Quarterly Activities Report September 2026

Highlights

• Ramp-up of Hombre Muerto West (HMW) Phase 1 operations progressing well with first lithium chloride concentrate sales on track for Q4 CY 2026
• Over 3 months of plant operational data recorded with 98% or greater rejection of sulphate, supporting the upgrading of lithium chloride concentrate to the targeted 6% Li content
• Initial targeted throughput rate of 4 ktpa LCE expected to be achieved in H1 2027 as the plant transitions into warmer seasonal conditions
• Earthworks associated with the expansion of HMW Phase 1 from 4 ktpa to 5.2 ktpa LCE have commenced on site, with higher production volumes targeted in H2 2027
• Additional plant processing capacity planned to provide greater operational resiliency through future winters
• Strong cash position of A$25 million with no debt. Undrawn offtake prepayment facility of US$ 6 million

PERTH, AU / ACCESS Newswire / October 29, 2026 / Galan Lithium Limited (Galan or the Company) presents its Quarterly Activities Report for the quarter ended 30 September 2026, along with activities up to the date of this release.

Figure 1. HMW operation looking north.

The September 2026 quarter saw Galan progress the ramp-up of its Phase 1 operations at Hombre Muerto West (HMW) in Catamarca Province, Argentina, with the Company remaining on track to deliver first lithium chloride (LiCl) concentrate sales in Q4 CY2026. The quarter also saw the commencement of earthworks associated with the expansion of Phase 1 production capacity from 4 ktpa to 5.2 ktpa LCE.

Juan Pablo (JP) Vargas de la Vega, Managing Director commented:

“The September quarter has been one of steady operational progress at Hombre Muerto West. We have maintained safe and reliable operations through one of the most severe winters on record in the Puna region. With warmer conditions now approaching, we remain confident in delivering first LiCl concentrate sales in Q4 CY2026 and in reaching our initial 4 ktpa throughput target in the first half of 2027. The commencement of earthworks on the 5.2 ktpa expansion is a further positive step as we move into the next phase of production growth. Underpinning this progress is HMW’s position as a low-cost brine operation in the first quartile of the global cost curve, which remains a defining structural advantage for Galan as we move toward first sales.”

Project Execution – Hombre Muerto West (HMW)

Figure 2. Halite Ponds 1-3 (centre), nanofiltration plant (bottom left) and final concentration ponds (bottom right).

The ramp-up of the HMW Phase 1 operation continued to progress during the quarter, with the productivity of the nanofiltration plant keeping pace with current site evaporation rates. The nanofiltration plant, which removes impurities from the HMW brine ahead of further concentration, has recorded over 3 months of operational data with a 98% or greater rejection of sulphate. Impurity separation and recoveries achieved to date support the upgrading of LiCl concentrate to the targeted 6% Li content.

First LiCl concentrate sales from HMW Phase 1 remain on track for delivery in Q4 CY2026. Galan is confident that, as the plant transitions into warmer seasonal conditions over the coming months, the initial targeted throughput rate of 4 ktpa LCE will be achieved in the first half of calendar year 2027.

The Puna region in the Andes, where HMW is located, has endured one of the most severe winter periods in recent history with significant snowfall and wind. Notwithstanding these conditions, HMW operations continued safely with only minor periods where operations were suspended. To provide greater operational resiliency through future winters, additional pressure vessel capacity is planned to be constructed and mobilised to site, augmenting the existing Phase 1 plant capacity.

Figure 3. Earthworks for pond expansion to 5ktpa LCE underway at HMW.

Earthworks associated with the expansion of Phase 1 HMW to 5.2 ktpa LCE have commenced at site. The nanofiltration plant has been designed with the flexibility to support this expanded rate of production, so no associated plant modifications will be required. The higher production volumes are expected to be realised in the second half of calendar year 2027.

Galan continues to hold construction permits for Phase 2 (21 ktpa LCE) and plans for a staged, low-risk production growth pathway across four phases to up to 60 ktpa LCE. The scale and quality of the HMW resource, a top-10 global lithium resource by contained LCE, underpins the long-term production potential of the project as a significant supplier into the global lithium market.

Greenbushes South (WA)

During the period Galan made preparations for the helicopter-borne gravity survey over its Greenbushes South tenements, which is scheduled for November 2026. The survey is co-funded through the WA Government’s Exploration Incentive Scheme (EIS). Its objective is to map the Donnybrook-Bridgetown Shear Zone, specifically the host rocks to the lithium-bearing pegmatites at Greenbushes, giving Galan a structural framework for targeting any similar pegmatite-hosted lithium lenses within its tenements. Final processed data and interpretations are expected in Q1 2027. The new geophysical data, together with existing and new surface geochemical sampling and a planned follow-up ground gravity survey, will be used to define a drilling campaign where warranted.

Corporate

In the quarter the Company lodged Appendix 3Y notices disclosing on-market purchases of GLN shares by directors. Non-Executive Director Ofer Amir acquired 3.0 million shares, Managing Director Juan Pablo Vargas de la Vega acquired 2.3 million and Non-Executive Director (now Chairman) Daniel Jimenez acquired 0.2 million shares.

On 1 October 2026, Galan announced that Non-Executive Chairman Richard Homsany had resigned from the Board with Non-Executive Director Mr Daniel Jimenez assuming the role of Non-Executive Chairman. The Board thanks Mr Homsany for his significant contribution to Galan and wishes him well as the Company moves into its next phase of growth as a lithium producer.

Financial Position

Cash outflows during the September 2026 quarter were primarily directed to the ramp-up of HMW Phase 1 operations, the commencement of earthworks on the 5.2 ktpa expansion and corporate overheads.

The closing cash balance as at 30 September 2026 was A$25 million and the Company had no debt drawn.

Payments to related parties during the quarter totalled approximately $0.423 million, comprising Managing Director salary, Non-Executive Director fees and professional fees.

The Galan Board has authorised the release of this September 2026 Quarterly Activities Report.

For further information contact:

About Galan

Galan Lithium Limited (ASX:GLN) is an ASX-listed lithium exploration and development business. Galan’s flagship assets comprise two world-class lithium brine projects, HMW and Candelas, located on the Hombre Muerto Salar in Argentina, within South America’s ‘lithium triangle’. Galan is distinguished by:

• The size of its mineral resource. HMW is placed within the top 10 producing or development lithium projects globally,¹
• The purity of its mineral resource. The HMW mineral resource has the lowest impurity profile of any published lithium brine resource in Argentina,
• Positioning on the cost curve. When in production, HMW is profiled to be in the first quartile of the industry cost curve,²
• Near term production with permitted expansion. Galan is on track for first lithium chloride production in 2026 and has the construction permits to expand HMW to 21 ktpa LCE,
• The RIGI. The RIGI is a large-scale investment framework in Argentina which provides income tax benefits, 30 years of fiscal stability and a range of other financial benefits, and
• Exploration licences at Greenbushes South in Western Australia, close to and just south of the Tier 1 Greenbushes Lithium Mine.

¹ S&P Global Metals & Mining.

² Wood Mackenzie, iLi Markets

SOURCE: Galan Lithium Limited

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