Galan Lithium directors back company in latest option conversions
Three Galan Lithium directors converted 2.25 million options worth a combined $337,500.
Three directors on Galan Lithium’s (ASX: GLN) board have shown their support in the company and its Candelas lithium brine project in Argentina after converting a combined 2.25 million options and boosting the company’s cash reserves by $337,500.
Directors Christopher Chalwell, Terry Gardiner and chairman Nathan McMahon each converted 750,000 options at $0.15 – equating to a $112,500 investment in Galan for each board member.
Speaking with Small Caps, Galan managing director Juan Pablo Vargas de la Vega said the directors’ option conversion was evidence of the directors’ own faith in Candelas.
He said the Galan board was “fully committed” to Candelas and the option conversion funds would be used to advance the pre-feasibility study.
Strong leadership team at the helm
In addition to the above mentioned directors, Mr Vargas de la Vega pointed out the recent appointment of Daniel Jiménez Schuster to the company’s board as a non-executive director in September was a coup for Galan.
Mr Vargas de la Vega noted that Mr Jiménez Schuster brings with him his 20-years-plus experience in lithium brines with his most recent role being vice president of sales for Chile-based global lithium player Sociedad Quimica y Minera de Chile’s (SQM).
While with SQM, Mr Jiménez Schuster formulated the company’s commercial strategy including marketing and selling its lithium, iodine and industrial chemicals – representing about US$900 million in annual sales.
Mr Vargas de la Vega said he was “delighted” for the company to Mr Jiménez Schuster on its board with his wealth of experience and knowledge.
Shareholders appeared to agree and voted in favour of Mr Jiménez Schuster receiving 2 million unquoted options with an exercise price of $0.25 before the 1 December 2021.
Mr Vargas de la Vega added it was a further testament to the company’s project to have a director with Mr Jiménez Schuster’s calibre.
Candelas lithium brine project
Galan debuted its maiden resource for Candelas’ north zone in October, which Mr Vargas de la Vega said “exceeded” the company’s expectations and validated the high-grade nature of the asset.
The maiden indicated resource for the North Zone totals 684,850t of contained lithium carbonate equivalent with an average grade of 672 milligrams per litre at a 500mg/l cut off.
In addition to Mr Jiménez Schuster’s appointment, Galan has also secured the services of former Orocobre study manager Boris Caro who is a highly experienced engineer and will oversee the pre-feasibility study for Candelas.
Mr Vargas de la Vega told Small Caps that work was currently moving forward at Candelas.
Western Basin lithium brine projects
Over at Galan’s Western Basin projects, resource definition geophysics is underway focusing on Pata Pila and Rana del Sal.
Galan anticipates the results will help build a maiden resource for the projects.
Previous assays from drilling and sampling at Pata Pila and Rana del Sal have confirmed the licences host high-grade lithium with low impurities.
Recent assays from Pata Pila all exceeded 900 milligrams per litre lithium, while sampling at Rana del Sal returned up to 1,043mg/l of lithium.