Argentina is what is holding back the GLN share price.

Summed up nicely below:

Article 13/8/21

Galan Lithium (ASX: GLN) will have plenty of cash in the bank to fund accelerated development of its lithium projects in Argentina’s lithium triangle and Western Australia after it received firm commitments to raise $50 million.

The company will raise the $50 million via a two-tranche institutional placement with the first tranche to bring in $29.8 million and the second $20.2 million.

Shares will be issued through both tranches at $1.15 each, which represents a 10.2% discount to the company’s last closing price of $1.28 on 11 August.

High-quality domestic and offshore institutions were part of the first tranche, with two institutional investors supporting the second tranche.

Galan managing director Juan Pablo Vargas de la Vega said the company was “delighted” to complete the placement, which introduced a number of “high-quality institutions” to its register.

“This represents a significant milestone in the history of the company and the recognition of these leading investors provides significant external validation for Galan’s extensive portfolio of strategic lithium projects,” he added.

Announcement, Galan Completes A$50mill Institutional Placement

( GLN 1st Tranche of shares ASX quotation 20/8/21 Then 2nd Tranche subject to shareholder approval Late September 2021)

link address:

GALAN LITHIUM LIMITED (ASX:GLN) - Ann: Galan Completes A$50m Institutional Placement, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

QUARTERLY ACTIVITIES REPORT
JUNE 2021 

HIGHLIGHTS

• Foundation works begin to accelerate the commencement of Feasibility Studies at Hombre Muerto West (HMW) Project

• SRK Consulting (Australia) to commence resource to reserve works

• WSP Group appointed to support hydrogeological model at HMW – team

  includes ex SQM hydrogeologist

• Proof of concept laboratory test of HMW Project’s Lithium Carbonate Equivalent (LCE) achieves 99.88% of purity (min requirement of battery grade quality is >99.5% LCE)

• Further Greenbushes South field work completed – two extra licences granted

• Option to purchase key tenement executed

• Galan donates five (5) ventilators to the local health authorities in Catamarca, Argentina

• Company continues to adhere to Covid-19 protocols in Argentina, Chile and Australia with employee’s health and safety our number one priority

• Imminent commencement of scoping study for Candelas Project also located in the Hombre Muerto West salt flat

• Cash on hand at end of quarter was $15.5m ($14.9m - 31 March 2021)

Galan to Initiate Candelas Scoping Study

Highlights:

• Candelas’ brine concentrate modelling shows results up to 6%Li. Similar to Hombre Muerto West (HWM) concentrate with low impurities

• Galan to commence a Scoping Study building from the learnings at HMW’s PEA Study (released 21 Dec 2020) with an in-house team and Ad-Infinitum

• Results expected during Q4 2021

• All other activities at HMW for its Feasibility Study to continue as planned

  Galan Lithium Limited (ASX: GLN) (Galan or the Company) is very pleased to announce the imminent commencement of a scoping study for the Company’s Candelas project (see Figure 1). Candelas is Galan’s second key project and is also located on Hombre Muerto West salt flat (on the southeast) in the well-known South American Lithium Triangle in Catamarca, Argentina.

  The scoping study for the Candelas Project will be performed by Galan’s in-house engineering team whilst Ad-Infinitum in Chile will oversee the chemical processing and other relevant study sections. The study is expected to be finalised during Q4 2021.

  Galan’s Managing Director Juan Pablo (JP) Vargas de la Vega said “We are very pleased with Candelas’ modelling results for its lithium chloride concentrate. Results are showing that it can reach up to 6%Li with a low impurity setting which can provide commercial flexibility to production. To date, we have accumulated a significant amount of data from our detailed studies and testing at HMW which gives us the confidence to take Candelas into the scoping study phase. This next step is a natural step to complement our lithium inventory from the same salt flat with an aim to adding further value by investigating an increase in production levels for Galan.”