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Galan Lithium (ASX: GLN) faces major resistance at AUD 1.370 after 16% gain in a week

Mon 15 May 23, 11:32 AM | Team Kalkine

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Galan Lithium Limited (ASX: GLN) shares saw a major up move last week after an announcement from ASX-listed lithium player Allkem (ASX: AKE) and Livent Corp (NYSE: LTHM) said they would merge to create a mega lithium company having a market capitalisation of nearly USD 10.6 billion. If the proposed merger gets regulatory approval, Allkem would own 56% of the merged entity, while Livent would hold the remaining 44% stake in the merged entity.

Worth mentioning here is that both Allkem and Livent have projects in Argentina. Galan also has two lithium projects in Argentina, near the projects of Allkem and Livent. This has probably led to buying in GLN shares, which rose nearly 22% on the day of the above announcement, on 11 May 2023. On a weekly basis, the stock is up nearly 16%.

In the first week of this month, Galan Lithium announced a resource upgrade for its HMW project; it increased the total resource at the project to 6.6 million tonnes of lithium carbonate equivalent at 880mg/l Li. Since March 2020, this was the third major resource upgrade announced by the company.

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