Global Lithium (ASX: GL1) – develop multiple lithium project
ABOUT COMPANY
Global Lithium Resources (GL1) (https://globallithium.com.au/) explores and develops lithium in WA. The company’s flagship assets are the Marble Bar Lithium Project and the Manna Lithium Project.
The company was listed in March 2021 by raising $10m@20c.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| GL1 | 0.495 | 260043199 | 128721383.505 | 53.3/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 7278 | 56.23% | 57.09% | 4.58% | 5600000 | last raise $121.5m@$2.25 |
MIN holds a 9.9% along with 2 large Chinese battery companies.
FLAGSHIP ASSET
Marble Bar Lithium Project
Manna Lithium Project Lake Rebecca WA
Project Data
In December 2021, the company acquired an initial 80% interest from BRB for $33m.
In October 2022, the company acquired the remaining 20% minority share for $40m.
The project’s initial scope study result requires CAPEX of $450m with pre-tax IRR of 103% assuming lithium price of US$2,500 (SC5.5). Note that lithium price was trading at around US$7,500/t in Nov/Dec 2022, it currently trades at around US$5,000.
The company expects to deliver DFS during Q4CY23. (wont happen when the lithium price is down 85%)
Below are the company’s total resources:
SUMMARY
It only cost the company $70m to acquire the Manna Project.