Quarterly Activities Report June 2026

Highlights

• Production ramp-up continues with inventory of processed lithium chloride building in final evaporation ponds

• Excellent rejection of impurities from the nanofiltration plant, consistent with plant design specifications

• Optimisation phase now underway, targeting stabilised production at an annualised rate of 4 ktpa LCE; lithium chloride concentrate and first product sales targeted in H2 2026

• Circa 10,000 t LCE brine inventory in the evaporation ponds provides immediate feedstock for a sustained production ramp-up

• Expansion of Phase 1 from 4 ktpa LCE to 5.2 ktpa LCE on track; pond construction works starting in September quarter, targeting a capacity uplift in H1 2027

• Strong cash position of A$35.5 million with no debt

PERTH, AU / ACCESS Newswire / July 30, 2026 / Galan Lithium Limited (Galan or the Company) presents its quarterly activities report for the quarter ended 30 June 2026, along with activities up to the date of this release.

Figure 1. Final evaporation pond with processed brine.

The June 2026 quarter marked Galan's transition from developer to producer, with the successful completion of wet commissioning of the plant at the Company's 100% owned Hombre Muerto West (HMW) project in Catamarca Province, Argentina and the production of first processed lithium chloride.

The Company is now undertaking a ramp-up phase where plant operations will be optimised ahead of achieving stabilised production at an annualised rate of 4 ktpa LCE. Galan remains on track to produce lithium chloride concentrate and deliver first product sales in H2 2026.

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

"The June quarter was a defining period for Galan. Following completion of Phase 1 construction, we successfully commissioned the HMW plant and produced our first processed lithium chloride, with the mining operation now de-risked from start to finish. To our knowledge, Galan will be the only greenfield lithium project coming online in 2026 and, with circa 10,000 t LCE of brine inventory ready to process, we are focused on a disciplined ramp-up to first product sales in the second half of the year."

Project Execution - Hombre Muerto West (HMW)

Galan announced in April 2026 that all major processing infrastructure at HMW, including the nanofiltration plant, evaporation ponds and associated process facilities, had been installed, with HMW transitioning into its testing and commissioning phase.

Following the successful execution of electrical and mechanical testing programs, Galan transitioned HMW into wet commissioning. The nanofiltration plant was first commissioned with raw brine at low pressures before being fed with pre-concentrated brine, with around 0.5% lithium content, under high pressures. A series of chemical assays undertaken on the processed lithium chloride at an independent laboratory validated that the impurity separation performance achieved to date is consistent with the plant design specifications.

Figure 2. Operational HMW nanofiltration plant.

As announced in May 2026, processed lithium chloride has been discharged into the final evaporation ponds, where water will be removed and the contained lithium concentrated through evaporation. Following this final evaporation period, lithium chloride concentrate with a 6% lithium content will be produced and then sold under the HMW Phase 1 offtake arrangements.

Figure 3. Processed brine flowing into final evaporation pond.

It is common within the lithium brine industry for productivity gains in the plant and ponds to be realised during the warmer seasons where brine temperatures are elevated and solar and wind evaporation is at its greatest. Conversely productivity is generally less in the cooler seasons. Recent winter weather conditions at site have been severe resulting in lower evaporation and periods where the plant operations were temporarily placed on hold for safety reasons. As a result of the precautions there were no injuries or safety incidents reported. Notwithstanding the challenging conditions, the Company is confident of achieving first lithium chloride concentrate production and sales in the second half of 2026 and achieving a stabilised production rate (4 ktpa LCE target) within 2026.

In relation to the expansion of Phase 1 production to 5.2 ktpa LCE, pond construction works will commence within the September 2026 quarter. 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 production capacity uplift is targeted for H1 2027 and is enabled by the existing lithium chloride inventory of c.10,000 t LCE, which has been accumulated over a period of more than 2 years.

Galan holds 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.

Figure 4. HMW phased development plan to 60 ktpa LCE.

Galan continues to work closely with its offtake and operating partner, Authium Limited, and gratefully acknowledges the ongoing support of the Federal Government of Argentina, the Provincial Government of Catamarca and its local stakeholders, as well as the benefits of Argentina's RIGI investment framework in supporting HMW's development.

Figure 5. Operators undergoing training in the nanofiltration plant electrical room.

Greenbushes South (WA)

During the quarter, Galan was awarded co-funding of up to $250,000 under the Western Australian Government's Exploration Incentive Scheme (EIS) for an airborne gravity survey over the Greenbushes South Project. Planning progressed during the period, with fixed-wing acquisition scheduled for September 2026 subject to weather, covering the Company's existing tenure together with recently granted licence E70/4889. The survey is designed to map the amphibolite host sequence and the geometry of the Donnybrook-Bridgetown Shear Zone - the structure that also hosts the Greenbushes lithium deposit to the north - beneath the cover that obscures much of the project area. Lithium-bearing pegmatites are appreciably less dense than the amphibolite they intrude, and this contrast is expected to assist in discriminating prospective positions within the shear corridor. Believed to be the first survey of this resolution flown in the region, results will be integrated with Galan's soil geochemistry to define and rank drill targets.

Financial Position

Cash outflows during the June 2026 quarter were primarily directed to the completion of construction and the commissioning of the HMW processing plant, evaporation pond works and associated site infrastructure, as well as corporate overheads.

The closing cash balance as at 30 June 2026 was A$35.5 million and the Company had no debt drawn.

Payments to related parties during the quarter totalled approximately $0.4 million, comprising MD salary, Non-Executive Director fees and professional fees.

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

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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. Galan and Rio Tinto are the only recipients of the RIGI within the lithium industry in Argentina, and

• Exploration licences at Greenbushes South in Western Australia, close to and just south of the Tier 1 Greenbushes Lithium Mine.