The Company has recently commenced exploration, including electromagnetic (“EM”) surveying and a 60 hole drilling programme over a 11 km long by 2 km wide palaeochannel target within the 100% owned Mile 72 tenement.

A number of steel mills are located in the broader region, which are potential customers for the steel billet - testwork has shown that high quality steel can be produced from the Agbaja iron ore which should provide suitable feed for these mills. The Company is currently pursuing funding options, with this including discussions with export credit agency (“ECA”) lenders.

With an EV of just over A$7 million, the Company is well leveraged to exploration success - examples of companies with similar styles of mineralisation include KGL Resources (ASX.KGL, “KGL”, market capitalisation of A$78 million) and Peel Exploration (ASX.PEX, “Peel”, market capitalisation of A$107 million).

Subject to delineating a viable MRE and permitting, Gimlet potentially provides a low capex, short term production opportunity through third party ore treatment - this has the capacity to provide appreciable cash flow to fund activities as exhibited by Intermin’s recent production from the adjacent Teal Gold Mine

Galan’s first drill hole on the Candelas property, adjacent to Sal de Vida on the eastern side of the salar, has returned 165 m of high grade, low contaminant lithium brines, highlighting the prospectivity of Candelas.