FY2021
Economic study and project expansion
The HMW preliminary assessment and Greenbushes South arrangement broadened the development programme.
ASX: GLN · Five-year financial review
(ASX: GLN) Galan Lithium Financial Review - FY2021~25
Galan Lithium’s FY2021-FY2025 financial review follows the build-up of its Argentine lithium-brine projects. A rapidly growing exploration carrying amount sits alongside a much smaller cash balance, making project funding, partner obligations and the timing of first production central to the story.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$4.448m
Closing cash, before September placement receipts.
Exploration assets
A$190.768m
Accounting carrying amount.
Net investing outflow
A$41.771m
FY2025 cash flow.
FY2025 loss
A$9.314m
After tax, excluding OCI.
Five years in context
Hombre Muerto West advanced from preliminary economic assessment to permits, studies and project work. These milestones are not interchangeable with commercial production: the FY2025 extraction still describes first production as expected in H1 2026.
The final-year financial statements retain A$190.768m within exploration and evaluation. That accounting classification is preserved despite construction activity and future phase targets.
Events behind the numbers
FY2022
Funding builds cash
Net financing inflow exceeded operating and investing uses, lifting cash to A$53.895m.
FY2023
Initial development permit
The initial HMW permit was granted in June; the Phase 1 DFS announcement followed on 3 July, after year-end.
FY2024
Investment accelerates
Investing outflows exceeded new financing, drawing down the cash buffer.
FY2025
Partner-led funding model
The Authium package changed the processing/funding approach; later RIGI and placement events are separated from June balances.
FINANCIAL REVIEW / 01
Large investment programme, narrow cash buffer
FY2025 net financing closely offset operating and investing cash uses, leaving year-end cash little changed from FY2024. A stable closing balance therefore does not imply low funding needs.
Cash at year-end
A$ million
Cash and equivalents
AI-generated presentation · values from Cash, project assets and equity; no missing values plotted as zero.
Exploration carrying amount and equity
A$ million
Exploration and evaluation carrying amountConsolidated total equity
AI-generated presentation · values from Cash, project assets and equity; no missing values plotted as zero.
Cash deployed and financing received
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Project investment and funding; no missing values plotted as zero.
Cash, project assets and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 15.571 | 53.895 | 45.151 | 4.334 | 4.448 |
| Consolidated total assets | 39.103 | 90.123 | 128.042 | 174.260 | 223.192 |
| Consolidated total equity | 38.349 | 86.860 | 116.448 | 159.842 | 207.247 |
| Exploration and evaluation carrying amount | 23.409 | 33.020 | 71.137 | 131.602 | 190.768 |
Group figures, not parent-entity disclosures. Project costs remain classified as exploration and evaluation at June 2025.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Project investment and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.491) | (2.017) | (1.907) | (2.776) | (3.406) |
| Net investing cash flow | (2.241) | (10.585) | (36.732) | (74.909) | (41.771) |
| Net financing cash flow | 17.655 | 50.925 | 29.895 | 36.869 | 45.291 |
Net investing cash includes inflows and is not interchangeable with gross construction/exploration payments.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Book-value growth includes non-cash consideration
The FY2025 exploration bridge includes A$6.222m of creditor shares as well as capitalised expenditure. Neither should be treated as an extra cash outflow on top of the cash-flow statement.
Management’s recoverability assessment relies on project funding, processing feasibility and tenure. A carrying amount is not a present value of lithium sales and does not guarantee recovery.
Loss after tax
A$ million
Loss after tax
AI-generated presentation · values from Statutory loss after tax; no missing values plotted as zero.
Statutory loss after tax
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Loss after tax | (0.908) | (5.083) | (7.617) | (9.505) | (9.314) |
Excludes other comprehensive income; no projected production or offtake volume is recorded as revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 exploration carrying-value bridge
A$ million
| Metric | FY2025 |
|---|---|
| Opening exploration balance | 131.602 |
| Capitalised expenditure | 52.945 |
| Creditor shares capitalised | 6.222 |
| Closing exploration balance | 190.768 |
Opening balance + capitalised expenditure + creditor shares = closing balance. Share consideration is non-cash; capitalised expenditure is not identical to cash paid.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate signed terms, capacity and subsequent receipts
Authium is to fund, supply and operate processing facilities. The issuer described removal of A$41.5m of liming-plant capital expenditure and an estimated 18% operating-cost reduction relative to the Phase 1 DFS; these are plan changes, not realised savings or revenue.
The offtake covers 45kt LCE over 6–12 years. Up to US$6m of prepayments is linked to processing and is not June cash. The A$20m Clean Elements placement has separate September and November tranches, while RIGI approval occurred after June.
The FY2025 plan targets 4ktpa LCE in a 6% lithium chloride concentrate. Earlier DFS figures used a different production plan; none of these targets are represented as achieved sales.
Reading the figures
- Targets, estimated cost reductions, offtake commitments and funding availability are not realised output, earnings or cash.
- September/November placement tranches and July/August RIGI developments are subsequent to June 2025.
- Exploration classification follows the retained financial statements; no valuation of resources is calculated.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Galan Lithium - Full Year Statutory AccountsExisting annual extraction, including separately identified historical comparatives.
- Galan Lithium - Annual Report 30 June 2022Existing annual extraction, including separately identified historical comparatives.
- Galan Lithium - Annual Report 30 June 2023Existing annual extraction, including separately identified historical comparatives.
- Galan Lithium - Annual Report 30 June 2024Existing annual extraction, including separately identified historical comparatives.
- Galan Lithium - Annual Report 30 June 2025Existing annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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