Argentina: Galan Lithium has recently upgraded its resource at Hombre Muerto West project in Argentina, stating that it is now "world class". The project now has 6.6 million tonnes of Lithium Carbonate equivalent at 880 milligrams per litre Lithium. This marks the third significant resource upgrade for the project in just three years. Additionally, the management has clarified that 72% of the new figure falls in the higher "measured" category, with 4.7 million tonnes grading 873 mg/l Lithium. Galan Lithium is making significant progress in becoming a leading player in the Lithium mining industry.

Galan's latest numbers affirm the consistent quality of their high-grade, low-impurity project with no cut-off grade. The company plans to establish a 20,000-tonne per annum Lithium Carbonate production facility with a mine life of over 40 years. The latest resource upgrade bolsters their CEO's goal to initiate commercial production as quickly as possible. Estimations anticipate an EBITDA of US$287 million (AU$432.2 million) p.a. upon achieving full production by 2025.

Galan Lithium is building a 4000-tonne per annum Lithium Carbonate pilot plant facility to provide guidance for its larger project parameters. The company's flagship HMW and its nearby Candelas Lithium brine are considered world-class projects by Galan, with the former hosting the highest-grade and least-impure Lithium brine deposits in Argentina. The Hombre Muerto region also boasts established Lithium brine operations at Livent Corporation's El Fenix, Allkem's Sal de Vida, and POSCO's Sal de Oro.

Galan plans to continue exploration efforts to consolidate all its expansion tenements and potentially increase production. The company aims to complete new production wells by the end of the year.

Recent decreases in global Lithium prices have been attributed to several factors, such as heavy discounting on fossil fuel-powered vehicles and the discontinuation of electric vehicle subsidies in China. Despite this, the long-term outlook for the industry remains optimistic. Albemarle, the United States’ battery chemical leader, has bid $5.5 billion for Liontown Resources, and many car makers have made substantial investments in the market. This shows that any talk of the electric vehicle industry's demise may be premature.