GALAN LITHIUM LIMITED — Major Shareholding Notification 2021

May 16, 2021

605 page 1/2 15 July 2001

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme Galan Lithium Ltd.

ACN/ARSN 149 349 646

1. Details of substantial holder(1)

Name IPConcept (Luxembourg) S.A. ACN/ARSN (if applicable) N/A

ACN/ARSN (if applicable)

The holder ceased to be asubstantial holder onThe previous notice was given to the company onThe previous notice was dated	/ // // /1205202103 02 202103 02 2021

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature ofchange (4)	Considerationgiven in relationto change(5)	Class (6) andnumber ofsecuritiesaffected	Person's votesaffected
see Annexure Ato this notification					IPConcept (Luxembourg) S.A.now holds 4,95% of voting powersee Annexure A

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
n.A.
n.A.

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
IPConcept (Luxembourg) S.A.	Rue Thomas Edison 4, B.P. 661, L-1445 Luxembourg

Signature

print namesign here	capacityMichael ClemensRisk Manager
	date//14 05 2021

605 page 2/2 15 July 2001

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

(4) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

This is annexure A of 1 page referred to in Form 605, Notice of ceasing to be a substantial holder on 12 May 2021.

Date ofchange	Personwhoserelevantinterestchanged	Natureofchange	Considerationin Cash	Class andnumber ofsecuritiesaffected	Person`svotesaffected
12.05.2021	IPConcept(Luxembourg)S.A.	sell	189,315.70	Ordinary270,451	270,451
11.05.2021	IPConcept(Luxembourg)S.A.	sell	167.25	Ordinary223	223
05.05.2021	IPConcept(Luxembourg)S.A.	sell	93,271.76	Ordinary122,726	122,726
30.04.2021	IPConcept(Luxembourg)S.A.	sell	218,050.52	Ordinary265,842	265,842
28.04.2021	IPConcept(Luxembourg)S.A.	sell	127,717.60	Ordinary150,256	150,256
27.04.2021	IPConcept(Luxembourg)S.A.	sell	214,152.90	Ordinary266,475	266,475
26.04.2021	IPConcept(Luxembourg)S.A.	sell	214,897.80	Ordinary275,510	275,510
23.04.2021	IPConcept(Luxembourg)S.A.	sell	213,581.94	Ordinary273,823	273,823