Galan Lithium says A$20m placement to proceed
ASX-listed Galan Lithium announced on Monday that a A$20-million placement with Clean Elements Fund would proceed after the investor completed due diligence on the company’s Hombre Muerto West (HMW) lithium project in Argentina.
Settlement would be made in two tranches of A$10-million, with the first due within five business days and the second no later than November 22, the company said in a statement.
Proceeds will fund the completion of Phase 1 construction at HMW, which targets 4 000 t/y of lithium carbonate equivalent, with first output scheduled for the first half of 2026.
“With the support of Clean Elements, Galan now has the funding certainty to complete Phase 1 construction at HMW and is firmly on track to deliver first lithium chloride concentrate production in H1 2026,” MD Juan Pablo Vargas de la Vega said.
Clean Elements’ due diligence “has confirmed, what we at Galan already know – HMW is an exceptional lithium project, combining substantial scale and grade with execution capability that places it among the best globally,” he said.
Clean Elements chairperson Ofer Amir said HMW was “the premier lithium brine resource globally", citing its high lithium grade, low impurity profile and higher recovery potential compared with Chile’s Salar de Atacama.
“This exceptional resource quality enables a low-cost, evaporation process, positioning Galan to become a high-margin, globally competitive lithium producer,” he said. “In our view, Galan will not just be participating in the lithium market; it will be setting a new benchmark.”
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