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2026-11-06
◂ Monitor GL1 ASX

Global Lithium Resources Limited

DFS Unfunded Developer · Lithium · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.9
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$249.7M
EV
A$223.5M
Cash
A$26.2M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Manna Lithium Project

Australia

DFS Unfunded Developer100% ownedLithium

100%-owned Manna lithium development asset. September 2026 integrated study using Nova is current; primary State early-works permits delivered, but FID, full funding and Works Approval remain pending.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$472.4M8% discount
IRR25.7%Published return
Initial capexA$439.1MPublished capital estimate
Operating cost1,101AUD/t SC5.5 AISC excluding sea freight and insurance
NPVA$945.7M8% discount
IRR119.6%Published return
Initial capexA$180.1MPublished capital estimate
Operating cost1,042.2AUD/t SC5.5 C1 cash cost

Post-tax ungeared real DFS at US$1,400/t SC6.0 CIF and AUD:USD 0.67; greenfield design now superseded by the unquantified Nova pathway.

September 2026 integrated study, post-tax real NPV8, planning AUD/USD 0.69 and weighted average SC5.5 price US$1,510/t; Class 3 estimate and not a financing commitment.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal Indicated and Inferred51.6 Mt1.00% Li2OLithium2024-06-12
Mineral ResourceIndicated32.9 Mt1.04% Li2OLithium2024-06-12
Mineral ResourceInferred18.7 Mt0.92% Li2OLithium2024-06-12
Ore ReserveProbable, combined open-cut and underground19.4 Mt0.907% Li2O; 14.4 Mt open cut at 0.93% and 5.0 Mt underground at 0.84%Lithium2025-12-04
Ore ReserveProbable, combined open pit and underground21 Mt0.89% Li2OLithium2026-09-16
Tenements2
m28-414Granted— None · No expiry supplied
e28-2551Granted— None · No expiry supplied
Milestones4
  1. Complete Manna-Nova Integration Study

    Achieved · High materiality

  2. Final investment decision

    Pending · High materiality

  3. First DSO shipment in May 2027

    Pending · High materiality

  4. Commence spodumene concentrate production

    Pending · High materiality

Permits & approvals5
PermitJurisdictionStatusExpiryCritical path
Mining Lease M28/414Western AustraliaGranted—No
Native Vegetation Clearing PermitWestern AustraliaGranted2031-08-19No
Mining Development and Closure ProposalWestern AustraliaGranted—No
Manna Groundwater Licence, technical support confirmedWestern AustraliaPending—Yes
DWER Works ApprovalWestern AustraliaPending—Yes
Economic studies2
StudyStageStatusDateSummary
Manna Definitive Feasibility StudyDFSSuperseded2025-12-04Published greenfield DFS; retained as the last quantified economic baseline but superseded as the execution design by the Nova pathway.
Manna-Nova Operation Integration StudyUpdated FeasibilityCurrent2026-09-16Completed integrated Manna-Nova study: current processing route using Nova, A$945.7m post-tax NPV8 and A$180.1m pre-production funding; still pre-FID and dependent on conversion, logistics and financing.

Material

Nova Operation

Australia

Care And MaintenanceLithium

IGO Nova acquisition unconditional following ACCC waiver on 23 September 2026, but legal completion and operating handover remain pending; GL1 assumes rehabilitation liabilities after completion.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Milestones1
  1. Complete Nova Operation acquisition

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
ACCC approval or waiver for Nova acquisitionAustraliaGranted—No

Material

Marble Bar Lithium Project

Australia

Resource Stage100% ownedLithium

GL1 retained the lithium mineral rights after the MB Gold spin-out, but signed a binding sale to Lopal for A$11.85 million at completion plus A$3.0 million contingent on a mining lease; completion conditions remained outstanding.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal Indicated and Inferred18 Mt1.00% Li2OLithium2022-12-15
Tenements5
e45-4309Granted— None · No expiry supplied
e45-4328Granted— None · No expiry supplied
e45-4631Granted— None · No expiry supplied
e45-4669Granted— None · No expiry supplied
e45-4724Granted— None · No expiry supplied
Milestones1
  1. Complete Marble Bar lithium-rights sale

    Pending · High materiality

Other

Talga and Marble Bar Gold Assets

Australia

Divested0% ownedGoldCopperSilverLeadZinc

Gold and base-metal assets, including Talga, were spun out into MB Gold Limited, which commenced ASX trading on 6 February 2026; GL1 retained lithium rights separately.