-- Galan Lithium (ASX:GLN) reported an AU$40.7 million cash position at the end of the March quarter with no debt, according to a Tuesday Australian bourse filing.
The company said plant electrical and mechanical systems testing at its Hombre Muerto West project in Argentina is complete, with the wet commissioning phase set to commence soon.
The company will have a brine inventory of about 10,000 tonnes of lithium carbonate equivalent ready for processing by the end of April, with first lithium chloride concentrate targeted in the first half of the year and first shipment in the second half of the year, the filing added.
The company has completed its AU$40 million institutional placement at AU$0.41 per share, the filing added.
The company's shares rose 2% in recent Tuesday trade.