling in Q4 2021
• HMW Feasibility study progressing well - engineering contract award imminent
• Candelas scoping study on track for delivery in Q4 2021
• Galan partners with leading ESG supply chain traceability provider, Circular, for traceability of its lithium chloride concentrate and carbonate products for future markets
• All Argentinian projects are 100% owned by Galan - no offtake, JV or royalty agreements in place
• Grade is king - Hombre Muerto West resource ~ 2.3Mt LCE @ 946 mg/l Li
• Total indicated resource inventory in Argentina of ~ 3Mt LCE @ 858 mg/l Li
• Strong M & A action in Argentina lithium space – CDN$966m Neo Lithium Corp (Oct’21), CDN$377m Millennial Lithium Corp (Sep’21) and Galaxy/Orocobre finalised (Aug’21)
• Greenbushes South tenement applications advancing after completion of CMP
• Company continues to adhere to Covid-19 protocols in Argentina, Chile and Australia with employee’s health and safety our number one priority
• Cash on hand at end of quarter was $42.2m ($15.5m – 30 June 2021) – gross tranche two proceeds of $20m received on 15 October 2021

The Board of Galan Lithium Limited (“Galan” or “the Company”) is pleased to provide this Quarterly Activities Report for the quarter ended 30 September 2021 to the date of this report. The main focus for the quarter was the ongoing feasibility works and next round of drilling at its high-grade Hombre Muerto West (“HMW”) project as well as moving scoping studies forward at the Candelas project which are both located in the Hombre Muerto West salt flat in the South American Lithium Triangle (see tenement location map in Figure 5).

For more information, download the attached PDF.

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