GALAN LITHIUM LIMITED — Share Issue/Capital Change 2021

Dec 30, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

GALAN LITHIUM LIMITED

Date of this announcement

Friday December 31, 2021

The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Option Expiring 24-Dec-24 Ex $1.30	500,000	31/12/2021
to be confirmed

Refer to next page for full details of the announcement

Notification of Issue, Conversion or Payment up of Unquoted E it S iti

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

GALAN LITHIUM LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

87149349646

1.3 ASX issuer code

GLN

1.4 The announcement is

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New announcement

1.5 Date of this announcement

31/12/2021

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Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code +Security description New class - code to be confirmed Option Expiring 24-Dec-24 Ex $1.30 +Security type ISIN code Options Date the +securities the subject of this notification were issued 31/12/2021 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Were any of the +securities issued to +key management personnel (KMP) or an +associate? No Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? Yes Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. Issued under the Galan Employee Securities Incentive Plan (last approved by shareholders on 27/11/20)

Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 1.30000000 3/12/2024 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description GLN : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms

As per Resolution 10 of GLN AGM NOM dated 29 October 2020 https://wcsecure.weblink.com.au/pdf/GLN/02301596.pdf

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Any other information the entity wishes to provide about the +securities the subject of this notification

250,000 unquoted options (exercisable at $1.30 on or before 24/12/24) vested on 30 November 2021. Balance of 250,000 unquoted options (exercisable at $1.30 on or before 24/12/24) will vest on 31 May 2022 if employee is still employed by Galan.

Issue details

Number of +securities 500,000

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
GLN : ORDINARY FULLY PAID	295,252,206

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
GLNAE : OPTION EXPIRING 08-OCT-2023 EX $0.21	6,970,950
GLNAAB : OPTION EXPIRING 04-FEB-2024 EX $0.65	500,000
GLNAD : OPTION EXPIRING 31-MAR-2022 EX 25C	8,135,156
GLNAB : PERFORMANCE SHARES	5,000,000
New class - code to be confirmed : Option Expiring 24-Dec-24 Ex $1.30	500,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? Yes

5.1a Select the number of the applicable exception in Listing Rule 7.2

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