Galan Lithium Secures A$40 Million for 30% Expansion of Hombre Muerto West Phase 1 Production
Galan Lithium Ltd. has raised A$40 million through an institutional placement at A$0.41 per share, a 2% premium to the 5-day VWAP. Directors will also subscribe for an additional A$1 million, pending shareholder approval.
The funds will increase Phase 1 production capacity at Hombre Muerto West from 4 ktpa LCE to 5.2 ktpa LCE and support exploration at Greenbushes South. First production is targeted for the first half of 2026.
The placement is supported by major shareholder Clean Elements and other sophisticated investors. The equity raising consists of two tranches: approximately 86.6 million shares to institutional investors and 13.4 million shares to Clean Elements and directors, pending approval at an EGM in March 2026. The issue price reflects a discount to the last closing price but premiums to various VWAP metrics.
