Hi all. We have seen some folk come in trying to cause fear...

Hi all.

We have seen some folk come in trying to cause fear about the cash position. I thought it useful therefore to have a thread where we might from time to time update the cash and funding position of GLN.

JP has made clear they are funded for the drilling and JORC, accordingly any further funding would be for a "special reason".

As it stands now this is the position (we may have to bump this thread when the downrampers arrive!!)

-we had about 2.2m or so in the bank at the start of the current  quarter and we are due to spend $1.7m leaving around $500k at the end of this quarter.

-we have insider and management options as follows noting there have been some already exercised which have been excluded from the below but I have not included that extra cash in the account yet:

-3.125m at 15c expiring 29/11/19 to raise $470k
-24.77m at 14c expiring 31/12/19 to raise $3.5m
-5.35m at 60c expiring 31/8/20 to raise $3.2m

That's a total cash amount from options over the next 18 months of $7.17m cash.

That's a lot of money!

Further we have a $5m cash facility we can call upon at any time!

That's in built funding over the next 18 months of up to $12.17m cash!!

I would like to see the $5m facility used as and when needed and I think you will find the 14c and 15c insider option brigade will continue to exercise a lot earlier than November and December this year.

Therefore Galan Lithium is brilliantly funded, its the best self-funding arrangement I have ever seen. Billy often says Hombre Muerto is special and I agree but JP is an astute operator and a special project needs a special operator and we have both!​